Mumbai: Alibaug Emerging As Hotspot & Favorite Destination For NRIs Investing In Real Estate
Expats from the Gulf Region are now looking to invest in Holiday Homes in Alibaug in anticipation of growing demand and future capital appreciation offered by these assets for investors.
![Alibaugh beach |](https://media.assettype.com/freepressjournal/2023-12/1a09a21c-1df7-4e65-90a7-e30f708b7797/ali.jpg?width=1200)
Alibaugh beach |
Mumbai: With connectivity in the Mumbai Metropolitan Region all set to increase manifold thanks to the Mumbai Trans Harbour Link (MTHL), Alibaug which is situated just a few hours away from Mumbai is fast emerging as a hotspot for NRI real estate investments.
Expats from the Gulf Region are now looking to invest in Holiday Homes in Alibaug in anticipation of growing demand and future capital appreciation offered by these assets for investors.
Take the case of Dubai based couple, Vaishali and Vishal Sawant who recently purchased a holiday home in ‘Balibaug’, in Alibaug. They say they couldn’t have made a better investment elsewhere.
“Alibaug’s development is remarkable; increased connectivity promises to transform it into a prime investment destination. The economic advantage of investing in India is evident, offering cost-effective opportunities compared to global markets”.
Similarly Pardeep Sharma & Nupoor Bharadwaj, another Dubai-based couple who also invested in Alibaug recently believe that they have made a very smart investment because their holiday home will double up as an exotic getaway plus reap in financial benefits in the form of rentals when they choose to lease out the space.
"Purchasing this Bali-themed holiday home has been a dream come true for us. The serene atmosphere and exotic vibes of Alibaug will make every stay feel like a tropical getaway. Not only will we get to enjoy our own private paradise, but the return on investment too has exceeded our expectations. The popularity of the Bali theme will attract vacationers, leading to a steady stream of rental income. It's not just a home; it's a smart investment that brings both relaxation and financial benefits”, they say.
Speaking on the sidelines of the recently concluded India Property Show 2023 held at Dubai, Dr. Sachin Chopda, Managing Director, Pushpam Group said, “We are enthused by the response that we have received from NRIs in Dubai towards our holiday home property “Balibaug’ in Alibaug. There is no denying that the holiday home concept is fast catching with the expat community in the Gulf as an investment option”.
Chopda claimed that in his first inaugural ‘Balibaug’ package of holiday homes in Alibaug, 80 per cent of their inventory has been sold out! Thanks to the new infrastructure projects like the MTHL and even the Navi Mumbai Airport that will change the game around for Alibaug and Mumbai neighbourhood!
According to industry sources, Alibaug is expected to witness an investment of approximately Rs 3,000 crore shortly, and an estimated 250 acres are likely to be developed in a phased manner, with luxury villas and integrated townships likely to come up.
Several reputed developers like Hiranandani, House Of Abhinandan Lodha, Pushpam Group, and others are cashing in and have launched resorts in Alibaug based on a holiday home concept.
According to a study by NoBroker.com, an online property portal, Between 2019 and 2020, NRIs constituted around 10 percent of the total real estate investments in India. However, this figure has consistently increased, reaching 15 percent today, as per the survey report. It further projects that by 2025, NRIs are expected to contribute to 20 percent of the Indian real estate market.
With NRI investments in India showing an upswing, Saurabh Garg, co-founder and chief business officer, NoBroker.com says that there has been a 35 per cent growth year-on-year in the investment of NRIs in Indian residential real estate. “The NRI segment of buyers is expanding with NRI sales doubling in the last two years”.
One of the main reasons for this, experts says is that swadeshis are attracted to affordable property prices in India compared to other countries.
The increased demand from the diaspora is especially from the Gulf countries followed by Singapore, the United States and Australia, according NoBroker research. Mumbai, Bengaluru, Chennai and Hyderabad have seen maximum demand. Mumbai is one of the top picks for NRI investors with 24 per cent after Bengaluru with 29 per cent.
The resorts/holiday homes in Alibaug include luxury villas with private pools and gardens, open showers, terrace Jacuzzis, sloping roofs and what have you! Plus they provide amenities like restaurants, spa, banquet hall, party lawn, gym, etc. The idea is to encourage investors to invest in a home and also earn a rental income all year round.
From sprawling villas with private beaches to lavish apartments overlooking the Arabian Sea, the offerings are as diverse as they are opulent.
Last year, B-town’s power couple Virat Kohli and Anushka Sharma purchased a massive 8-acre land in Alibaug. Now, according to reports, after obtaining all the necessary permissions from the local bodies, the construction work has kick-started on the plot and is in full swing. The star cricketer was in Alibaug some time ago to monitor the work proceedings of his palatial home, spread over 20,000 square feet.
According to a Report by a leading real estate advisory, 360 Realtors, NRIs invested $13.1 billion in the indian real estate market in FY21, the inflow is likely to have grown 12 per cent to reach $14.9 billion in FY22.
“NRIs are one of the crucial growth drivers for the Indian real estate. Post RERA implementation, the confidence levels of NRIs has gone up. Interestingly, NRIs are not buying for end-use, but many are entering the market with a pure-play investment purpose,” says Ankit Kansal, Founder & MD, 360 Realtors.
Developer Niranjan Hiranandani says that his books show that on an average 25 per cent of the purchases in his set up are by NRIs. “Since one cannot own property in markets like the Gulf, Indians are looking at investing back home in India”.
A study conducted by the NRI-focused fintech platform SBNRI revealed that approximately 53% of surveyed NRI investors asserted that India delivers superior investment returns compared to other countries where they have invested.
The recently concluded Gulf News India Property Show brought together over 40 developers from India’s residential and commercial real estate sector, financial institutions, along with potential buyers. This is a telling story in itself on the growth of the NRI segment in India’s real estate.
“This surge is chiefly driven by a confluence of factors such as increased rental yield, the continued depreciation of the Indian rupee, favourable government policies, and the resilience shown by the Indian real estate sector in the face of adversity. These investments are not solely motivated by financial considerations but are also deeply influenced by the emotional bonds that NRIs maintain with their country of origin,” said Saurabh Garg.
RECENT STORIES
-
BHEL Official Honey-Trap Case: DGM’s Wife Had Left Him Due To His Lecherous Ways, Says SIT -
Madhya Pradesh: Rural Health Service In Shambles; Ledgaon Sub-Health Centre Fails To Serve Community... -
Bhopal Crime Updates: Theft At Retiered Air Force Officer's House, Ornaments Worth ₹1 Lakh Stolen;... -
Madhya Pradesh: Public Representatives And Officials Discuss Khargone's Development -
Mumbai: 3 Injured After Massive Fire Breaks Out At Residential Building In Kurla (Video)