NRIs Show Interest in Commercial Properties in India

A growing number of non-resident Indians (NRIs) are displaying interest in commercial properties in the country. Some are interested in selling the space after a few years and book profits, while some others want to generate rental income from the property.
Real estate experts across the country provided feedback on various locations for commercial property investment. Are NRIs allowed to buy commercial space in India? What is a better option- residential or commercial given the market scenario? What are the good options around commercial districts? These are some of the queries that NRIs need answers to.

No permission is required from Reserve Bank of India (RBI) to purchase residential or commercial property in India, according to Rohtas Goel, CMD, Omaxe Ltd. He added that Greater Noida is a perfect destination for residential, commercial, investment and self-use purpose. Corporate India and educational institutes have also preferred Noida for setting up their offices and institutions respectively. In addition, with the metro coming up, accessibility has improved and a boom in property prices has also been witnessed, Goel said.

Pune is a good option for commercial property as there are so many trusted, experienced, professional developing firms coming up with various residential and commercial projects of various sizes. “Pune has been seeing consistent capital appreciation of between 12-15% per annum. With the growth in IT, industrial and education sector, Pune has been adding over 50,000 apartments every year,”.

There are various commercial pockets in Pune. “Near Hinjewadi, Aundh has come up as a top-notch cosmopolitan residential and commercial area. Aundh is famous for location – it’s near Pune University, Balewadi sports complex and Mumbai-Pune Expressway. Having good schools, colleges, renowed hospitals, famous malls and restaurants, Aundh is a good investment,” he said.

Central Mumbai also offers some good commercial investments. Encompassing residential as well as commercial areas like BKC, Lower Parel, Dadar, Prabhadevi areas which are also a part of old Bombay are some for investment. “The Bandra Kurla Complex (BKC) is also a planned commercial complex in the suburbs of Mumbai. According to MMRDA, the complex is the first of a series of growth centres created to ‘arrest further concentration’ of offices and commercial activities in South Mumbai. It is expected to decongest southern Mumbai and seed new areas of planned commercial real estate in the metropolitan region,” Chandresh Mehta, Director, Rustomjee Group said.

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