Non-Resident Indians (NRIs) are one of the key contributors to the growth of the real estate industry. Moreover, with significant appreciation of the dollar vis-a-vis the rupee, NRIs have started taking keen interest in the real estate sector back home and are stepping up investments in the country.
However, before taking the investment decision, they are always sceptical about which developer and what type of property they should invest in India. The pros and cons of real estate investment in India and how one should keep a track of Indian real estate market sitting abroad are major concerns for them.
Hence, many NRIs have voiced their concerns on the ongoing NRI Virtual Property Fair – India Calling organised by MagicBricks.com at indiacalling.magicbricks.com. It is the platform offered to NRI buyers to pose their queries to eminent real estate developers across the country. This online fair which can be accessed conveniently from anywhere in the world, showcases a wide spectrum of projects from developers from 8 key cities in India.
Sharing thoughts on demand from NRIs to invest in Indian real estate market, especially with the value of the rupee nose diving to new lows, Neha Hiranandani, Director, Hiranandani Group of Companies said, “Uncertainties in western economies have rattled the confidence of many who have been staying overseas. The impact of the global meltdown and corresponding effect on the Indian economy has created luring opportunities for NRIs. The constant depreciation of the Indian rupee in the last six months is perceived as an exciting opportunity for NRIs to invest in real estate. This can be translated as real estate becoming cheaper and competitive. Yields from NRI investments in commercial as well as residential will improve with rupee appreciation.”
Adding to this, S Jayaram Reddy, Founder Chairman, MJR Builders Private Ltd said, “Considering the current market trends and scenario, it is a favourable time for NRIs to invest in real estate in India. All investment options such as plots, apartments, office space, etc which are for Indians are also open to NRIs. However, apartments are most sought-after and preferred by NRIs.”
Practically speaking, almost 70% purchases are residential units, but there are also commercial office investment options available for investors who plan to have a business set up in the country, he added. “The key points like title of the property, no-dues certificate, discharge/release letter from the bank (required only if the property is mortgaged) and litigation, approvals and permits should be considered by an NRI before investing in real estate”, Reddy said.