In the future real estate developers in Hyderabad may wish to pay greater attention to the market for properties in the city to those who reside outside the country. NRI’s are important players in the real estate market of the country and in the future as India continues to prosper, NRI’s may play a greater role still. The advantages that property in Hyderabad has over many other cities in the country are its relatively well developed physical infrastructure as well as a booming technology industry within the cities borders. Such features make the city stand out as a destination at which NRI’s may wish to invest, either as speculators who wish to wish to share in the country’s prosperity or as end users who may one day relocate and live in one of many apartments in Hyderabad.
The fact that already salaries for many of the top employees in Hyderabad’s technology sector are equal to their foreign counterparts is a formidable trend, the vast difference in the cost of living between a IT worker in Hyderabad and one in Silicon Valley would make it highly attractive for a senior executive from the latter to relocate to the former. Many projects in Hyderabad are already geared to attract investment into such properties in the city, as the taste of many Indians who have been living in Europe or North America for a number of years has acquired a western flavor, the only flats which meet these standards are nearly always counted among the luxury apartments in Hyderabad.
NRI’s who are seriously considering buying real estate in Hyderabad often tend to be highly westernized and may be dissuaded by the often cumbersome process which is part and parcel of buying property in much of the country. Red tape and delays in the completion of projects are factors which many of those with money to spend on property in Hyderabad find as obstacles since having lived abroad for a decade or more they are accustomed to a seamless process when acquiring property.
The top builders in Hyderabad who acknowledge that many overseas buyers of property in the city face significant obstacles and try to mitigate a smoother buying experience for such buyers may stand to gain a new clientele of rich customers in the future. As the country’s GDP grows, investing in India is likely to be seen as an attractive opportunity that many would not be willing to pass up, real estate developers in Hyderabad who are quick to exploit such opportunities stand to gain immensely in the future.
Almost certainly one of the largest Indian diaspora currently living in the US originates from the state of Andhra Pradesh or Telangana, many such individuals would perhaps one day like to return to work in their native city once they have amassed enough money working overseas. Furthermore such individuals may not only necessary desire a home for end use but also one which may appreciate significantly; the market for affordable housing in Hyderabad denies almost no person of Indian origin living abroad from participating in the Indian growth story. For many such wealthy foreigners the opportunity to purchase several affordable flats in Hyderabad may trump buying only one luxury property in the city.
Builders and developers in Hyderabad may need the right platform from which to covet such Indian nationals living overseas one of which may include holding seminars at localities with a large Indian diaspora where opportunities to invest in India may be shared in detail.