As an NRI you always want to maintain that strong connection that you have with your home country – India. Apart from friends and family that make you feel welcome here, there is nothing like owning your own house here. Coming to India and living in your very own house is priceless, that feeling of belonging and home is worth every penny you spend. But, as an NRI, where do you invest and how do you choose that city to invest in? This article is sure to help you with the best places to invest in real estate in India for NRIs.
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Top 10 Indian Cities in 2024 for NRIs to Consider Investing in
1. Pune
Pune, a thriving metropolis known for its burgeoning infrastructure, technological advancements, and seamless connectivity, tops the list of best cities to invest in property in India for NRI. This city contributes a substantial 13% to the state’s GDP and has gained recognition as a lucrative real estate market. With a remarkable 75% surge in real estate values in 2023, experts anticipate a continuation of this upward trend in the coming year.
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Additionally, government initiatives such as the PMAY scheme have been favorable to Pune’s residents, with 4,884 units already allocated to scheme beneficiaries. Pune offers an array of amenities, including prestigious educational institutions like Symbiosis Institute of Media and Communications, Savitribai Phule University, and Dr. DY Patil Vidyapeeth. The city also boasts top-tier medical facilities found in hospitals such as King Edward Memorial Hospital, Ruby Hall Hospital, Deenanath Mangeshkar Hospital, Aditya Birla Hospital, and Jehangir Hospital. With upcoming major projects like the Pune airport, Industrial Park, High Capacity Mass Transit Route, and the Mumbai Pune Expressway, Pune is poised to enhance the quality of life for its residents while generating numerous job opportunities and increased revenue prospects.
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2. Mumbai
One of India’s most well-known cities, Mumbai is always expanding owing to the high influx of people hoping to make the city their home. As the city grows, interest in real estate investments also grows. This growth is despite the fact that Mumbai is one of the most expensive cities to invest in real estate. Nonetheless, experts believe that parts of Mumbai like Goregaon, Mulund and Kandivali are favourable real estate investment areas, making Mumbai among the best places to invest in real estate in India for NRI
Government policies like the Jal Jeevan Mission are in place to support the ever-growing population of the city. The mission aims to enhance the quality of the water supply throughout the city, thus making sure every citizen has access to safe water. As the hub for major industries such as the dazzling entertainment industry, MNCs, Manufacturing, textile, etc. The upcoming Mumbai Metro and Mumbai Trans-Harbour link will help increase connectivity in the city.
3. Kolkata
Known for its delicious curries, lip-smacking snacks and mouth-watering sweets, Kolkata is also turning into the safest and most economical real estate investment market. As the city is growing, so is its infrastructure. The prices in the city are quite low compared to other metropolitan cities in the country, making Kolkata a hotbed for new infrastructure projects and high volume real estate sales. This in turn makes Kolkata the best city for investment in real estate in India for NRI.
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Governmental policies like 60% remission on interest on property tax dues help retain real estate investors in the city. Other facilities major facilities include top hospitals such as the Apollo Gleneagles hospital, Fortis hospital, Columbia Asia hospital, etc along with educational facilities like the University of Calcutta, NIFT and IIM making Kolkata perfectly suitable for living. The construction of the New Garia airport metro corridor will help increase connectivity in the city.
4. Bangalore
Bengaluru, with its green landscapes, thriving brewery culture, and burgeoning start-up scene, reigns as the ultimate real estate investment hub. It has witnessed a remarkable surge in demand driven by the presence of major international companies, renowned hotel chains, and a flourishing manufacturing sector. Localities like Bellandur, Indiranagar, HSR Layout, Koramangala, and MG Road are highly sought after by investors, making them best place to buy property for NRI Click Here
The city is actively addressing issues like drainage and traffic congestion, with new metro lines and infrastructure corridors on the horizon. In addition to top-notch healthcare facilities featuring hospitals like Apollo, Fortis, Manipal Hospitals, and Sakra World Hospital, Bengaluru is home to prestigious educational institutions, including IIM-Bangalore, National Law School, RVCE, M.S. Ramaiah College, and NIFT, ensuring a constant influx of young talent.
