NRIs to maintain fine balance regarding Indian Properties-Raheja Developers
Looks like the low lying realty sector is heading towards recuperation. After years of slump in the domestic demand, the growing interest of NRI’s towards India’s real estate market is analogous to a beacon of hope. The green is coming back into the country and big companies are trying hard to materialize this situation. Dedicated marketing campaigns and property fairs are across the globe in countries with high NRI population such as UAE, UK and US are doing the rounds. The stabilization of housing prices and favorable fluctuations in the value of rupee in international markets collectively have rekindled NRIs’ interest in the Indian real estate.
Raheja Developers, among many other real estate giants, has been participating in international property exhibitions and is propelling NRIs to buy properties in India. Manoj Goyal, Director, Raheja Developer, said,” Finding all solutions under one umbrella and being able to mortgage immediately help take speedy decisions.” But he also believes that NRIs should thoroughly understand the government regulations before making any investment in the country.
Banks are also opening up to the option of mortgages for NRIs as banks are gaining market share in the direct housing finance segment owing to a number of factors such as tax rebates and professionalism from developers. Both state-run banks and private sector banks are offering discounts and other offers for NRIs as NRIs place a higher value on the property they own in India.
Currently, the real estate industry has a myriad of options for the NRIs to choose from. The major developers have decided to move towards the peripheries instead of bustling metro cities and this has translated into lower property rates for the NRIs. As the local real estate demand was dormant, and builders are holding onto high levels of inventories, Raheja Developers has been furnishing to the needs of NRIs.
It has been anticipated that the investment by NRIs would increase to 13-15% of total housing sales volumes across India from current 8-10%. Taking this under consideration, Navin Raheja, CEO, Raheja Developers, is all set to take benefit of the situation.