Are you an NRI looking to invest in Chennai? This might just be the right time for you to take the plunge. Here’s why-
As per the latest survey by ASSOCHAM, Chennai is the fourth preferred destination by NRIs for buying a property. NRI investments are set to surge by 35 per cent as compared to the 18 per cent noted in the previous quarter, revealed the survey. At a time when NRI enquiries are witnessing a revival in India, this might actually be the right time for NRIs to get a good deal in Chennai.
To begin with, real estate markets across the country are witnessing a wave of positivity after the formation of the new government. Everyone is expecting prices to rise in the coming months. The scenario is no different in Chennai. The real estate market in the city is also buoyant on the back of ‘Make in India’ campaign, which is set to provide a boost to the city’s manufacturing hubs. This in turn would lead to creation of additional jobs that would enhance housing needs in the city.
What makes this the ideal time for NRIs to enter the market? “NRI investments have been on the decline in the last few years in Chennai. As India realty was undergoing a lull phase, NRIs had also kept away. Now, with the markets picking up, demand is also expected to rise,” says Maneesh Gupta, director, valuation and advisory services, Colliers International. Thus, at a time when demand is still reviving, one stands a higher chance of getting a better deal.
Developments in the Chennai market are also of interest to the NRI buyer. How? “Most NRIs are looking for a house in the city or a land in the outskirts. They do not mind buying a re-sale property in a central location. Properties, particularly apartments, in the suburbs are not really preferred,” adds Gupta.
At this time, when a lot of re-development activities are going on in the central part of the city, NRIs have options of both re-sale and new properties in these central locations. Most of the new stock being developed in the central zones are in the high to luxury segment and would meet the needs of the NRI customer.
Thus, considering all the points, it does seem a bright time for NRIs to re-enter the Chennai market!
Source: Times of India / Magic Bricks