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NRI investments soar in Karnataka real estate sector
RBI rate hike to hit demand for affordable housing
Non Resident Indians (NRIs) have increasingly been showing interest in investing in Indian properties lately. Experts cite depreciation of rupee and emergence of proptechs as a driving factor for this trend.
Bangalore: Non Resident Indians (NRIs) have increasingly been showing interest in investing in Indian properties lately. Experts cite depreciation of rupee and emergence of proptechs as a driving factor for this trend.
Sales of Class-A properties is on the rise since depreciation of rupee against the dollar has made spending capacities of NRIs more elastic. Current trends have shown that major realty hubs of India including (but not limited to) Maharashtra, Delhi, Kerala, Andhra Pradesh, have attracted NRI investments, Karnataka tops the list with properties in Bangalore and Mysore being mostly chosen for purchase.
According to them, although there is a demand for properties in India NRIs come to them with a multitude of problems.
Homely Yours, a proptech startup, that helps NRIs purchase properties in India enlist the problems faced by them while purchasing properties in the country. Alok Priyadarshi, founder of Homely Yours, said, "From compliance verification to ensuring timely delivery of properties, NRIs had hard time managing to keep up with the purchase process while staying far away from the property site. NRIs were often taken away with the promising projections and ended up finding
themselves inside a property that in no way suited their dreams in some cases not even their basic preferences. This has created a huge need for organised players in the Indian real estate market.
After Indian real estate started moving online during the pandemic, the sector started witnessing organised players. Homely Yours claims NRIs are now assured of transparency concerning projection of project completion.
Financial assistance takes a major role in property purchases.
According to Abhyudaya Garg, managing partner at Homely Yours, "Despite various Indian banks having their presence overseas, lack of proper assistance NRIs in many cases have hard time availing loans for purchasing properties in India. Documentation is one of the major hurdles that makes loans a hard nut for NRIs. Arranging for necessary documents and providing explanations for the same as necessary demands
skilful navigation through the process. To apply for a home loan in India, an NRI is expected to provide documentation such as an overseas credit report, tax returns, power of attorney, documents translation and many other things which result in delay in the overall process. Adding to it is the need for knowledge of interest rates charged by
various banks. A realisation of the problems and spread of awareness of how proptechs could make property purchase a seamless experience has now led to an increase in the number of NRIs who make property purchases in India through trusted proptech platforms."
As the dollar continues to stay strong against the rupee, real estate in Karnataka banks on NRI interests in Indian properties.
