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India has a vast expatriate population spread around the globe. In recent years, the government has undertaken a host of efforts to reach out to the NRI population, which has resulted in stronger bonds between the expats & their country of origin. Property purchase laws have been simplified for NRIs, which has further resulted in their growing interest in the Indian property market. A host of other political & geopolitical parameters such as dwindling value of Indian rupee, contingencies over VISA status in USA (& other countries) are further fuelling the flurry of investments.
NRIs are also drawing strength from the growing formalization & transparency in the sector. Earlier, NRIs were wary of investing in Real Estate due to lack of formal structure & pertinent loopholes. However, in recent times, the government has rolled out a host of prudent policies to harmonize the discrepancies, enable hassle-free transactions & provide the much-needed safety framework to homebuyers. Interestingly, the government has not just conceptualized robust policies but also shown strong commitments towards enforcing guidelines & taking punitive actions in case of non-adherence. This has given a major boost to the buyers’ confidence, both in the Indian as well as international market.
Sustained efforts to boost country-wide infrastructure, spurt in liquidity & growing organization will continue to impact Indian Real Estate in a very positive fashion. The new Real Estate will be much more organized & will be pinned on stronger structural reforms. This will surely result in a rise in interest both from domestic as well as international quarters. As the industry will evolve, institutional players will also bet big on the market. It is already estimated that after Modi 2.0, private equity capital will double in the current financial year to USD 10 billion.
Despite the fact that the Indian property market has recently emerged from the prolonged slowdown, the NRI confidence is at an all-time high. Even when Indian property prices were at a historical peak a few years back, such confidence was absent. In FY 20, housing investments from the expatriate are expected to reach USD 12.5 billion (In 5 major markets- MMR, Gurgaon, Noida, Bangalore, & Pune), growing 13.6% on a yearly basis. In the past five years, the annual NRI investments have appreciated by around 74%.
IT-centric cities such as Pune & Bangalore have once again come to the fore, as they are generating continuous investments from the NRI quarter. In FY 20, total NRI investments into Pune are expected to reach USD 2.2 billion, growing by over 69% when compared to a year before. The overall Real Estate environment in Pune is bullish as transactions have jumped by 40% in the current quarter when compared to the quarter before.
As the potential in the NRI markets is set to rise steadily, Indian developers & advisories are also proactively reaching out to the market & devising new strategies. Apart from targeted digital marketing & NRI events, advisories are also inking deals with local professional organizations to conduct joint shows & events. Through these specialized events, they are reaching out to the wider base & apprising them effectively about how to make investments in India and take advantage of the dynamic opportunities that are prevailing in the market. The facilitation of the diverse requirements of this base will continue to widen the sector for the NRIs and assist in roping in more funding inflow from international frontiers.
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