For many Indians living abroad, acquiring property in India has always held deep emotional significance, extending beyond mere investment. A home in India symbolized a connection to family, the possibility of returning home, or creating a legacy for future generations. Although this emotional attachment persists, the economic landscape surrounding it is changing.
India is undergoing a period of massive real estate market expansion that is transforming both the size of the market and the available opportunities. According to a joint study by KPMG and NAREDCO, the industry is expected to grow from approximately $290 billion in 2025 to $970 billion by 2030. This growth is fueled by urbanization, infrastructure development, increased household incomes, and greater participation from institutional investors.
For Non-Resident Indians (NRIs), investing in the homeland takes on a broader meaning. It now includes participating in the development of commercial districts, organized retail, and new urban centers, not just owning residential property.
The growing economic engagement of the Indian diaspora with India is already noticeable. India remains the world's largest recipient of remittances, with incoming transfers reaching $144.79 billion in the financial year 26, according to RBI data. While these remittances cannot be directly equated to real estate investments, they underscore the depth of financial ties between the Indian diaspora and the country's domestic economy.
Real estate is increasingly integrating into these relationships. The Equirus Wealth report from July 2026 indicated that sustained NRI investments are one of the factors supporting demand for luxury housing in the Delhi-NCR region. The report also noted that the weakening rupee has increased asset accessibility for foreign buyers, alongside motivations such as portfolio diversification, capital creation, and future family use.
Thus, the exchange rate can be an advantage, but it is not the sole reason for investment. For NRIs earning in dollars, pounds, or dirhams, the depreciation of the rupee lowers the effective entry cost into an Indian asset. However, the long-term outlook depends on a more fundamental question: whether the location generates sustainable economic activity and demand.
The focus is increasingly shifting to the infrastructure around the asset, rather than the asset in isolation. Real estate is traditionally closely linked to infrastructure: a new road changes travel patterns, and a metro line expands the coverage area of a business district. Airports, convention centers, and commercial hubs can generate new centers of economic activity.
The Delhi-NCR region serves as a prime example. Commercial activity in this area continues to grow. According to Cushman & Wakefield, in the second quarter of 2026, 4.1 million square feet of office space was leased in Delhi-NCR, and retail rent reached 0.7 million square feet, which is 13% higher compared to the previous quarter and more than 1.2 times higher than the same period last year. Vacancy rates in malls have also decreased to 7.2%, with fashion and food categories being the highest in demand.
Within this broader market, the Dwarka area is becoming an infrastructure-driven hub. One key driver is Yashobhoomi, India's International Convention and Exhibition Centre. This project, implemented with investments exceeding 25,700 crore rupees, has added large-scale convention and exhibition infrastructure to part of Delhi that is already connected to the airport and express metro.
The significance lies in what is developing around infrastructure of this scale. Convention centers attract business travelers, and improved transport accessibility increases footfall. The hospitality business follows visitors, while retail, restaurants, and entertainment serve both guests and locals. Over time, these sectors can mutually reinforce each other, forming complete destinations rather than isolated properties.
This aligns with another shift in India's commercial real estate: consumers are expecting more from physical spaces. The traditional model of visiting a mall solely for shopping is giving way to a destination concept where retail coexists with restaurants, entertainment, hospitality, sports, and social events.
For investors, this changes the approach to valuing commercial property. Footfall no longer depends solely on one activity; different parts of an integrated complex can create various reasons to visit throughout the day, week, and year.
It is in this context that projects like The Omaxe State in Dwarka become relevant. This 50.4-acre complex was created through a public-private partnership between the Delhi Development Authority and Worldstreet Sports Center, wholly owned by Omaxe Ltd. It integrates sports, retail, dining, hospitality, and entertainment in one area. Plans include an international cricket and football stadium with a capacity of 30,000, indoor sports facilities, retail space, restaurants, and entertainment infrastructure.
Its location near Yashobhoomi also reflects the overall investment strategy shaping parts of urban India: large government infrastructure projects form the foundation, and private construction complements it with economic activity.
There is another important practical change for NRIs. Historically, purchasing property in India while abroad required complex documentation and reliance on local intermediaries. Modern regulations provide NRIs with a general permission to acquire residential and commercial property in India, excluding categories such as agricultural land, plantation plots, and farms.
Digitization of documentation, disclosure under RERA, online payments, and power of attorney processes have also simplified the ability to remotely assess and conduct transactions.
Collectively, these changes expand the perception of what 'home country' investment can mean. The emotional connection has not disappeared, but it is increasingly combined with a more investment-oriented assessment of infrastructure, connectivity, demand, and long-term economic activity. For NRIs watching India's growth from afar, this may be the most significant shift. The question is no longer about owning a piece of a house, but about where India's next centers of activity are being built and how one can participate in their development.