According to developers and brokerage firms, the US, Singapore, the UAE, Australia and Saudi Arabia have emerged as big markets for them and they have dedicated teams to help buyers in selecting the projects.
According to market sources, the country’s biggest developer DLF in its last project Privana South in Gurugram, had achieved 25% share (about ₹1,800 crore) in NRI sales.
Overall, during fiscal year 2023-2024, sales from NRI investors surpassed ₹3,400 crore for DLF, which is almost 20% of total sales.
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“The US has outpaced other countries by a significant margin in terms of demand and transaction. Demand has also increased from NRIs based in Singapore, the UAE, Australia, and Saudi Arabia. To provide some context, the average ticket size of investments from NRIs varies from country to country,” said Saurabh Garg, co-founder & chief business officer at NoBroker.com.
According to the company, during the fiscal 2019-2020, NRIs were estimated to account for approximately 10% of the total investments in the Indian real estate market. However, in the subsequent years, this figure has seen an upward trajectory.”We have received a robust response, particularly from regions like Dubai, Abu Dhabi, London, Singapore, Hong Kong and the US with significant inquiries and investments. NRIs have played a pivotal role, contributing nearly 20% to our growth,” said Amar Sarin, MD and CEO of TARC Ltd.NoBroker has closed major deals of ₹2 crore from the US and six deals of over ₹4 crore. In some cases, buyers are willing to come back to India because of the job market.
“The residential segment in real estate has seen higher levels of interest from NRIs and resultant increase in sales from this segment. Global geopolitical realities combined with post-pandemic consumer preferences has created a strong propensity to own a house back home,” said Kalyan Chakrabarti, CEO, Emaar India.
A recent survey by India Sotheby’s International Realty indicated that a larger number of high net-worth individuals (HNIs), many of them NRIs, are planning to purchase luxury real estate in the country in the next two years. NRIs see this as a good time to invest in large properties back home.
The appreciation of the dollar against the Indian rupee is making it easier for NRIs to invest in homes in India.
The share of NRIs in local residential real estate has more than doubled after the pandemic.