PNN
Mumbai (Maharashtra) [India], October 26: The Indian real estate market is currently witnessing a significant uptick in Non-Resident Indian (NRI) investments, driven by a combination of factors including the depreciation of the rupee and a growing trend of investment-oriented purchases.
If we go by the calendar year, data from January to June 2022, as per ANAROCK the search traffic from NRI customers witnessed a 117 per cent jump from the same period in 2020 attributing it to the COVID outbreak. Whether it is for personal use or as an investment option, NRI's have been instrumental in contributing to the 7 per cent GDP that has been attributed to Indian Real Estate.
According to an article published by Arabian Business, NRI investment in Indian property market has seen up to a 15 per cent jump in the first half of 2023 over the same period last year.
As the festive season approaches, NRI investments, particularly from the Gulf region, are projected to increase even more. Leading developers in major NRI-favored Indian cities are preparing to woo expat Indian buyers from UK, Singapore, UAE, Saudi Arabia and Australia with appealing packages that include price discounts, dedicated inventory, simultaneous worldwide launches of premium projects, and specialized property selection advice.
Ajay Vaswani, Executive Director of Vaswani Group (Mumbai), expressed his optimism about the upcoming festival season, stating, "We are excited to witness a substantial increase in property investments during the festival season, with a significant portion coming from NRI investors, particularly those based in the Middle East. The convergence of factors such as the ongoing Ukraine-Russia conflict and OPEC's oil production cap has led to a boom in Middle East oil economies, resulting in increased disposable income among Indian expatriates."
The Middle East's economic growth and stability, driven by these geopolitical developments, have created a favorable environment for NRI investors looking to diversify their portfolios through Indian real estate. Vaswani Group's projects in Mumbai have become increasingly attractive to NRI investors, offering a wide range of residential properties known for quality, innovation, and customer satisfaction.
This anticipated surge in NRI investment during the festival season is expected to have a positive impact on the Indian real estate market. It will drive sales and foster growth in the sector, reflecting the confidence that NRIs have in the stability and potential of the Indian real estate market.
As the festive season approaches, NRIs, who often use this time to reconnect with their roots and explore investment opportunities in their home country, are expected to play a pivotal role in boosting the Indian real estate market.
Established in 1982, Vaswani Group is a renowned name in the real estate industry with a strong presence in Mumbai, Pune, Bangalore, and Goa. Founded by brothers Maniklal Vaswani and Ramesh Vaswani, the group has earned a reputation for excellence over the past three decades.
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