NRIs often hear stories about investors famous Miami architects jackpot by buying and selling properties back home. Very often, they also hear about someone who has lost money in a project that never materialized or in which issues crept up, rendering the property impossible to sell.
Eager to bag a slice of the pie, the NRI begins researching how to invest in the Indian market from abroad and which city, to begin with, only to get lost in contradictory sources.
It is a fact that the Indian economy is expanding rapidly; in fact, the World Bank projects that India will surpass China as the world’s fastest growing large economy by 2017. For those looking to become real estate investors who wish to participate in India’s growth, choosing which part of the country to buy-in can be a challenge. After all, the economy may be making great strides at the national level, but what forces at work at the local level? Put another way, which city or cities can promise the greatest returns?
We have compiled a list of the best cities for real estate investment. Some of these are large metros, known to be the hubs of many industries. Others are smaller, upcoming cities which show a lot of promise in their growth rates in population and per capita income amongst other factors. Read on to identify which city may be the best for you to invest in real estate.
Thanks to its combination of rapidly growing population, well-paying jobs, and low real estate prices, the hub of India’s IT industry has become the hub of its property investment as well. JLL recently published its annual ranking of the world’s most dynamic cities, in their City Momentum Index, affirming that Bangalore is the fastest-changing city on the planet.
By some estimates, 40 percent of India’s IT industry is based in this one metropolis. These changes have made it the most attractive place in India for real estate investment. A recent survey pegged Bangalore as the top real estate opportunity across Asia-Pacific.
Pune has displayed rapid population growth over the past decade with a growth rate over 30% during this period. The average white collar salary in this city is second only to Bangalore. Currently, property in this city is affordable as compared to other cities, which shows that it’s a good time to invest.
The city also benefits from being close to Mumbai. It also holds opportunities in the education, IT, automobile, and engineering sectors. This is yet another example of a formerly slow city that has experienced rapid recent growth and change.
The good weather all year round is an added benefit for NRI investors here. A new international airport and increased metro connectivity will bring even more growth and positive change to the city in coming years.
Head over to the capital of Tamil Nadu for yet more real estate investment opportunities. Chennai is also in the leading pack, with a high growth rate in population (30%) and reasonably high average white collared salaries. This industrial city also has many companies that do IT and financial services.
The government has made road connectivity a priority here in recent years. This has helped the city and the surrounding area develop faster and attract new business opportunities.
