The undeniable downslide of Indian Rupee has evidently increased the interest of the NRIs or Non-Residential Indians in the vast real-estate market in the country. Scenarios depicting NRI individuals coming down to the homeland to buy properties have become rather common especially in metropolitan cities such as Chennai. The purchase is not just limited to individual residential units; rather the money-loaded NRIs are going as high as purchasing entire wings or buildings to earn via rented properties.
Let’s understand the reasons NRI investors are purchasing properties in India’s metropolitan city, Chennai.
#1. Plummeting Value of Indian Rupee:
The first and obvious reason for NRI individuals to look for investment options in the real estate market is the steep decline in the value of Indian Rupee against Dollar. With the decreased value, the NRIs need to shell out less US dollars to buy the same property that used to cost way more before the fall of Indian Rupee. Chennai is one among the popular investment destinations in terms of property. With more than 8.72 percent buyers looking for investment in this locale, Chennai is shelling out properties in a rapid fashion. With 1 US Dollars equal to 70.62 INR, the NRI investors are more likely to acquire properties at a cheaper price tag with a good discount. Additionally, the mortgage payments shall be way lower as compared to the sum one would have paid a few years back.
#2. Chennai is a metropolitan city:
Chennai and the suburbs all around this city have been developing at an exponential rate in recent years. No wonder, this metropolitan city ranks among the top 12 when it comes to fair and profitable investments in the Indian real estate market. Chennai has also been listed as one among the best cities to live when in India. The city holds bright prospects for real estate investors with a progressive expansion.
#3. High Appreciation and Low Depreciation:
Over the last 5 years, the prices for properties in Chennai although plummeted in comparison to US Dollar, it showcased a steady rise in local value. No depreciation in the rates of the properties has been noticed. This means, if you happen to purchase a property in Chennai today with the depleted rates for Indian Rupee, you get great returns once you put out the property on sale years later or rent it out. According to real estate analysts, the city is set to witness at least 7 to 10 of annual appreciation in the course of upcoming years. The experts also state that Chennai will experience no depreciation threat in the upcoming years.
#4. Affordable and Realistic Prices:
The best thing about investing in the Indian market for real estate is the fact that NRIs get to pay less while earning more within years. A similar stance can be seen for the state of Chennai based properties. One thing that keeps Chennai separate from other metropolitan cities is the fact that the city has realistic rates for its properties. You can surely get a good deal as opposed to cities such as Delhi or Mumbai were the property rates are sometimes double or four times the actual amount.
#5. High Rates for Rental:
With the ever-rising rates for employment in the city, more students and youngsters are relocating to the city along with families in search of jobs. Professionals today aren’t looking for purchasing properties as they are unsure of their tenure in the city. This is why a major faction of the real estate market attracts the individuals looking forward to renting these properties. This has seemingly resulted in hiked rates for rental properties in Chennai and the nearby suburbs. As an NRI, if you invest in a property in Chennai, you can easily expect good returns in terms of rentals.
#6. Varied Options:
As opposed to other metropolitan cities in India, Chennai is known to house an abundance of properties in terms of choice. So, whether you are looking for a massive bungalow or a small 1BHK property, be assured that this city will surely serve all your needs. At Chennai, one can seek properties at the center of the city or outskirts depending on the overall budget. The city is largely unexplored which creates more opportunities for the development of new properties and more choices.
#7. Better ROI Prospects:
Chennai brings in better and significant benefits in future for the NRI investors. After you have invested in the real estate market of Chennai, you can easily expect a versatile and huge appreciation scenario in terms of properties. In the period of last 3 years, the city has brought along an appreciation enhancement of a whopping 150 percent. This makes decision making easier for the NRI investors who might lack the monetary control for purchasing properties at high-priced cities like Mumbai, Delhi, or Bangalore. Chennai offers discounted investment options with better ROI in years to follow.
#8. Structural Development:
The government of Tamil Nadu, as well as the Indian government, has now been focusing on the overall development of this city. With multiple educational institutes, multiplexes, and MNCs, the city has been growing at a rapid pace bringing people from far and wide. Better connectivity via local transport, well-developed interconnected roads, and the educated urban population, all these factors have dedicated a substantial growth scenario for the city. This has ultimately bettered the resale prices for property owners looking forward to cashing out their long-term investments. So, if you are expecting better and bigger capital gains from real estate market, Chennai can be one among the best options especially with the decreased prices of Indian Rupee.
So, if you are an NRI looking forward to investing in the real estate scenario of Chennai city, make sure you do it now when the Indian Rupee is at its lowest. This will definitely save you loads in terms of financial investment with better results in the future. Remember, real estate properties in Chennai are constantly increasing in terms of price, so now is the time to cut the deal and grab this rare opportunity.