According to a report by real estate firm Anarock, 71% of NRIs consider investment in the Indian housing market to be the best bet, up from 55% in a pre-Covid edition of the survey.
So, why is now an excellent time to invest in India's real estate market?
"Securing a home in India remains a top priority for all Indians. While domestic homeownership remains strong despite rising home loan rates and property prices, NRIs benefit from the rupee's depreciation against the US dollar "Prashant Thakur, senior director and head of research at Anarock Group, agrees.
NRIs have an opportunity.
One US dollar is currently worth around Rs 82. Observers in the Indian industry see it as an opportunity for NRIs to invest in India's expanding and lucrative real estate sector.
"The fall of the Indian rupee to a record low has unlocked a golden and unique opportunity for expatriates to turn their foreign-earned money into a profitable investment, and what better than investing in a property?" says Anupam Rastogi, co-founder and CBO-NRI sales at Square Yards, a prop tech firm.
The Indian real estate market has recently expanded rapidly. According to Anarock, residential unit prices in key cities such as Bangalore, Hyderabad, Mumbai, Delhi-NCR (National Capital Region), Chennai, and Pune increased by nearly 7% in 2022 and are expected to continue at the same rate in 2023 and 2024.
"Technological intervention has helped real estate gain ground, and developers are demonstrating a clear intent to use the tools at hand to the maximum," says Harsh V Bansal, convener of the Confederation of Indian Industry (CII) Delhi sub-committee on real estate and co-founder of real estate.
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