If the buzz at the PBD venue is any indication,NRIs are only too keen to invest in the Indian real estate,especially in the seven metro cities and the NCR
NRIs from across the world are attending the Pravasi Bhartiya Divas (PBD) in the capital’s Vigyan Bhavan and the mood is very upbeat at the venue.
And yes,they are thronging the stalls of real-estate firms and banks outside the venue.
They have many queries: Where they should invest for good appreciation Will they get their booked flat on time “We have received close to forty queries for investment in the NCR from NRIs from Britain,America,Canada,and New Zealand on the first day,”says Anand Paliwal,who is dealing with NRIs at the stall of Raheja Developers.
Dr Ramesh Chopra,who lives in New Zealand,was going around the stalls of various realty firms and bank.”I am here to attend the PBD and I will use this opportunity to book a flat once I visit the actual project site of these firms.I am happy that all the banks are ready to give me a loan,”Chopra says.
If the buzz at the PBD venue is any indication,NRIs are only too keen to invest in the Indian real estate,especially in the seven metro cities and the NCR.”NRIs are still very serious about investing in property for investment purpose.The confidence levels of NRIs are also high as many of them have earned huge returns on their earlier investments,”Ajay Agarwal,director of Avalon Developers,says.
After the recent heavy depreciation of the rupee,non-resident Indians from around the globe are evincing enormous interest in the Indian real estate,a Gurgaon-based real estate developer says.
“When the dollar was appreciating against the rupee,a lot of rich NRIs in the UK and elsewhere put money in the NCR’s property market,”an official at the Bank of Baroda stall at the PBD venues says.
“NRIs prefer projects with low entry level price points when it comes to investments,and premium projects for personal use.I feel that the 20:80 scheme and 10:90 schemes offered to customers has been a major attraction for the NRIs,”says Devinder Gupta,MD of Century 21 DGS,which has been putting a stall in all the PBDs.
There is a general feeling in the realty sector that those who have settled abroad do not invest here for emotional reason and that they only do so with an eye on the returns that their investments reap.”I have observed that NRIs start investing in realty every time the dollar gets stronger.Considering the current scenario where the rupee has depreciated,NRI investments are bound to increase significantly,”Sanjay Khanna,director of Kailash Nath Projects,says.
The definition of lifestyle has attained a completely new meaning amongst NRI buyers,who look for exclusive and signature residences,which are now being developed.And with the dollar fetching more in rupee terms,these people are more than happy to invest in the Indian real estate.
“A strong dollar has given NRIs,PIOs and other expats an increased capacity to pay.It is the right time for all those realty firms with swelling inventories to focus their attention in wooing these cash rich NRIs and PIOs into buying their flats,”Alimuddin Rafi Ahmed,MD of ILD Developers,says.
Sudhir Dhir,an NRI based in England,says,”I am going to invest in the NCR as the appreciation on investment here is far higher here than in most other parts of the country.I feel Noida will OK for me.”Market watchers say NRIs prefer projects that provide the latest amenities.Even if they want to book a flat for investment or for letting out their preference is for projects that provide lifestyle amenities like quality flooring,the latest design and technology in electrical and sanitary fittings,and hightech electronic surveillance and security gadgets.
Mahesh Sharma,MD of NCR-based Veer Hanuman Group,says that many NRIs are also returning back to India and are buying units for their personal use,apart from investment purpose.
The RBI regulates how NRIs can buy property in India.NRIs can only buy residential and commercial properties and not agricultural land,plantation property,and farmlands.However,properties under these categories can be inherited.If any NRI has already held properties under these categories before becoming an NRI,he can continue holding them.Of course,such properties can only be sold to resident Indian citizen.NRIs can buy multiple residential and commercial properties in India.Also,no prior permission is required for such transactions.NRIs can hold the property in joint names with another NRI but not an Indian resident or a foreign national.
Hopefully,this push from the NRI community will go a long way in easing the current pressure on the Indian real estate.
THESE CONVENTIONS PROVIDE A PLATFORM TO THE OVERSEAS INDIAN COMMUNITY TO ENGAGE WITH THE GOVERNMENT AND PEOPLE OF THE LAND OF THEIR ANCESTORS FOR MUTUALLY BENEFICIAL ACTIVITIES AFTER THE RECENT HEAVY DEPRECIATION OF THE RUPEE,NONRESIDENT INDIANS FROM AROUND THE GLOBE ARE EVINCING ENORMOUS INTEREST IN THE INDIAN REAL ESTATE