5 Affordable Realty Destinations For NRIs To Invest In
Non-sident Indians (NRIs) are known to invest heavily in Indian real estate with demand ranging from luxury, semi-luxury and now even affordable category. Affordable is the new category that developers are wooing NRIs with, as demand for such homes rises.
Generally, affordable homes are homes that are priced below Rs 50 lakh. The supply of such homes has been on a rise, creating an opportunity for NRIs to invest. According to its latest Q2'FY16 report, released by PropTiger.com's Datalabs division, nearly 57 per cent of the new launches were apartment units that cost less than Rs 50 lakh, and 16 per cent of the new launches were units that cost less than Rs 25 lakh.
Here are a few cities that make good NRI investment bets in the affordable segment:
Though is known to be the most expensive real estate market in Asia, there are a number of affordable options available in the upcoming suburbs of the city. NRIs can opt for 1BHK flats in Kalyan or studio apartments in Panvel, or even larger homes in Asangaon or Khopoli. You can buy a property in the price range of Rs 17 lakh-Rs 22 lakh, here. The price appreciation of these homes might not be as high as those in the city centre, Navi Mumbai or Thane. So, invest here only if buying for dwelling purpose. For instance, an NRI who want to buy a home for their retired parents, these suburbs can be a viable option.
This emerging area in the national capital region (NCR) has gained traction among NRIs. Experts predict that NRIs can make high returns by investing in this industrial city. A 1BHK home in Bhiwadi, in the affordable range, is available at a starting price of Rs 16 lakh. This is in addition to the Haryana Urban Development Authority (HUDA)-aided affordable residential project. The area has a large number smaller homes under construction, unlike Noida and Gurgaon, where 2BHK and 3BHK homes are prevalent. Bhiwadi is clearly an NRI investors' haven.
Yamuna way is an area in the NCR where real estate is triggered by one of country's largest road projects. The Yamuna way Authority has come up with a 2021 Master Plan, which involves smaller and affordable homes, along with amenities and utilities such as hospitals, schools and other civic infrastructure. The area is also being developed as an educational hub, in addition to trying to attract industries to set up shop. This area, too, is being touted as the extension areas of the realty success of NCR. Like Bhiwadi, the prices here, too, are still in the affordable range as 1BHK apartments at Yamuna way can cost between Rs 17 lakh - Rs 31 lakh.
Though known for its luxury projects, Pune has just as many options for affordable home buyers. With large number of migrant employees who work in the automobile and information technology companies in the city, there are a large number of affordable residential projects in Pune. Areas like Chikhali, Pisoli, Kasar Amboli, and Yewaliwadi have homes, which cost between Rs 25 lakh-Rs 34 lakh. The city has many ready-to-move-in and under-construction affordable units.
IT hub Bengaluru has a good mix of affordable homes as well as premium projects. With a large number of new areas being developed, the city, which is growing be it the development around the new airport in Devanhalli or the extension of the Electronic City, there are many investment opportunities in the affordable segment. In south of the city, 1BHK apartments at Attibele cost around Rs 16 lakh, with many options that cost less than Rs 10 lakh. Similarly, 1BHK apartments at Jalahalli cost around Rs 30 lakh. Kengeri, Anekar and Hosur Road also have many affordable options.