India’s second-home market is seeing a revival as geopolitical tensions and volatility in Dubai’s property market push investors away.
Markets such as Goa, Alibaug, the hill regions of Himachal Pradesh and Uttarakhand, and holiday destinations in southern India are witnessing increased demand, with high net-worth individuals (HNIs) living abroad preferring India over Dubai for investment.
“We are seeing active conversations rise sharply over the past few months and a growing share of 30-40 % of surge in enquiries,” said Samir A Nerurkar, founder & MD, Samira Habitats (India) Ltd. “Dubai has specifically sent us a certain kind of buyer—successful, globally mobile, but increasingly uneasy about putting all their eggs in one overseas basket. Dubai's volatility has reminded the HNIs that the safest asset is one you understand, in a geography you trust, in a country where your family has roots.”
Experts said a generation of non-resident Indians (NRIs) who have built significant wealth abroad are now taking a permanent stake in India, particularly in lifestyle destinations with developed infrastructure.
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“Dubai being a real estate economy with majority of its investors being expats, the sentiment has fallen,” said Manik Sabharwal, director at Sabh Infrastructure, which is doing multiple projects in Goa. “Many expats from India have fled back to their home and fear about their investments decisions. As Indians are major investors in Dubai real estate and for them it is a second home, the demand has shifted to India’s second home market.”
Indian channel partners marketing Dubai properties have also begun receiving enquiries for second homes in India from the same set of investors.
“We have personally spoken to NRIs from Middle East, who are not willing to invest there,” Sabharwal said.
With geopolitical uncertainties affecting traditional overseas investment destinations such as Dubai, HNIs and NRIs are increasingly shifting focus to India.
“However, this is not a temporary, tactical shift, but rather a more structured approach that realigns its plans towards markets that can offer long-term stability, cultural familiarity and even lifestyle value,” said Amit Mamgain, co-founder and director, Yugen Infra, which is doing a large-scale project in Goa.
Locations including Goa, Alibaug and hill regions such as Himachal Pradesh and Uttarakhand, as well as emerging luxury markets in southern India, are gaining traction.
“We have seen a huge growth in interest from Indian investors across the world, looking for well-designed second homes that provide lifestyle benefits and long-term wealth preservation,” said Mamgain.
The trend underscores India’s growing position as a destination for global real estate investment.
“The global macro environment has certainly made buyers more introspective, but rather than a slowdown, what we are seeing is a recalibration of priorities,” said Varun Nagpal, founder & CEO, Vianaar. “Periods of geopolitical uncertainty tend to reinforce the importance of stability, familiarity and long-term value, and India is increasingly emerging as a natural beneficiary of that shift.”
Vianaar has seen an increase in interest from both domestic ultra high net-worth individuals (UHNIs) and NRIs reassessing exposure to international real estate markets.
“While Dubai continues to hold its appeal as a global hub, there is a growing preference for assets that offer not just returns, but emotional security, cultural belonging and ease of access, all of which India currently delivers,” said Nagpal.
Destinations such as Goa and Kasauli are evolving from seasonal purchases into long-duration lifestyle assets, combining personal use with curated hospitality experiences and professional management.
“From a sentiment perspective, we have seen stronger enquiry-to-conversion ratios over the past few quarters, particularly in the luxury and ultra-luxury segments. There is a clear shift towards investing closer to home, driven by a desire for greater control, predictability and connection,” said Nagpal.
With improving infrastructure, strong economic fundamentals and a maturing luxury ecosystem, India is increasingly being viewed as a safe haven for both resident Indians and NRIs looking to rebalance their portfolios.
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“We are seeing active conversations rise sharply over the past few months and a growing share of 30-40 % of surge in enquiries,” said Samir A Nerurkar, founder & MD, Samira Habitats (India) Ltd. “Dubai has specifically sent us a certain kind of buyer—successful, globally mobile, but increasingly uneasy about putting all their eggs in one overseas basket. Dubai's volatility has reminded the HNIs that the safest asset is one you understand, in a geography you trust, in a country where your family has roots.”
Experts said a generation of non-resident Indians (NRIs) who have built significant wealth abroad are now taking a permanent stake in India, particularly in lifestyle destinations with developed infrastructure.
(Join our ETNRI WhatsApp channel for all the latest updates)
“Dubai being a real estate economy with majority of its investors being expats, the sentiment has fallen,” said Manik Sabharwal, director at Sabh Infrastructure, which is doing multiple projects in Goa. “Many expats from India have fled back to their home and fear about their investments decisions. As Indians are major investors in Dubai real estate and for them it is a second home, the demand has shifted to India’s second home market.”
Indian channel partners marketing Dubai properties have also begun receiving enquiries for second homes in India from the same set of investors.
“We have personally spoken to NRIs from Middle East, who are not willing to invest there,” Sabharwal said.
With geopolitical uncertainties affecting traditional overseas investment destinations such as Dubai, HNIs and NRIs are increasingly shifting focus to India.
“However, this is not a temporary, tactical shift, but rather a more structured approach that realigns its plans towards markets that can offer long-term stability, cultural familiarity and even lifestyle value,” said Amit Mamgain, co-founder and director, Yugen Infra, which is doing a large-scale project in Goa.
Locations including Goa, Alibaug and hill regions such as Himachal Pradesh and Uttarakhand, as well as emerging luxury markets in southern India, are gaining traction.
“We have seen a huge growth in interest from Indian investors across the world, looking for well-designed second homes that provide lifestyle benefits and long-term wealth preservation,” said Mamgain.
The trend underscores India’s growing position as a destination for global real estate investment.
“The global macro environment has certainly made buyers more introspective, but rather than a slowdown, what we are seeing is a recalibration of priorities,” said Varun Nagpal, founder & CEO, Vianaar. “Periods of geopolitical uncertainty tend to reinforce the importance of stability, familiarity and long-term value, and India is increasingly emerging as a natural beneficiary of that shift.”
Vianaar has seen an increase in interest from both domestic ultra high net-worth individuals (UHNIs) and NRIs reassessing exposure to international real estate markets.
“While Dubai continues to hold its appeal as a global hub, there is a growing preference for assets that offer not just returns, but emotional security, cultural belonging and ease of access, all of which India currently delivers,” said Nagpal.
Destinations such as Goa and Kasauli are evolving from seasonal purchases into long-duration lifestyle assets, combining personal use with curated hospitality experiences and professional management.
“From a sentiment perspective, we have seen stronger enquiry-to-conversion ratios over the past few quarters, particularly in the luxury and ultra-luxury segments. There is a clear shift towards investing closer to home, driven by a desire for greater control, predictability and connection,” said Nagpal.
With improving infrastructure, strong economic fundamentals and a maturing luxury ecosystem, India is increasingly being viewed as a safe haven for both resident Indians and NRIs looking to rebalance their portfolios.
