According to our experts, NRIs based in the United States, the United Kingdom, and Singapore are investing in larger housing units in their hometowns, having learned from the painful experience of living in space-tight units during India’s lockdown, and as the Work from Home (WFH) mode has become a requirement.
Non-Resident Indians are also settling down with extended families, another lesson from the pandemic is that living together with family members is very beneficial in facing another COVID-19 wave-type development in the future.
In terms of living and lifestyle, there has been a paradigm shift in the residential market. WFH has become a requirement since the pandemic, and professionals are now looking for additional space in their homes to set up workstations. Post-pandemic, demand is for larger carpet areas. Greater carpet area is in high demand following the pandemic stated by Mr. Ajay Taneja M.D. at Agnayi Realtors.
Following the pandemic, people realized the importance of space and are now preparing to invest in larger homes in case of another lockdown and the need to be always prepared for WFH, he said.
According to Mr. Ajay Taneja, large units that were not selling prior to COVID have now been sold out tower by tower.
With the United States in recession and major companies such as Twitter, Amazon, and Meta laying off employees, Indian professionals in the United States are rethinking their priorities and investing in large housing units such as condominium apartments or bungalows.
Bungalows and villas can appreciate by up to 18% per year, whereas apartments offer a minimum of 8-10% return on investment.
The weak rupee is another enticing factor, as the stronger US dollar and other currencies have made it more appealing to invest back home, he said of the residential property boom caused by the NRI dollar flow into India.
Representatives from top developers in Gurgoan see housing demand for extended families, particularly including parents in all possibilities to ensure no one is left alone in the event of another lockdown.
Having a home in your hometown is a must for NRIs, especially high-net-worth individuals, as it provides real estate investment opportunities with high double-digit returns, according to our experts.