The Indian real estate sector has always been quite attractive for the Non-resident Indians (NRIs), as an investment avenue. NRIs mostly invest in Indian markets for factors such as emotional connect with home country, retirement plans or for investment purposes. Also, weakening of rupee against the dollar in the recent past has made investments in India a lucrative opportunity for overseas Indians. With the recent regulatory changes in India, there has been a gradual increase in investment by NRIs over the last few years. To woo non-resident Indians (NRIs), the real estate developers are trying to be as exclusive as possible in branding their particular project and form a new selling strategy. Let’s take a look on some emerging themes in the Indian real estate sector which might attract NRIs:
1. Smart homes
One of the major innovations in the realty sector of India is a smart home. The growing demand of smart homes in India has mainly increased with a rise in deeper internet penetration and availability of smart devices. It comprises of several features and technologies that are interconnected by the Artificial Intelligence (AI), Virtual Reality (VR), Internet of Things (IoT), Augmented Reality (AR), voice first technology, and Smart Meters etc. It is more comfortable, highly secured and part of a lifestyle, therefore, they are grabbing the eyeballs of a lot of NRIs.
Also Read: Learn The Advantages And Disadvantages of Smart Home Technology
2. Senior living
NRIs are seeking opportunities in the alternative real estate of senior housing to diversify their portfolios and for long-term growth. Senior Housing concept is gaining momentum in India and major realty players have spotted the opportunity and are venturing in this segment to fulfill the specific needs of the elderly in India. Such senior housing projects are especially sought by elderly non-resident Indians (NRIs) desiring to return to their home country on either a long-term or a short-term basis. Such concept is filled with enriching activities uber class ageing related facilities like tie-ups with medical establishments, meeting food and nutritional needs and an infrastructural design that suits elderly people.
3. Eco-friendly homes
Eco-friendly are finding a huge appeal among NRI property buyers. Driven by the cost saving for property buyers and incentives offered by state governments, developers have understood the demand of eco-friendly homes and are adopting it at a rapid pace. Eco-friendly homes incorporate sustainable features such as efficient use of water, energy, recycled/recyclable materials, use of renewable energy, effective use of landscapes, and effective controls and building management systems.
4. Finance cities/industrial parks
Special Economic Zones (SEZs) and similar commercial theme parks are also finding space in the real estate sector in India. State governments in India are coming up with more such themes to construct commercial theme parks. The Gujarat International Finance Tec-City (GIFT City) is one example of such projects. Other metro cities are also working on finance cities and industrial parks. Given the variety and scope that a single project can bring, some investors from abroad can take a plunge into such developments.
Also Read: Rent Vs Buy: Decoding The Most Debatable Real Estate Question
5. Redevelopment projects
The re-development of the property is one of the emerging trends in the real estate sector of India. Cities like Mumbai and others have adopted the concept of re-development technique, as some of the buildings have outlived their useful life and have become old without proper care. In order to fulfill the growing demand for housing, with the added objective of replacing the old buildings, the government has been promoting and regulating the redevelopment activities of existing properties. It encompasses the activities that include the makeover, re launching and the re-leasing of the existing properties. Such projects may attract non-resident Indians due to the high margins they offer.