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5. Thane
Thane’s proximity to the great city of Mumbai has led to its immense growth and popularity. Due to being extremely close to Mumbai but not entirely a part of the city, the real estate market in Thane has seen growth without the drawback of the extremely high price tags. The significant growth in the local economy and social infrastructure has led to increased investment in real estate. IT companies, manufacturing units and several MNCs have made Thane their home giving rise to several job opportunities. Leading hospitals like Jupiter, Fortis and Horizon give citizens of the city the best healthcare facilities. New projects like the metro rail system, Coastal roadways and the Urban Rail Transit System will help improve connectivity.
6. Hyderabad
Hyderabad is known as one of the most affordable metropolitan cities in India owing to its low cost of living, especially when it comes to real estate. The top-notch infrastructure in the city is the reason why several leading multinational companies have set up offices. The city also boasts great connectivity with two comprehensive national highway networks NH765 and NH44 passing through the city. The user friendly and transparent online services set up by the state government help citizens get things done much faster and easier.
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Leading hospitals and educational institutions have also set up shops in the city making it perfect for families too.
7. Navi Mumbai
The construction of the Navi Mumbai International Airport makes Navi Mumbai a very desirable location for real estate investment. With the first phase of the airport’s construction projected to be completed by 2024, a number of job opportunities will also be seen available. This will lead to a substantial increase in demand for rental properties and sales. The CIDCO housing scheme has been put into place to provide affordable housing of about 90000 flats to low-income families belonging to the Economically weaker sections and middle-income groups.
The Mumbai trans harbour link, Navi Mumbai Airport and the Navi Mumbai Corporate Park are all avenues of growth predicted in the city.
8. Chennai
Chennai is one of the greatest cities in India to invest in real estate because of its low-interest rates and the various reduced offers made by the city’s well-known developers. The city is abundant in skilled and knowledgeable builders who go above and beyond to make each project outstanding. The city added 4,500 new housing units during the first quarter of 2023. Additionally, Chennai is experiencing a rise in rural areas that offer more shopping possibilities.
The Chennai Kanyakumari Industrial Corridor and the Chennai Bangalore highway make commuting to and from the city easier. The manufacturing and IT sector’s presence in Chennai makes for numerous job opportunities.
9. Ahmedabad
The city of Ahmedabad has seen steady growth in the real estate market over the years. With the Smart City project underway, Ahmedabad is all set to become one of the first 20 smart cities in the country. This development makes it the best tier 2 city in India for NRI investment The Ahmedabad Urban Development Authority has now acquired 6800 hectares of land on the outskirts of the city which will be developed into varied types of housing options to support the growing population.
Healthcare facilities in the city will be led by top hospitals like Apollo, Sterling and SAL. Ahmedabad is also home to the prestigious IIM Ahmedabad, the National Institute of Pharmaceutical Education and Research, MICA and St. Xavier’s University.
10. Noida
The relatively new city of Noida is very well known for being a planned city with infrastructure that matches the needs of each and every citizen. Affordable housing and world-class amenities make the city a very viable option for youndsters starting their professional lives. Numerous top companies have also shifted their operations to Noida owing to the lower real estate costs. The addition of six new sectors, the construction of Jewar Airport and the infotainment zone will only add to the demand for quality real estate in the region., making it the best place to invest in Delhi NCR for NRI Click here to check properties available near Jewar Airport.
Cities With the Best Growth Potential
According to a study by the research institute Oxford Economics, the top 10 cities that will witness growth from 2019 to 2035 are all Indian cities. When they talk about growth, they are referring to annual gross domestic product (GDP) growth. They studied the economic growth of over 780 cities; and for 10 Indian cities to come out on top means that India is THE best place for investments if you’re looking for good ROI.
