Settling in India with ₹1.25 Crore: A Non-Resident Indian's Dilemma
A 29-year-old NRI explores options to return to India, seeking an affordable city to settle in with ₹1.25 crore. Experts weigh in on the pros and cons of various cities, including Bengaluru, Mumbai, and Kolkata.
NriIndiaReal EstateAffordable CitiesIcici SecuritiesReal Estate MumbaiSep 07, 2024
Having lived in NCR and Bengaluru, the Redditor expressed concerns about the high cost of living in these cities. They mentioned that they would be okay with settling in the Hindi belt, as long as they could find a remote or local IT job.
Reddit users responded with suggestions, recommending Tier II cities like Pune, Lucknow, Goa, and Kolkata. One user suggested that Pune is the best bet, with affordable rent, plenty of IT jobs, and cheap household labor.
Others recommended a flexible, seasonal approach to settling, suggesting places like Rishikesh in winter, Goa for a few months, and Leh during the monsoon. Vadodara in Gujarat was also recommended for its affordability, with a commenter noting that one can rent a 2 BHK for ₹10-15K.
Kolkata was highlighted for its cost-effectiveness, particularly for those seeking more space. Experts added that settling in Mumbai with ₹1.25 crore could be challenging due to high costs, with rents for a 1 BHK in suburbs like Dahisar or Mulund around ₹25K.
In contrast, Kolkata offers the most space and affordability, with rents for a 4 BHK in the northern parts of the city or a 3 BHK in southern areas well within budget.
About ICICI Securities ICICI Securities is a leading Indian financial services company that offers a range of financial products and services, including investment banking, institutional broking, and retail broking.
About the Indian Real Estate Market The Indian real estate market has been experiencing a boom in recent years, with cities like Bengaluru and Hyderabad leading the way. Home prices in these cities have soared up to 90%, making it challenging for individuals to find affordable housing.
Frequently Asked Questions
Is ₹1.25 crore enough to settle in India?
It depends on the city and lifestyle. While ₹1.25 crore can provide a comfortable life in some cities, it may not be enough in others.
Which cities are recommended for NRIs looking to settle in India?
Tier II cities like Pune, Lucknow, Goa, and Kolkata are recommended for their affordability and quality of life.
What is the cost of living in Bengaluru?
The cost of living in Bengaluru is relatively high, with rents for a 1 BHK in areas like Electronic City ranging from ₹20-25K.
Is Mumbai a viable option for settling with ₹1.25 crore?
Mumbai is a challenging city to settle in with ₹1.25 crore due to high costs, with rents for a 1 BHK in suburbs like Dahisar or Mulund around ₹25K.
What is the best city for NRIs looking for space and affordability?
Kolkata is the best city for NRIs looking for space and affordability, with rents for a 4 BHK in the northern parts of the city or a 3 BHK in southern areas well within budget.
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