Increased interest from NRI Homebuyers are witnessed across the segment, from middle-income projects to the premium and luxury segments to planned development.
So far, the Indian currency has fallen 5.2% against the US dollar in 2022.
Nirangjan Hiranandani, Vice Chairman of the Real Estate Industry Association, said: Naredco And Managing Director Hiranandani Group.. “Beyond mere emotions, Indian real estate It is also an excellent wealth creation and growth option for NRI. ”
According to him, the global currency situation will be transformed into more square feet of Indian real estate for NRI.
In addition to being a safe haven in these uncertain times, Indian real estate also provides increased capital value and rental income. All of this, and the digitization of the process, will be a mutually beneficial scenario for investors.
For many developers, especially large developers with a proven track record, inquiries and conversions to real estate sales have improved in the last few months.
“The depreciation of the rupee is an opportunity for NRI to invest in residential real estate in India. This is underpinned by an increasing number of inquiries from multiple regions, especially the Middle East. Requirements are driven by international experience and exposure. More and more things are being seen. ” Ramesh Ranganathan, Chief Executive Officer of KRaheja Corp Homes, said.
Some of India’s most populous Middle Eastern countries, such as the United Arab Emirates and Saudi Arabia, have fixed their currency to the dollar. This means that the rupee has fallen against them at a rate similar to that of the greenback.
Luxury properties in big cities such as Tier I, Mumbai, Delhi-NCR, Bangalore, Pune, summer resorts and scenic destinations along beaches across India, especially after the pandemic, except for domestic buyers. There is growing interest from NRI.
“We see a lot of traction from the Gulf NRI, which is traditionally a strong market for us. In addition, there is strong demand from Singapore and Hong Kong. More than 30% of our business so far this year with London With the exception of Malta, they came from NRI in these markets, “said Dhimaan Shah, founder and CEO of luxury villa developer Isprava Group.
Nadia Godresi, Anand Pyramal,
The Bermans of India are working on projects in Goa, Alibag, near Mumbai and Nirgilis, South India.
Historically, whenever the rupee fell, NRI preferred to see real estate as a good investment in its hometown. This means increased purchasing power in India.
Real estate was the most consumed asset in this segment, especially those in the Gulf countries planning to return to their home countries after retirement. However, in addition to the United Arab Emirates, demand and inquiries from other international markets are beginning to increase.
A series of government reforms, including the 2016 Real Estate (Regulatory and Development) Act, have increased the trust of NRI investors and made them more open to buying real estate in India.
“Indians around the world understand the importance of going home. The regulatory environment and enhanced digitalization have also helped make them attractive and stable,” said Hiranandani. Says.
Better returns are also encouraging NRI to invest here, given the imminent rise in residential real estate prices due to rising demand.
The US dollar remains strong against the rupee, but Indian real estate is booming with strong sales across major markets.
The undercurrent of a strong demand shift is driving sales for both listed and private real estate developers, as evidenced by recent quarterly revenues, which reached their highest levels in years.