These cities are –
Fundamental Parameters of Selection
Before you settle on the best place to invest in India for NRIs, it is important to know the several parameters that make a particular city worth investing in. While selecting the preferred city to invest in real estate, NRIs typically consider a wide range of factors. So, if you buy property in India, consider the following parameters first:
- Employment opportunities: The better the employment opportunities, the higher the opportunities for the use of the real estate assets, and therefore higher income/return on investment
- Mobility and transportation: The better the mobility and transportation, the more accessible the location of the real estate will be
- Infrastructure development: The better the infrastructure, the better quality of life will the users of the real estate assets will have
- Healthcare and education: The better the healthcare and education, the longer will real estate assets will be in use, and therefore generate income
- Safety and security: The better the safety and security of the location, the higher the chances of the use of the real estate asset
- Sustainability and eco-friendliness: The better the location is for the environment, the more sustainable it is in the long run
- Governance and socio-political stability: The more stable the governance and political/social situation of the location, the better the quality of life for its citizens
Cities Ranked on Quality of Life They Offer
If you prefer to buy a home in a city that is already well developed, then look at cities that offer the best quality of life in India. The nation already ranks 59th in the world for digital quality of life, with our e-security better than China. These cities are given a ranking based on Mercer’s 2019 Quality of Living Survey. Out of the 231 cities surveyed here’s where Indian cities stand –
- Rank 143 – Hyderabad
- Rank 143 – Pune
- Rank 149 – Bengaluru
- Rank 151 – Chennai
- Rank 154 – Mumbai
- Rank 160 – Kolkata
- Rank 162 – New Delhi
NRIs Most Favoured Cities to Invest in Real Estate
In 2024, Non-Resident Indians (NRIs) have identified certain cities in India as their top choices for real estate investments. These cities fall into two tiers, each offering distinct advantages and opportunities for investors.
Tier 1 Cities: The first tier comprises Bengaluru, Mumbai, Pune, and Hyderabad. These cities have garnered significant attention from NRIs due to several compelling factors:
- Robust Economic Growth: Tier 1 cities are economic powerhouses, hosting thriving industries like IT, manufacturing, and financial services. This economic vitality attracts a large workforce and ensures high-income levels, making them prime real estate investment destinations.
- Rapid Urbanisation: The rapid urbanisation in these cities has led to a surge in demand for housing and other real estate assets. NRIs recognize the investment potential in these growing urban landscapes.
- Exceptional Infrastructure: Tier 1 cities boast well-developed infrastructure networks, including efficient transportation systems, modern roadways, railways, and international airports. This infrastructure is essential for long-term real estate growth and convenience.
- High Quality of Life: These cities offer a superior quality of life, featuring excellent educational institutions, world-class healthcare facilities, a rich cultural tapestry, and abundant recreational opportunities.
Tier 2 Cities: The second tier comprises Kochi, Chandigarh, Ahmedabad, Surat, and Lucknow. NRIs are increasingly turning their attention to these cities for real estate investment due to various reasons:
Emerging Opportunities: Tier 2 cities are witnessing an upswing in economic activities, making them promising investment destinations. They offer a balanced blend of affordability and growth potential.
Urban Expansion: Rapid urbanization and infrastructure development in these cities are expanding their boundaries, creating new avenues for real estate investment and development.
Infrastructure Advancements: Tier 2 cities are investing in improving their infrastructure, enhancing connectivity, and providing modern amenities, further attracting NRI investors.
Quality of Life Improvements: These cities are striving to enhance the quality of life for their residents by focusing on education, healthcare, and overall well-being, making them increasingly attractive for real estate investments.
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Frequently Asked Questions
Q1. Is India a good real estate market to invest in for NRIs?
Ans. Absolutely, as India has more than 10 of the fastest-growing cities in the world, with growing average household income and demand for housing.
Q2. Which cities offer the best quality of life?
Ans. Most metropolitan cities offer a great quality of life including, Bengaluru, Pune, Hyderabad, Chennai, Mumbai, Kolkata and New Delhi.
Q3. Which are the most favoured metropolitan cities to invest in India for NRIs in 2024?
Ans. As per a recent survey by Anarock and CII, the most preferred Tier-1 cities for NRIs to invest in are Bengaluru, Pune, Chennai, and Mumbai.
Q4. Which are the most favoured Tier 2 and 3 cities to invest in India for NRIs in 2024?
Ans. As per a recent survey by Anarock and CII, the most preferred Tier-2 & 3 cities for NRIs to invest in are Kochi, Chandigarh, Ahmedabad, Surat, and Lucknow.
Q5. What kind of properties are NRIs interested to invest in India?
Ans. Most demand is for luxury-grade properties with top-notch amenities, and bigger homes with 3BHK configurations and >1,500 square feet in area.
