Weak rupee, pent-up demand spur NRI investments in Indian realty

Weak rupee, pent-up demand spur NRI investments in Indian realty

In the last couple of years, there has been a spurt in non-resident Indians (NRIs) buying property in India, primarily releasing pent-up demand after the Covid-19 pandemic and the weakening of the Indian rupee. While the higher interest rates may lead to some weakening of demand from domestic buyers, Gulf NRIs are unlikely to be affected by this issue, Aakash Ohri, group executive director and chief business officer, DLF Ltd, told Khaleej Times.

Excerpts from an interview:

For NRI investors from GCC countries, Indian real estate has always been a market with enormous opportunities. Residential real estate provides the NRI community with a unique opportunity to convert their hard-earned foreign income into profitable investment opportunities in India. 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. Post-Covid and the weakening of Indian rupee has further pushed the investment from UAE based NRI’s in Indian real estate. NRI investments in DLF projects currently range between 12 and 14 per cent, and we intend to substantially upsurge that contribution in the coming years. Furthermore, NRIs in the Middle East are optimistic about the Indian market,