The factor which will attract NRIs and millennials to invest in MMR real estate market in 2023

New India is shining brighter than ever, driven by the boundless aspirations of its youth. The millennial generation rejects making concessions to own the home of their dreams, unlike prior generations who thought that renting homes was preferable to buying one after reaching a certain age. This generation has the highest purchasing power of any previous generation in the globalization period.

The importance of real estate as an investment is better understood than ever by the aspiring millennial generation. Along with them, NRIs (non-resident Indians) have played an essential part in the MMR’s recent phenomenal rise. According to industry analysts, the percentage of NRIs purchasing premium and luxury property has more than doubled to 20% in 2023. Before the coronavirus pandemic, less than 10% of sales were made by NRIs.

Significant signs of growth are being seen in the Indian real estate industry.

Factors that will attract NRIs and Millennials to invest in MMR are

1. Economic expansion: The MMR region is one of India’s most economically successful regions. Its robust industrial and IT sectors, attracting investment from domestic and foreign businesses, are responsible for this. India continues to expand its economy consistently and has now become the 5th largest economy in the world, creating additional jobs and business possibilities. Additionally, this will increase home demand, which will be advantageous to NRI investors.

2. Affordability: MMR real estate market is still quite reasonable as compared to Bangalore or Delhi NCR. This is particularly true for NRIs, who can benefit from the advantageous exchange rates, and millennials, who aim to invest early in life, will benefit from the market’s affordability because it will allow them the flexibility to buy within their income.

3. Infrastructure Development: New infrastructure projects would elevate MMR as one of the fastest growing cities in the world. Projects like the Coastal Road project, Development of multiple metro lines, new airport in Navi Mumbai, etc. would create a seamless connectivity for MMR thereby attracting huge investments in the real estate industry. NRIs and millennials begin to value and look forward to this as a crucial aspect, as these new projects would enable them to lead a holistic lifestyle.

4. Job Opportunities: The MMR region is home to many significant and expanding sectors of the economy, including IT, manufacturing and healthcare. This gives millennials and NRIs a range of employment options.
5. Education: The MMR region is home to some of the best educational institutions in India, including The Indian Institute of Technology Bombay and the University of Mumbai. The quality of education will attract more families to the region, further boosting the demand for housing.

NRIs and millennials may choose to invest in the MMR real estate market in 2023 for a variety of reasons in addition to those already mentioned. These consist of:

Government attention given to the real estate industry: Several initiatives have been introduced by the Indian government to help the real estate market. These policies consist of relaxed rules, homebuyer subsidies, and tax breaks for investors. Thanks to these policies, NRIs and millennials will find investing in the MMR real estate market more appealing.

The growth of internet real estate platforms has made it simpler for millennials and NRIs to participate in the MMR real estate market. These websites give users access to various properties, making ‘comparing rates’ and ‘getting the best offers’ simple. As a result, NRIs and young people will find it easier to invest in the MMR real estate market.

Overall, the MMR has a lot of things that NRIs and millennials find appealing. These elements will become more alluring as the area develops further. MMR is therefore positioned to become a significant worldwide center for talent and investment in the years to come.

Mumbai provides a rare combination of a developing real estate market, a friendly regulatory environment, and a dynamic lifestyle, providing NRIs and Millennials with limitless options to build wealth. The city has made a significant contribution to the nation’s economic development, making it a safe and profitable investment option for those seeking to diversify their holdings. They can invest in the most promising properties now for excellent returns later on, as Mumbai continues to grow and prosper.