After having lived outside of India for close to 40 years or even more, many NRIs are now joining a reverse flow into India, and investing in property back home.
Many are looking for retirement, or semi-retirement homes that may later tempt their children or grandchildren into connections with India. But it can also be good investment.
Interest is growing among both the older NRIs, and the younger lot of professionals who have recently migrated from India.
Developers and financiers are now tempting NRIs with fancy new housing and they could not have picked a better time.
The new signs of interest follow an offer of new housing that wasn’t around before.
Arijit Sanyal of HDFC said, “The interest has always been there. I just think that now we are able to serve that interest. Because provision of finance, is easier, the developers are willing to come, they are better able to exhibit their properties to the NRI community”.
Now the interest is attracting property developers and financiers from the wider London market as well.
Andrew Fassnidge, MD, Navyroof.com, said, “Currently, there are huge potential investments. If we look at investment banks, Meryll Lynch has increased 7%”.
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Rising interest rates and a falling demand may dent the realty market in India. However, the long-term prospects for the sector continue to be good, feels the industry. There are around 21 India-dedicated real estate funds that are raising money in the international market. In the next nine months, nearly $7 billion will be entering the country through various India-dedicated funds. While long-term players are looking at India, short-term players based in the US and Europe, such as the hedge funds and private equity players, are more interested in their local markets.For more view- realtydigest.blogspot.com
According to a survey conducted by the Association of Foreign Investors in Real Estate (AFIRE) India is one of the most preferred property market among foreign investors globally.