INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.
Here I have important INDIA real estate news to share with you which is as mention under.
India’s diaspora offers hope to the nation’s beleaguered real estate market in a pandemic-marred
year. Home sales struggled to overcome multiple setbacks of demonetisation, a stricter housing
law and a credit crunch in the last three years, stalling projects and leaving developers with a
bloated inventory. The pandemic that has triggered jobs losses and salary cuts has only made
it worse. Housing sales in India’s top eight cities, according to Knight Frank India, fell to its
lowest in a decade in the first half of 2020.
While not many Indians are buying, developers have seen a spike in enquiries and demand
from non-resident Indians in the ongoing financial year. Developers say a weaker rupee, return
of several Indians from Middle East and lower interest rates for housing loans are some of the
As many as 40,000 NRIs could be looking to purchase assets in India, according to Amit
Goenka, managing director and chief executive officer of Nisus Finance Services Co. Pvt. Ltd.,
which specializes in real estate services. If this demand gets converted into sales once travel
curbs ease, this could be a “historical high”, he said.
“NRIs from Africa, Europe, and Asia, including the Middle East, are the most active in enquiries
since there’s high level of economic uncertainty,” he told BloombergQuint. “Asset prices have
fallen in these regions and investment opportunities to earn returns have turned negative.”
Hiranandani Group is among the premium developers that caters to NRI buyers. Numbers have
grown in the post-lockdown era, Niranjan Hiranandani, managing director and co-founder of
the Mumbai-based firm, told BloombergQuint over the phone. While the number of queries has
risen, he said, the status of most of these transactions is “work in progress”.
Read more at: https://www.bloombergquint.com/business/nris-offer-hope-for-indias-troubled-real-estate-market-for-now