Sentiment, that’s the primary reason why most Non Resident Indians invest in Chennai. For most NRI’s living abroad owning a piece of property in their hometown, a place where one was born and brought up is an emotional decision. It is especially important to first generation NRI’s who miss Chennai. Then there are returning NRI’s who wish to come back and live a comfortable life in Chennai. There are some NRI’s who continue living abroad therefore prefer to invest in luxury properties in Chennai so they can use it as a vacation home.
The purposes maybe different but increasingly NRI’s are investing in properties in Chennai. Those returning Non Resident Indians who want to live in Chennai look for residential apartments that have comprehensive amenities and safety features required for a comfortable living. Some NRI’s residing abroad look for opulent homes with absolute luxury; a property that can be used as a vacation home and eventually be used as a retirement home.
In the Chennai property market the average investment pattern seem to be properties priced between 40 and 80 lakhs. However, some invest in hi end properties priced between 1.5 cr and 2 cr. And a small percentage of the NRI population invests in properties above 2cr Indian rupees.
The natural choice for most NRI’s is their hometown, in cases where it is a second property investment then places outside Chennai like hill stations and two tier cities are considered. But for a good majority because of accessibility buying a property within Chennai is top priority.
To many, property investment in Chennai is a good, stable and risk free investment for the future; to some others it s a lifestyle statement and a reflection of one’s success!