NRIs dominates the Real estate of Bengaluru with highest sale of 2&3BHK flats

The silicon valley of India Bengaluru continues to attract the non-resident Indians to invest in the real estate in Bengaluru. The NRIs accounted almost 15% of housing sales in the tech city. The demand for real estate in the IT capital is primarily driven by NRIs from the US, Singapore, United Arab Emirates, Australia and Saudi Arabia. The majority of them prefer to invest in 2 and 3 BHK units. 

The US surpassed other countries by a significant margin in terms of demand and transaction. The data from NoBroker showed Demand has also increased from NRIs based in Singapore, UAE, Australia, and Saudi Arabia.  

Mostly, the 2 and 3 BHK apartments are being preferred by them, which comprises of 78% of the sale. North Bengaluru is the most popular investment destination for NRIs with almost 39.7%, followed by East Bengaluru with 37.7%, South Bengaluru with 18.1%, West Bengaluru with 3.9% and Central Bengaluru with 0.5%. 

The co-founder and chief business office at Nobroker, Saurabh Garg, informed that the majority of the NRI buyers are in the North, accounting for almost 40% of sales, followed by 38% in the East and 18% in the South. The average property deal in North starts from Rs.1.1 crore, in the east it is Rs.1.51 crore, in the south Rs.1.13 crore. 

In case of the East Bengaluru, the most preferred micro-locations are Sarjapur, Varthur, Gunjur, and Whitefield, while in the North, the preferred locations are towards Devanahalli and Hebbal micro markets.

The highest preferred location for investment is 2 & 3BHK apartments comprising 78% of sales. Among these, 2 BHK units measure for 41%, 3 BHK units for 37%, while plots and 4 BHK/duplex/villa contribute 9% each.

The chairman, Concorde, Nesara B S said, “NRI buyers cover almost 15%of the overall sales and this has increased in the last two years. This stood at 10% earlier. The highest demand is from Gulf countries followed by the Indian diaspora from Europe, then US and Australia. Most of them prefer 3 BHK apartments and villas.”

Viswa Prathap Desu, COO, Residential, Brigade Group, said, “Most of our bookings are either through our GCC office or through trade expos that happen abroad. Sometimes we also have enquiries when they visit Bengaluru during holidays.” 

Abhishek Kapoor, Group CEO, Puravankara Ltd, said, “NRIs typically prefer larger homes and gated communities with a clear focus on amenities, security and property management services. NRI contribution to our overall business is in the range of 12 to 15% and we see growing traction from markets like GCC, US (both east and west coast) followed by SEA and Europe (including the UK).”