For ages, we have witnessed the homecoming of many non-resident Indians (NRIs). The trend has picked up in the last couple of years as India became more optimistic about its economic output. Many NRIs returning are not the usual IT professionals we hear about. Some of them are students with foreign degrees, while others include professionals in pharma, food processing, finance and more.
Bangalore for NRIs
Out of all the cities in India, it seems Bangalore is the most preferred destination for NRIs, even if they have their roots in other parts of the country. While the properties are of international standard, additional factors like all-year good weather and potential for infrastructure development play their part. The other reason for Bangalore being an NRI hotspot is its industry. The city seems to offer the highest number of jobs suitable for NRIs, and of course the multiple investment options like gated community plots in north Bangalore (Devanahalli) and top-class condos in Whitefield and Sarjapur, all a stone’s throw from business hubs.
Besides the various job benefits which are now more apparent in India, the Indian government took some measures to help NRIs buying properties in India. The rules and regulations under Foreign Exchange Management Act (FEMA) and Reserve Bank of India (RBI) made it easier to invest in Indian properties and profit from them. In addition, there are tax benefits as well, as any interest from a home loan is liable for deduction from the NRIs’ taxable income.
Coming back to the jobs factor
NRIs are getting the right job offers to entice them back. The fact that most of them have experience of working in developed countries, with some of the latest technologies and infrastructure, make them a rare asset. It may be difficult to replace them, but not putting them to use will be a loss to India. The country has the third-largest start-up ecosystem in the world and many NRIs see it also as a reason to come back.
Where do NRIs prefer staying
While there may be a large number of people returning to their motherland, many of them may not have done so if it was not for the standard of residential properties on offer. Most people who return end up staying in gated communities, because that is what they relate to the most.
More about the Bangalore market…
Bangalore is a great market for gated communities and plots for sale with abundant greenery. Not only are the amenities on offer of the highest standards; gated communities save a lot of time by providing a lot things under the same roof. Moreover, people are happy that they have the option of villa plots in north Bangalore and condos in the southern business districts. Nothing can be compared to having one’s own house, a number of games (and neighbours to unwind with), and to top it up, proper professional in-house service, all while being in the midst of a crowded bustling city!