The share of NRIs investing in the real estate has doubled and post-Covid almost 20 per cent of the sales for many real estate developers are now coming from outside the country
Trend for investment in Indian real estate by NRIs is returning and likely to grow further. Call it growing emotional attachment towards their homeland or realization during the Covid-19 pandemic, a large number of NRIs are coming back to roots and investing in the real estate mainly to settle down post-retirement or job losses in the wake of the pandemic, according a report in The Economic Times.
The share of NRIs investing in the real estate has doubled and post-Covid almost 20 per cent of the sales for many real estate developers are now coming from outside the country, says the report.
The share of NRIs in the sales of premium and luxury products has more than doubled to 20 per cent, industry experts said. Before the coronavirus pandemic, NRIs used to account for less than 10 per cent of sales.
Survey done by 360 Realtors stated that investment in the Real Estate by the NRIs is likely to grow by 12 per cent based on last year’s data which suggested that NRI investments in Indian real estate amounted to $13.1 billion
In a survey done by a real estate firm stated that 63 per cent of the polled NRIs wanted to back in India and have their own houses due above mentioned reasons of their plans to relocate to India under the new circumstances caused by the pandemic.
Another survey done by 360 Realtors stated that investment in the Real Estate by the NRIs is likely to grow by 12 per cent based on last year’s data which suggested that NRI investments in Indian real estate amounted to $13.1 billion.
An ET report quoted Aakash Ohri, Group Executive Director and Chief Business Officer, DLF NSE -1.02 % Home Developers Ltd. Gurugram, as saying: “The real estate sector has proven to be an attractive asset class with healthier relative returns, it has gained the attention of both locals and NRIs alike. The NRI buyers today look for a well-connected living ecosystem curated with numerous choices to live, work, and play luxuriously.”
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