Why NRIs prefer ready-to-move apartments

In recent years, the real estate landscape in India has seen a growing trend among Non-Resident Indians (NRIs) shifting their preference towards ready-to-move apartments. This inclination isn't just a fleeting trend but rather a significant shift in the way NRIs approach property investments. With over 32 million Indians living abroad, the NRI community represents a substantial portion of the real estate investment market in India. Their choices are driven by a myriad of factors that make ready-to-move apartments an increasingly attractive option.

One of the primary reasons for this preference is the immediate availability that ready-to-move apartments offer. Unlike under-construction properties, which can take years to complete, ready-to-move apartments allow buyers to take possession and start using the property almost instantly. For NRIs, who often have limited time during visits to India, the ability to see, assess, and finalize a property purchase within a short span is highly beneficial.

Furthermore, ready-to-move apartments eliminate the risk of project delays. The real estate market in India has seen its share of stalled projects due to various reasons, including regulatory approvals and financial constraints of developers. NRIs, who are not constantly present on the ground, find it challenging to manage or monitor such delays. A ready-to-move option assures them of the project's completion, thereby significantly reducing this stress.

Transparency in terms of costs is another advantage of ready-to-move apartments. When purchasing properties under construction, NRIs often face the challenge of dealing with changes in costs due to escalating material prices or alterations in floor plans. A ready-to-move-in property comes with a clear price tag, minimizing the risk of unforeseen expenses. This transparency provides NRIs with a sense of security and confidence during their purchase, making the process considerably more straightforward and less anxiety-inducing.

For many NRIs, investment in Indian real estate is not just about owning a property but also about having a secure and reliable source of rental income. Ready-to-move properties can be rented out immediately, making them a favorable choice for those looking to gain rental yields without delay. This immediate rental potential is especially attractive in bustling cities where housing demand remains high, ensuring a steady flow of income.

The psychological comfort of owning tangible property cannot be understated. For NRIs, buying a ready-to-move apartment provides the assurance that their hard-earned money has been well-invested. They have the opportunity to physically inspect and evaluate the property, which helps quell any reservations about the stability and value of their investment.

There is also the aspect of quality and finished product evaluation. NRIs often find it reassuring to see the finished product before buying. The ability to inspect the living space, amenities, and quality of construction first-hand is significant. This firsthand evaluation helps in setting accurate expectations and making informed decisions, something that can be challenging with under-construction projects that often only offer virtual tours or model apartments.

Apart from these core reasons, the current regulatory environment in India also supports investment in ready-to-move properties. The implementation of the Real Estate (Regulation and Development) Act (RERA) was a landmark moment, aiming to protect consumer rights and bring more transparency to the real estate sector. This has sparked renewed confidence among NRIs who are now more willing to invest in ready-to-move apartments, knowing that the property has passed through the necessary compliance checks.

The idea of moving back to India at some stage also plays a critical role for many NRIs. Having a property ready to live in at their convenience saves time and effort in planning and constructing a home from scratch at a future date. Ready-to-move apartments can serve as a hassle-free transition point should they choose to relocate back home, either during retirement or unexpectedly earlier.

The availability of modern, well-facilitated amenities within ready-to-move apartment complexes is yet another appealing element for NRIs. Many such properties are equipped with amenities that cater to a global lifestyle — from swimming pools and fitness centers to clubhouses and parks for recreation. This ensures that NRIs do not have to compromise on the comforts and conveniences they are accustomed to anywhere else in the world.

In current times, when families are often spread out globally, owning a ready-to-move apartment provides a significant advantage in terms of being able to host friends and family when they visit. The ability to provide comfortable accommodation without the need for immediate interior setup or renovation allows NRIs to maintain a sense of hospitality and connection with their visiting relatives.

Nevertheless, it is important to acknowledge that the preference for ready-to-move apartments does not entirely eliminate the purchase challenges NRIs face. Currency fluctuations remain a concern, as changes in exchange rates can affect the final investment cost. Additionally, NRIs still need to perform due diligence regarding legal and regulatory aspects, despite the assurances offered by seeing a completed property.

In terms of making a purchase, convenient payment plans offered by many developers make these investments more accessible for NRIs. Many developers now provide flexible payment schemes or financial assistance through NRI home loans tailored to suit their needs. This aspect further facilitates the decision-making process, offering NRIs an efficient path to property ownership without the financial burden of paying the full amount upfront.

Online platforms have become a crucial tool for NRIs in this regard, helping bridge the distance during property search and transaction processes. Through virtual tours, online documentation, and digital communications, NRIs can perform much of the groundwork remotely, making it easier to shortlist and finalize properties before physically verifying them at a later stage.

The factor of emotional attachment plays a role as well. For many NRIs, purchasing a ready-to-move apartment is not only an investment decision but also a way to maintain or strengthen ties with their homeland. The ability to own property in India provides a sense of belonging and security that resonates deeply on a personal level.

It is clear that a confluence of factors — ranging from instant availability and reduction in risk to transparency in costs and potential rental income — all contribute to a strong inclination towards ready-to-move apartments among NRIs. As more NRIs seek seamless, practical, and financially sound investment opportunities in Indian real estate, it is likely that this trend will continue to grow, shaping the sector's evolution in notable ways.