NRIs invest in real estate in south Indian states |
Non-resident Indians are increasingly showing interest in the southern India, especially Karnataka, Tamil Nadu, and Kerala, for real estate investments, with over 75 percent of searches in these markets made during the COVID-19 pandemic in 2020. The maximum search or demand comes from those NRIs living in the US, followed by the UAE and the UK. Of the 75 percent of the NRI searches towards the southern markets, Karnataka tops with 31 percent followed by Tamil Nadu at 20 percent, Kerala at 11 percent, and Telangana at 9 percent. Significantly, Andhra does not figure in the list even though thousands of the Andhra techies are based in foreign markets. A report has found that Bengaluru saw a dip in prices especially at Whitefield, the Electronic City, Devanahalli, and Sarjapur Road in 2020, while locations like Kanakapura Road saw an increase thanks to the metro there. In Mumbai, which is the most expensive realty market in India, properties across Vasai, Titwala, Chembur, and Vartak Nagar have witnessed a dip. Overall, properties across Hyderabad, Delhi, and Chennai saw a dip too in the pricing. Due to the sluggish nature of the economy, the stock of unsold inventory needed an extra push through discounts. The searches were mostly for apartments for rent (39 percent), followed by the plot for sale which got 17 percent of the search volume. While 29 percent of the NRI searches were about plots, about 45 percent were looking for apartment/villa, of the 82 percent were looking to invest in ready-to-move-in properties and the rest for under construction properties.
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