Apart from being a hub for residential, IT and BPO and realty investments, Gurgaon has another feather in its cap – the Millennium City is also known as an NRI hub. Gurgaon real estate prices tend to rise. This is the region where NRIs seem to flock to make property investments.
Bangalore has been quite famous with Non-Resident Indians (NRIs), where they would generally buy retirement homes. Delhi, however, has remained the hub, where NRIs choose to buy properties for investment purposes. NRIs from the US, Canada and the Middle East alike have been showing a keen interest in upcoming properties in Gurgaon.
Here are some of the reasons that make Gurgaon real estate market a top choice for the NRIs:
1. Proximity to the National Capital: Traditionally, international investors choose locations that are nearby and close to the country’s capital. NRIs are no different. The property value in the capital and its nearby regions, like Gurgaon, is easy to track remotely. The success story of Gurgaon’s real estate development, capital value appreciation and how it made millionaires out of humble investors, have also gone global. That has generated more interest from investors.
2. Luxury Properties: The cropping up of luxury projects in Gurgaon like 3BHK and 4BHK apartments, duplexes with premium amenities is also one of the reasons that attract moneyed NRIs looking for investment options. Some under construction projects in Gurgaon with a high number of uber luxury condominiums are also sold to many NRIs through offices established abroad. NRIs are a major part of the target market for such properties. Availability of residential and commercial properties in the city also provides a wide range for NRIs to choose from.
3. Good Rental Visibility/Management: Good demand and visibility of rental earnings and their steady growth is yet another factor that attracts NRIs who would want very good returns on the investment. Many property management firms in the area also insure a home owner of many challenges associated with rental properties. The management firm will answer and fulfill all the queries of the tenant, make sure that no damage is caused to the property, and also keep the property rented without letting it remain vacant for long period. This kind of assurance makes it easier for a home owner to own and earn remotely.
4. Possibility of Residence: NRIs who have long-term plans of coming back to settle down in India prefer to stay in the NCR. Property ownership in the area is like getting a step closer to realizing this dream.
5. Nativity: A number of NRIs who invest in NCR have connections to Delhi. Most of them either have relatives or were educated in the city or have ancestral connections that make them choose the city. Many Punjabis, who either hail from the city or from the state, prefer Gurgaon when they plan to buy a home.
6. Infrastructure: The government has shown great interest in developing Gurgaon, be it connecting it to the national highway or flyovers that connect it to Delhi or the Metro rail. This is a good assurance for someone who resides abroad that the property values of the location will continue to remain stable if not appreciate.