The realty arena of India had been limping for a long time now. But the industry is bouncing back for sure and that too at a rapid pace. Lower home loan interest rates and the increasing purchasing power of the intending buyers, has put things right back on track. But that’s not all, if a banking mammoth of our country is to be believed then NRIs – non resident Indians are flocking back towards the real estate market of our great nation. That’s a tremendous sign of things to come in India’s realty space and will speed things up a notch.
As per the report, favorable movement of rupee along with the longstanding stability of housing prices has led to the return of NRIs to the realty space. NRIs are certainly back and that too in a big way. But what is further adding fuel to fire is the sheer number of real estate developers who are going all out to lure customers back by extending never before heard or seen discounts and marketing campaigns. Marketers are conducting state of the art property fairs in countries like UK and USA which have immensely high density of NRI population, and rightly so.
The local demand for commercial and residential real estate is rising slowly and steadily but the demand from the NRI quarter is on the rise at a much fierce pace. Rupee has depreciated a lot against the United States dollar, which has helped immensely in reviving demand for real estate. Buying a house has just become a sweeter deal for NRIs. Add to this the reducing interest rates and you know why the realty sector is finally taking off once again. Houses are more affordable than ever for NRIs.
The highly anticipated return of NRIs is the game changer which India’s realty market had been waiting for. A torrent of NRIs cumulatively contribute anywhere between 8 to 12% of the total real estate sales in the economy. This figure of NRIs contribution to total sales varies from state to state. For instance, in the beautiful and scenic state of Kerala, NRIs contribute around 30 to 35 percent while in the all important region of Delhi-NCR the figure stands at 10 to 12 percent.
Also the prices have become immensely stable which have further attracted NRIs to real estate. The existing boundaries of cities are vanishing quickly, because of which several cutting edge realty projects have cropped up at price points which are highly affordable. There is absolutely no reason why NRIs or even domestic real estate buyers or investors shouldn’t invest in real estate.
The realty sector is on the rise and rightly so. So if you are a wise, prudent and vigilant investor then don’t waste another second, invest in real estate and watch your money grow.