Aakash Ohri, Group Executive Director & Chief Business Officer, DLF, shares insights
The Indian real estate sector has witnessed a steep rise in investment from UAE based NRI’s in the past few years. According to a recent industry report, NRI investments in Indian real estate may rise to $14.9 billion in FY22.
India’s luxury housing market caters to the needs of UAE based NRI homebuyers through various product categories including uber-luxury villas, villaments, expansive condominiums and branded residences. Many Indians living in GCC countries invest in their homeland as an option to return and settle down in the future, but the majority of them also buy homes purely as an investment option. A simplified taxation regime and indexation benefits for properties held in India encourage NRI buyers to park their excess funds in India. Other major decision drivers include lower home loan interest rates, favourable currency movement, procedure digitisation, and transparent regulations.
Sharing insights on this Aakash Ohri, Group Executive Director & Chief Business Officer, DLF Ltd says, “In the last two years, we’ve seen an increase in the number of NRIs looking to buy a home in India, and pent-up demand has begun to emerge. NRI investments in DLF projects currently range between 12 and 14 percent, and we intend to more than double this figure in the coming years.”
Aakash Ohri further adds, “When it comes to NRI investments in Indian real estate, the Gulf Cooperation Council (GCC) remains a key one. Investments from the GCC as a whole account for close to 41 per cent of the global contribution. With the rupee weakening against the dirham, NRIs from the UAE and the GCC nations have been investing back in Indian real estate. NRIs in the Middle East are becoming more optimistic about the Indian market because it has outperformed competitors in many countries, including developed ones”
DLF Ltd, India’s leading real estate developers has received overwhelming response from UAE based NRIs for its luxury and super luxury projects across geographies in India. To meet this growing interest and demand, DLF has established a dedicated team to facilitate engagement with the Indian diaspora living abroad, to keep them fully informed about not only the latest developments in DLF, but also the industry at large, to introduce them to DLF’s latest offering, and to provide them with real-time support across all time zones to assist them with any queries regarding their investment decision.
Talking about the kind of products that UAE based NRIs show interest Aakash Ohri shares: “While the demand cuts across geographies and product categories, a substantial demand has been coming for homes in luxury segment and above, in projects that offer amenities and facilities at par with global standards. High-rises, part of luxury condominiums located at metro cities like Delhi and Gurgaon have always been the preferred choice of NRIs. However, since the outbreak of the pandemic, we’ve seen an increase in the number of NRIs looking for luxury homes within driving distance of metros and off beat destinations as well such as Kasauli, Panchkula, Kochi, and Dehradun, among others.
“Delhi NCR, among these is drawing a large chunk of NRI investment in Indian real estate. Gurgaon, especially has become a popular investment destination for NRIs and expats owing to its well-developed infrastructure and thriving social fabric.”
DLF is presently all prepared to launch a high-rise luxury project at Golf Course Extension Road, Gurgaon. This project is expected to generate sales of over Rs7,500 crores, and the company anticipates strong interest from NRIs based in the UAE for this project.
Source : Gulf News