Historically, the Indian real-estate sector has been resilient, witnessing progress even during slowdown. One segment among buyers that has grown from strength to strength is the NRI community. Once a limited force, the NRI Community is currently contributing a sizeable number in the sales of residential property in India.
As per report by a leading real-estate management firm in the country , NRI investments in India are likely to hit an all-time high of $13.1 billion in FY 2021. Currently, investment in Indian housing by NRIs is growing by 5% on YoY basis.
There are several factors driving this upward trend. Overall infrastructural development, political stability and stricter compliance policies benefiting the consumers, are some of the reasons drawing NRIs towards Indian real-estate sector. Moreover, they always harbor the dream of having a property in their motherland. Zirakpur, the stateline town of Tricity has been buzzing with real-estate activity with availability of some of the best property in Zirakpur. A hotspot of the reality sector, there are many options for the expatriate community to buy residential property in Zirakpur.
The Real Estate (Regulation & Development) Act of 2016, one the most important legislation has transformed the real-estate sector, greatly benefiting the home-buyers. It not only promises transparency but ensures security on investment for buyers. Each project needs to be registered with the authority and the builders are required to adhere to a fixed timeline. Failing to meet the timeline makes them liable to compensate the buyers. Post RERA implementation, confidence levels of NRIs have gone through the roof making them fully secured of their investment.
Political scenario is a very important factor in the growth of the real-estate sector in a country. A strong & stable government is not only vital for economic growth but is also important for ushering policy reforms in the key sectors. The real-estate sector in India under the current regime of central leadership has witnessed steady growth.
NRIs will continue to get drawn towards Indian real-estate in good volume not just for availability of good options but also because of the fact that the dollar has crossed the 70 mark. While there is global uncertainty, a stronger dollar implies substantial increase in buying capacity of NRIs.
While demand among NRIs cut across all segments, they are more keen for luxurious properties and demand is higher for luxury flats in Zirakpur.
Sense of belongingness always alludes NRIs to their motherland. NRIs are the crucial growth drivers and now, with transparent laws, plenty of investment options available, this segment is going to witness steady rise over a longer period.