The share of non-resident Indians (NRIs) in the Indian property market has doubled since the Covid-19 outbreak, and nearly 20% of sales for several real estate developers are now coming from outside the nation.
According to industry experts, the share of NRIs in premium and luxury product sales has more than doubled to 20%. Prior to the coronavirus epidemic, NRIs accounted for fewer than 10% of total revenues.
DLF stated during its Quarter 4 results call that it will concentrate a greater emphasis on the NRI market. “NRI’s always seeking for good real estate investments in India,” stated Aakash Ohri, group executive director and chief business officer.
“The United State is one of our most significant market, but we also have buyers from the Southeast Asia and Middle East.” There was an intense effort start in the first quarter to target NRIs, and we will last the pattern this year.”
According to a recent poll conducted by India Sotheby’s International Realty, a large number of high net-worth people (HNIs), many of whom are non-resident Indians (NRIs), aim to purchase luxury real estate in India during the next two years.
They believe that now is a good time to purchase larger properties in their home country. The strength of the dollar against the Indian rupee has made it easier for NRIs to invest in real estate in India. NRIs have purchased condos, branded apartments, luxury villas, and villaments.
“NRIs have seen significant growth in Indian real estate over a last few years,” said Vishal Raheja, MD of real estate agency InvestoXpert.com. “There is no shortage of NRI buyers for the credible developer, and to meet the demand, we have also opened an office in Dubai.” Many developers have also begun marketing in Dubai, Singapore, and other major cities.”
A simple tax structure, indexation benefits for properties kept in India, favourable currency movements, and the digitalization of operations have increased the number of NRIs interested in investing in Indian real estate.
“The pandemic has acted as a catalyst that boosted the NRI share in the housing sector to double its pre-pandemic levels,” said Amit Modi, director at Noida-based County Group. “The Indian real estate market is seeing shifting preferences of NRIs.”
Because of the availability of premium, luxury, and super luxury real estate projects, Delhi-NCR, Mumbai, and Bengaluru have become preferred locations for NRIs to invest in homes.
Source- ET
