Real estate developers in India are reportedly sending ‘roadshow’ teams to Dubai, the US, the UK, Australia and Singapore to woo non-resident Indian (NRI) buyers amidst a slowdown in housing sales.
The move also comes in the backdrop of a major plunge in rupee value against the US dollar and other major currencies which enhances NRI’s purchasing power.
NRIs boost Indian real estate sales
NRIs from the UAE, Singapore and major Western countries such as the US, UK, and Canada have shown the highest interest in Indian real estate, the Economic Times (ET) reported, quoting Aakash Ohri, joint managing director, DLF, a leading Indian real estate company.
These regions host affluent Indian communities with the financial capacity and aspiration to invest in high-value properties, Ohri said.
He said the significant depreciation of the Indian rupee has also made luxury properties in India more accessible to expat Indian buyers.
NRIs are estimated to account for nearly 25 per cent of residential property sales in India.
DLF said NRIs accounted for 23 per cent of the company’s total sales in FY24, the highest in recent years, and a substantial rise from 14 per cent in FY23 and 5 per cent in FY22.
Pradeep Aggarwal, founder and chairman, Signature Global (India) Ltd, another Indian developer, said India’s real estate sector is entering a new era of global integration, where both domestic and NRI buyers play a pivotal role in shaping its future.
“With strong economic fundamentals and increasing confidence in India’s growth story, developers are expanding their reach to connect with Indian communities worldwide, the ET report said, citing Aggarwal.
Housing sales in India’s eight prime residential markets dipped 26 per cent in the October-December period of 2024, compared to the same quarter last year, according to a report by digital real estate transaction & advisory platform PropTiger.com.
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