January 16, 2023 | mins read
Bangalore, a rapidly growing city in India, has experienced a rise in investments from Non-Resident Indians (NRIs) due to a combination of personal interests and financial motivations. Known for being a desirable place to live and as a major centre for technology and startups, the housing market in Bangalore has grown rapidly, similar to other cities such as Pune, Hyderabad, Chennai, and Gurgaon.
This growth can be attributed to factors such as the Real Estate (Regulation and Development) Act (RERA), which has made regulations more lenient for investors, the weakening of the rupee against the dollar, attractive incentives for developers, and an increase in developers’ online and offline presence. These initiatives have made it easier for homebuyers to access information and for NRIs to make investments in their home country.
Bengaluru offers excellent access to desirable areas, and buyers have shown positive interest in micro markets such as Whitefield, Electronic City, Hebbal, Devanahalli, Yelahanka, Hennur, Jakkur, Sarjapur Road, and Thanisandra, which have become popular for their real estate investment sales. These areas are well-connected to office buildings, tech parks, the airport, and railway stations.
Additionally, several types of properties have seen great appreciation in value. Areas such as Whitefield and Sarjapur offer high appreciation rates, providing NRIs with a wide range of options for purchasing a home. These options include residential flats, villas, studio apartments, commercial buildings, and more. NRIs can choose the type of property to invest in based on the available amenities, schedule, and budget.
Let’s take a look at a few of such reasons that make Bangalore a desirable place for NRIs:
Non-resident Indians are drawn to the diverse and multicultural atmosphere of Bangalore, leading them to invest in a property there. The city’s melting pot of different races, religions, and cultures leads to improved communication and a sense of community. The fast-paced lifestyle and abundance of services also help NRIs adjust to their new surroundings.
Major Indian cities don’t have many locations devoted to the luxury house market. Bangalore has a greater per capita income than most other Indian cities. This figure demonstrates that city residents have a higher purchasing power than citizens of other regions of the country. As a result, starting up luxury housing developments in this city is simple for developers and builders. The large variety of opulent housing alternatives available encourages buyers to explore around more before settling on a home.
Bangalore real estate is affordable, which encourages NRI real estate investment as the value of the rupee relative to the US dollar continues to fall. Additionally, the RBI’s simplification of the Foreign Exchange Management Act (FEMA) to attract foreign investment has strangled an already-expanding sector. The Act enables Indians living abroad to purchase residential and commercial property, except agricultural land.
Tax benefits for NRI real estate investments in the country are remarkable. Since there is no restriction on how many residences an NRI can own, they can readily invest in real estate by renting, selling, leasing, and other methods. Through shortand long-term capital gains, rental income, and leasing income, they can invest in a variety of properties and make a profit.
Bangalore is a popular choice for NRI real estate investment due to its potential for growth, the presence of property professionals, and a sense of familiarity and connection to home. Additionally, the city’s luxurious atmosphere sets it apart from other locations in India. Bangalore is the best option for NRIs wishing to invest in real estate, whether it be residential or commercial since it ensures a return on your money.
Goyal & Co. | Hariyana Group has significantly contributed to the skyline of Bangalore. With a plethora of beautifully designed spaces, both commercial and residential, it aims at providing a holistic experience to the customer. You feel at home with Goyal & Co. | Hariyana Group.