“NRIs have always been our clients but if the NRI business was organic earlier, now it is a part of concerted efforts on how to better capture this growth story.”
— Aakash Ohri, DLF Joint Managing Director and Chief Business Officer
Top Indian developer DLF is keen to sell luxury apartments to NRIs, reported Bloomberg. DLF Ltd has boosted its outreach to NRIs, said Aakash Ohri, joint managing director and chief business officer.
NRIs purchased 20% of all homes sold by DLF between April-September, up from 15% in the previous financial year, with most demand coming from the US, the UK, Singapore and the Gulf region, he said.
He also pointed out that “NRIs have always been our clients but if the NRI business was organic earlier, now it is a part of concerted efforts on how to better capture this growth story,” Ohri said during an interview last week at DLF’s luxurious golf course near New Delhi. “Now I have a dedicated team who are in constant touch with NRIs. I want to be the first person they call if they want to invest in India.”
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The Gurugram-based firm aims to launch luxury projects worth around 200 billion rupees (RM11.35 billion) in the year through March 2024 with sale bookings of 120 billion rupees.
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Earlier this year, DLF had sold 1,137 apartments costing almost a million dollars each in just three days
NRI savings in India rose to about US$189 billion (RM892.08 billion) in 2022, accounting for some 7% of the total domestic retail investments, according to Private Banker International. DLF and rivals including Macrotech Developers Ltd and Rustomjee Constructions Pvt are all trying to win a piece of the pie.
DLF has started reserving inventories in all new launches for the Indian diaspora since last year to ensure they get to choose at the same time as local buyers, Ohri said. The Gurugram-based firm aims to launch luxury projects worth around 200 billion rupees (RM11.35 billion) in the year through March 2024 with sale bookings of 120 billion rupees.
Earlier this year, DLF had sold 1,137 apartments costing almost a million dollars each in just three days.
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