Indian Realty Now Preferred Investment Destination for NRIs in GCC
With the appreciation of the US dollar against the Indian National Rupee, India remains a preferred destination for residential and commercial real estate. The pandemic experience and the current economic trajectory have made many consider investments in their homeland. The demand queries from the GCC are increasing exponentially in price brackets across premium and luxury categories. The trend also underlines their need to be close to their families, while some are investing with the purpose of having a base back home, should they decide to retire in India. Industry data suggests that NRIs invested over $13.1 billion in the Indian real estate market last year and will grow by 12% in the current fiscal. Further, Q1 home sales in India have already spiked at the highest level since 2015. These positive trajectories are only augmenting more pull from NRIs who are keen on high-end investments, across metros, and countryside locales. It is expected that NRI investments in Indian real estate will rise by 12% this year with continuous developmental activity and resurgent economic momentum. In fact, the trend has created a specific market segment for high-rise properties and integrated townships across metros, as well as large holiday homes in the countryside and coastal areas. Locations such as Shimla, Kasauli, Mussoorie, Goa, and metro regions such as NCR, Pune, Kochi, and others are generating a lot of interest. Luxury interiors, and amenities, with a focus on the environment and wellness are often requisites by NRIs while shortlisting real estate options. It is reported that queries from GCC countries (UAE, Oman, Kuwait, Saudi Arabia and Qatar) amongst other Asian regions are the highest. GCC constitutes almost half the Indian NRI and expat population in the world at around 7.5 million. Given the location proximity, favorable policy outlook, current exchange rates and indexation benefits, India is and will continue to be a hotspot for ‘back home’ demand, bringing in more FDI and circulating a positive sentiment for the domestic sector.
Tags : Indian Realty Investment Destination NRI GCC home sales Shimla Kasauli Mussoorie Goa NCR Pune Kochi