NRIs might put in ` 1,150 crore in realty market
The demonetisation drive and implementation of the Real Estate Regulatory Act (RERA) will help improve confidence of non-resident Indians to invest in the Indian residential market, pushing the total investment from this segment to touch ` 1,150 crore in the top eight cities this year, says a new report titled The Global Indian Fraternity, New Locomotive of Indian Real Estate by Square Yards.
This will be nearly double of NRI investments made in the country four years ago. About
` 1,150 crore of investment by NRIs is expected to come into the residential markets across cities in 2017, against ` 600 crore in 2013, says the report.
Over 20% of NRI investment in Indian real estate comes from UAE, followed by USA and Kingdom of Saudi Arabia. Other countries such as Canada, UK, Singapore and Australia are also a major source of NRI capital inflow in the Indian realty market. Demonetisation of ` 500 and ` 1,000 notes in November last year by the government will go a long way in instilling confidence among the NRI community. RERA is also aimed at nurturing a transparent and well-regulated real estate sector. Rolling out of GST will also add to the positive sentiment, says Kanika Gupta Shori COO and co-founder, Square Yards.