Luxury properties have emerged as a hot favourite with NRIs this season as the depreciating rupee value, coupled with attractive developer discounts, offer greater buying power
Non-resident Indian (NRI) investments in the Indian real estate sector saw a a major rise in the recent festive season: up to a 30 percent jump in residential property purchases by Gulf-based expat Indians in Delhi-NCR, Mumbai and Bengaluru, according to insiders, reported Arabian Business.
Luxury properties have emerged as a hot favourite with NRIs this season as the depreciating rupee value, coupled with attractive developer discounts, offer greater buying power.
An increased NRI interest in luxury homes was also seen this festive season, with the preferred price range being $110,000 – $304,160 (INR 9 million-25 million)
“The festive season of 2022 was a period of intense and focused real estate investment by NRIs, with residential projects by large and listed developers seeing the most traction,” Shajai Jacob, Chief Executive Officer – GCC, Anarock Group, a leading real estate consultancy in India and GCC, told Arabian Business.
“NRIs were, by and large, undeterred by the marginal price increases that have taken place in high quality projects as they perceived the value of investing in such assets,” Jacob said.
Senior executives at developers and real estate broking firms said while larger cities witnessed as much as 30 percent jump this season vis-à-vis the previous one, Tier 2 and 3 cities saw an increase of 15-20 percent.
Some Tier 2 Southern Indian cities such as Kochi in Kerala and Coimbatore in Tamil Nadu even saw a higher jump in NRI investments this time around at 22-25 percent, they said. Jacob said NRIs from the Gulf region continue to be the largest expat group investing in real estate in India.
“This trend not only remains unchanged, but in fact saw a ramping up this time around, particularly in the housing sector,” he said. Industry insiders said the current season also saw an increased interest in purchasing bigger homes by expat Indians.
“There has been a growing demand for larger configuration homes of 3 and 4-bedroom houses,” an executive with a housing portal said.
An increased NRI interest in luxury homes was also seen this festive season, with the preferred price range being $110,000 – $304,160 (INR 9 million-25 million).
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