The stark price contrast is a significant factor driving this shift. In Hyderabad, the cost of a single acre of land can range from Rs 40-50 crore, while in Dallas and Austin, it ranges from USD 500,000 to 700,000 (equivalent to Rs 4-6 crore)
Lakshmi Sharan
NRIs are turning away from Hyderabad’s exorbitant real estate market, seeking more feasible investment options, primarily in Texas, as reported by ToI.
The report highlights a growing trend among NRIs who are redirecting their investments towards two prominent Texan cities, Dallas and Austin, as opposed to the real estate market in Hyderabad, the capital of Telangana. The stark price contrast is a significant factor driving this shift. In Hyderabad, the cost of a single acre of land can range from Rs 40-50 crore, while in Dallas and Austin, it ranges from USD 500,000 to 700,000 (equivalent to Rs 4-6 crore).
The rapid development and more reasonable land prices in Texas make it an attractive destination for NRIs seeking real estate investments. Hyderabad, according to Knight Frank’s 2023 Affordability Index, ranks as the second most unaffordable real estate market in India, primarily due to the high home loan-to-income ratio
Beyond the financial aspect, NRIs are also drawn to the comparable weather conditions found in these US cities, making the transition more comfortable.
Texas has further gained favor due to its burgeoning corporate landscape, with major companies establishing a presence in and around these cities. The relocation of Tesla’s headquarters to Austin and the presence of Toyota’s US headquarters within the state are prominent examples.
The rapid development and more reasonable land prices in Texas make it an attractive destination for NRIs seeking real estate investments. Hyderabad, according to Knight Frank’s 2023 Affordability Index, ranks as the second most unaffordable real estate market in India, primarily due to the high home loan-to-income ratio. This reinforces the inclination of NRIs towards the Texas real estate market, seeking both affordability and potential returns on their investments.
***************************************************
Readers
These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.
Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world. We have taken the small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.
Please help us to keep our journalism independent and free.
In these difficult times, to run a news website requires finances. While every contribution, big or small, will makes a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.
For more information: pravasisamwad00@gmail.com