NRI investment in Indian realty make headway in first quarter

NRI investment in Indian realty make headway in first quarter

People walk past closed shops in a market in Amritsar on Saturday. Agence France-Presse

V Nagarajan

An estimated 30 million NRIs living in 160 countries are looking at India for real estate investment opportunities. India has been consistently notching up the top slot in expatriate remittance for years now from $55.6 billion in 2010-11 to $64 billion in 2020.

Among the investment options, real estate plays a key role. The NRI demand for Indian real estate has been riding strong throughout first quarter of this year on the back of lucrative benefits offered on stamp duty by the state governments of Maharashtra and Karnataka.

This resulted in large number of property transactions and registrations across these micro markets. NRI demand did stutter a bit post the withdrawal of stamp duty offers and the simultaneous worsening of Covid situation in India.

However, with developers once again bringing