Source: Times Property (

If you are a Non-resident Indian (NRI) looking to purchase property here, then this is a good time to go the whole hog. This is because the real estate market in India has never looked as lucrative in the last few decades as it does now

With passing time, the growing emotional attachment towards their homeland is what drives a large segment of Non-resident Indians (NRIs) to invest in property in India. Moreover, the pandemic, too, has played a key role in redefining homeownership for many, especially for those NRIs who want to own property in their native place. In a recent survey by a realty firm, 63 per cent of the polled NRIs state this as their reason for buying homes in India now.

RBI Approval Not Necessary
Recently, the Reserve Bank of India had decreed that NRIs and Overseas Citizen of India (OCI) cardholders do not require its prior approval for acquisition and transfer of immovable property in India, other than agricultural land, farmhouse and plantation property. This makes it easier for NRIs to make a quick purchase.

Preference For Luxury
Luxury properties have emerged as a hot favourite with NRIs because of the depreciating rupee value— which translates into greater buying power—and ongoing developer discounts and offers. As per the survey, a majority of NRIs are buying property for self-use rather than as an investment. Maximum respondents (69 per cent) were high-net-worth individuals (HNWIs) who preferred a premium city apartment or villa in the price range of Rs 10-25 crore.

Lowest Interest Rates
Just because you are an NRI, it doesn’t mean you need to spend all your savings on a home. However, if you do desire to buy a house immediately, there is a surfeit of ready-to-move-in (RTMI) homes available in the luxury housing market. If you plan to buy an abode with a housing loan, then this is the best time to apply for it because home loan interest rates are presently at their decadal lowest. Some retail banks are offering a housing loan at 6. 5 per cent. And if you have an NRE (Non-Resident External) bank account, it’s even better since you can also apply for the housing loan online. NRIs are eligible for a housing loan amount of up to 80 per cent of the property value. Having an NRE account also means that you have the advantage of being able to repatriate the capital invested in the property when you sell it in future.

What Appeals To NRIs
Having lived abroad, there’s no doubt that the affluent NRI segment has a higher standard of living. When it comes to investing in a home, they do not want to cut corners or buy a smaller apartment. They are willing to pay the luxury price tag simply because they know they can enjoy the same sophisticated lifestyle with similar world-class amenities and facilities.
As per a recent consumer survey, at least 73 per cent NRIs now prefer properties priced between Rs 90 lakh and Rs 2. 5 crore, with a preference for 3-and 4-BHK luxury homes. In the pre-Covid-19 survey (2019), just 41 per cent preferred properties in this price range as compared to the affordable and mid-segment homes.

Hot Demand For RTMI Homes
According to the survey, at least 67 per cent of the polled NRIs are looking for RTMI homes. If we consider the overall survey trends (including NRIs and resident Indians), just 29 per cent preferred to buy RTMI homes, with another 27 per cent respondents opting for under-construction properties that will be delivered within a year.
Experts predict that in 2022 Indian realty is poised to witness a surge in consumer sentiment providing the sector with an overall positive outlook and the perfect climate for NRIs to invest in.

NRI Home-Buying Trends
NRIs are looking to make the most of the prevailing market conditions in India, including discounts, offers and lowest-best home loan rates. A large segment of buyers will only consider properties by branded developers who have the highest project completion record, resulting in the lowest execution risk. Another reason for this choice is a desire to buy into projects with international-grade amenities.