- Purchasing of properties by NRIs
- Realtors to bank on NRI investments
The rupee is losing its value at record level for the past two weeks vis-à-vis the US dollar. Meanwhile, the RBI increased the repo rate pushing up the interest rate on home loans. But, it is likely to impact the domestic real estate. However, CEOs and some VIPs are not hesitating to invest millions to acquire luxury properties in Mumbai, thereby pushing up the demand for such properties. In this backdrop, the Indian real estate developers are out to woo the NRIs. The fall of rupee value is increasing their purchasing power. Therefore, the realtors are keen to ensure that the NRIs make investments in Indian realty. DLF developers deputed its team to Dubai, Hong Kong and London to increase the share of NRI investors in its luxury properties.
The realty sector accounts for 13 percent of the country’s GDP. This year, the flow of investments in realty sector is predicted to be around $ 15 billion, which is $ 2 billion more than that of the flow of investments to this sector last year. Delhi, Bengaluru and Mumbai occupied the first three positions in terms of NRI investments. NRIs living in the USA, the UK and Dubai held a total share of 11 percent in real estate investments.
