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12 January, 2021
One of the noticeable trends in the Indian real estate sector currently is the rise in the number of NRI investors. The revival of the economy is taking place at a much faster and healthier rate than it was predicted to. As a part of this, the real estate sector is also beginning to push forward, with sales rising considerably in several hotspots and micro-markets.
While domestic demand for properties has certainly risen, NRIs are eyeing real estate as a major investment avenue as well. The transparency enforced into the real estate market through the regulatory laws has played a crucial role in attracting NRI investors. In the past, they were hesitant to invest in properties in India due to problems like incomplete projects, hidden charges, etc. by the developers. However, RERA has turned the real estate sector into a safe market to invest in.
During the several phases of lockdown, the Indian economy remained resilient despite the hurdles and is now rebounding at a fast pace. It is expected that not only would the Indian economy witness healthy growth in 2021, but the country would also become a major global hub. Every major industry has come up with reforms in their policies to cope with the pandemic situation. Real estate still employs a large portion of the Indian population and creates a multiplier effect on its 267 allied industries. Evidently, the sector is a major driver of the Indian economy contributing heavily to the GDP and the growth of the real estate industry would result in the growth of the economy as a whole.
The revival rate displayed by the Indian real estate sector is indeed quite impressive. The government largely deserves the credit behind this quick recovery due to the various initiatives it came up with. The developers too, came up with a multitude of special schemes and benefits to boost the sales. Many of the leading builders have already started to come up with residential projects which would enable the inhabitants to adhere to the new normal. These include spacious luxury homes with extra space for office purposes, healthcare, lifestyle and fitness amenities, and more.
Owing to the danger of the pandemic, many of the NRIs are coming back to India with their families. Naturally, they seek residences in their hometowns, leading to a surge in housing demand in locations such as Mumbai, MMR, Chennai, Pune, Coimbatore, etc. The township projects in the micro-markets, such as the suburbs of Mumbai, are particularly highly sought-after. With NRIs investing in real estate for personal and commercial purposes alike, the sector is expected to continue on its path to revival in the coming months.