Indian developers are using modern tools such as augmented reality and virtual reality to extend attractive offers to non-resident Indian investors
Indian real estate developers are using modern tools such as augmented reality (AR) and virtual reality (VR) to extend attractive offers to non-resident Indian (NRI) investors in the Middle East and other overseas markets.
“The AR and VR concepts are also used by Indian developers to reach out to NRI buyers globally,” a report by real estate service provider Anarock said.
NRI investments in Indian residential realty sector have revived in the recent months following implementation of various policy initiatives to bring in transparency in the sector, the report added.
“Implementation of Goods and Services Tax (GST) and RERA (Real Estate Regulation and Development Act) have given the Indian residential real estate industry an aura of transparency and accountability, which has further strengthened NRI investor interest,” it noted.
NRI investments into Indian real estate are led by Indian expatriates from the UAE, US, UK, and Canada, according to the report.
Bengaluru, Mumbai, Pune, Hyderabad, Chennai and Delhi-NCR currently attract the lion's share of NRI investments.
“The NRI segment of Dubai is a particularly large buyer base for Indian real estate. The Rupee’s decline in value against the Dirham has further boosted remittances and made Indian real estate investments even more lucrative for NRIs,” the report said.
According to the report, many NRI investors have now turned their focus to affordable and mid-segment housing.
“This is because the Indian Government has provided considerable incentives to buyers of such housing, and also because such properties are in higher demand and therefore give a higher rental yield as well as better long-term appreciation.”
With 3,7 percent, Hyderabad topped Indian cities in terms of rental income yield, followed by Bengaluru (3.3 percent) and Pune (3.1 percent), the Anarock research has revealed.