Increasing Interest From NRIs Fuelling Residential Sales
Despite a noticeable decline in overall home sales in India, transactions involving Non-Resident Indians (NRIs) are flourishing, with a significant surge in recent times. According to Jones Lang LaSalle Meghraj (JLLM), sales to NRIs have demonstrated a remarkable increase, escalating from merely three percent to a robust ten percent of the total residential business over the past half year.
Shifting Trends in NRI Property Demand
- Kartik, Senior Vice President at Lodha Group, highlighted that the prevailing downturn in the US labor market has ignited fears of job cuts among NRIs, compelling several of them to return to India. Kartik remarked, “When one loses his job in the US, what would happen? The economic downturn is alarming many NRIs who fear potential job reductions.”
Raminder Grover from JLLM observed a renewed enthusiasm among NRIs to dispose of their properties overseas. This trend is corroborated by Sobha Developers, where the proportion of sales directed toward NRIs has ascended significantly. J. C. Sharma, Managing Director at Sobha Developers, elaborated, “Over the past six months, our company has averaged the sale of about twenty-five thousand square feet on a monthly basis to NRIs.”
Strategic Shifts by Developments
The inclination of numerous NRIs to contemplate a return to India has spurred safety investments in residential properties. Lodha Group has recorded a twenty-five percent increment in its transactions with NRI buyers over the past few months. This upward trend underscores the evolving dynamics in the Indian real estate market, where NRIs are playing an increasingly pivotal role.