The NRI Effect: Why Gurgaon Property Market Has Gone Crazy

If you’re a first-time homebuyer in Gurgaon, you’ve probably noticed something unsettling: property prices have gone through the roof. This isn’t just a normal market fluctuation; it’s a boom fueled by a new wave of returning Non-Resident Indians (NRIs) who are pouring their savings into real estate. The result is a market that’s becoming increasingly unaffordable for the average Indian, unless they have a massive inheritance or a foreign-earned salary to fall back on.

The conversation around this issue recently hit a fever pitch on social media, where a viral post by a returning NRI sparked a widespread debate. Many users were quick to point out that the surge in prices is a direct consequence of NRIs, who are coming back to India due to global tech layoffs and stricter visa policies. They are leveraging their substantial savings to buy homes, creating a ripple effect that’s driving prices up for everyone. While this is great news for some investors, it’s a growing crisis for locals and other returning NRIs who don’t have the same financial cushion. This isn’t just a Gurgaon problem either; the same story is playing out in other major urban centers like Hyderabad and Bengaluru, where real estate is also considered grossly overpriced. Industry experts are worried about the long-term consequences, warning that if this speculative demand continues without an increase in housing supply, an entire generation of potential homeowners could be priced out of the market entirely.

Source:- BT