Best property options for NRIs in Bangalore
Introduction The Indian real estate industry experienced revival after macroeconomic policy reforms such as RERA, demonetization and GST were implemented. With many cities seeing fall in property prices, many NRI’s have been investing in property back home. According to industry reports, NRI investments in Indian real estate have doubled from $5bn in 2014 to $10.2bn in 2018. The key driving factors are the reforms making Indian real estate more affordable and regulations such as RERA, which have resulted in greater transparency. The present trend shows an increase in the demand for affordable housing by the NRI’s as investment yielding higher returns. Reasons to invest by NRI’s Post the advent of RERA and GST, market has become more transparent. The possibility of project delays has reduced along with the risk of developers not delivering on the promised quality. With the Indian Government’s initiative like Smart cities and Housing for All, NRI’s have become more interested in buying a home in India. They are interested in locations where commercial and residential properties are equally in demand. The affordable housing segment has been fast growing in cities like Bangalore, Chennai, Hyderabad, Mumbai and Gurgaon. With multiple initiatives by the Indian Government providing various schemes and special interest rates for NRIs, banks providing attractive plans on home buying, affordable housing segment is one of the fastest growing segments in real estate today. Areas to invest in Bangalore The real estate sector of Bangalore has emerged a real winner in the past few years. Bills such as RERA favour builders as well as investors while protecting home buyers. With considerable appreciation of prices and proposed infrastructure development, Bangalore has proved to be one of the best locations for real estate investment. The best areas for investment are: North Bangalore With the International airport becoming operational a few years ago, North Bangalore has opened up to a multitude of real estate opportunities. With large parcels of land available and great connectivity to airport, the area has become house to many IT companies, tech parks, residential layouts, malls, hospitals and apartments. The area is growing beyond Hebbal and Yelahanka which was once considered outskirts of the city. Whitefield Whitefield is a well-established commercial and residential hub. With the establishment of major IT parks, this area has become a prime location for real estate investment. Numerous housing options, affordable by middle class, luxury apartments for the elite are some of the opportunities available. With the upcoming metro, home buyers will see fewer traffic problems in the near future and the area will certainly be a place to invest in real estate. Sarjapur Road Sarjapur road connects the outer ring road to Electronics city and areas like HSR Layout. Sarjapur has become a new hub for commercial and residential spaces, with the proposed peripheral ring road designed to facilitate traffic. Professionals working in the nearby companies prefer residences close to their office in turn leading to price appreciation of the houses. Kanakapura Road Kanakapura road has got added advantage due to its excellent connectivity with major areas of the city. The proposed peripheral ring road and NICE road will connect it to the major highways like Mysore Road, Tumkur Road and Hosur Road leading to new commercial and residential establishments surrounding the area. Upcoming educational institutions, introduction of metro line and widening of roads has added to the real estate profile of this area. Bannerghatta Road Bannerghatta road is well connected to residential areas such as BTM Layout and JP Nagar. With excellent connectivity to NICE Road and Mysore Road, the area is also surrounded by large parcels of land. Schools, hospitals, colleges, companies are established and well connected to Electronic City, which houses many established and upcoming companies. With increased development and proximity to establishments, the area is one of the best to invest in. Conclusion With policies like RERA and other regulations, there has been an increase faith among the NRI’s to invest back in India. They are keen to make more purchases and with developers offering flexible payments, more NRI’s are looking at investing in real estate in India. Authored by Ravindra Pai, Managing Director, Century Real Estate
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