Bullish on ex­pats buy­ing houses in In­dia: Top HDFC of­fi­cial

Times of Oman - - FRONT PAGE -

Times News Ser­vice

MUS­CAT: There is op­ti­mism that more In­di­ans from Oman and the Gulf re­gion will pur­chase hous­ing in In­dia, HDFC rep­re­sen­ta­tives said.

HDFC Lim­ited man­ag­ing di­rec­tor (MD) Renu Sud-Kar­nad made the re­marks in an ex­clu­sive in­ter­view to Times of Oman dur­ing a hous­ing expo in Mus­cat on Fri­day. HDFC is known for pro­vid­ing hous­ing loans.

Sud-Kar­nad dis­closed that as many as 24 real es­tate de­vel­op­ers, each with mul­ti­ple projects, had par­tic­i­pated in the hous­ing expo, adding that hous­ing projects in many In­dian cities were for sale.

Sud-Kar­nad added that HDFC was will­ing to pro­vide loans for In­dian ex­pats wish­ing to buy any of the avail­able prop­er­ties.

More­over, the Omani rial will bring In­dian ex­pats just over Rs191, which is one of the high­est ex­change rates of all time. Ob­servers have said that this could spur some peo­ple to pur­chase houses in In­dia.

“If an In­dian per­son who has been liv­ing here wants to look for a house back home, he doesn’t know where to be­gin. So, we de­cided, why not take de­vel­op­ers who we feel com­fort­able with, who we have some re­la­tion­ship with, and come here.

“The pur­pose was to get In­dian ex­pats to be able to look at the va­ri­ety, the prices and, most im­por­tantly, it gives you an idea as to what you can buy. Ob­vi­ously, no one will buy a house by just look­ing at a pic­ture, but it will give you a start­ing point.

“In the last three or four years there has been a cor­rec­tion of 10 to 15 per cent and prices are lower. So, now is the time to buy. Peo­ple have moved on from the wait-and­watch mode,” Sud-Kar­nad said.

“An­other idea was for HDFC to bring these de­vel­op­ers here and give this ex­er­cise an air of cred­i­bil­ity. Our of­fice in Oman pro­vides the nec­es­sary ad­vi­sory ser­vices for this. We do pro­vide loans, but in our Kochin of­fice, where they are ru­pee loans.

“There are some 24 de­vel­op­ers. Each of them have mul­ti­ple projects and the num­ber of units be­ing dis­played here run into a few thou­sand. There are projects in Ban­ga­lore, Mum­bai, Delhi, Hy­der­abad, and more places,” she added.

“Many In­di­ans in Gulf Co-op­er­a­tion Coun­cil (GCC) coun­tries are in­ter­ested in mak­ing their nest egg here and buy­ing a home back in In­dia. So, the prospects are good,” she noted.

‘Book now, buy later’

Sud-Kar­nad added that po­ten­tial buy­ers could book a prop­erty they are in­ter­ested in and have a look at it when they go back home.

“If you are in­ter­ested, the builders can take your de­tails. In some cases, peo­ple pay a down pay­ment of five per cent. And when peo­ple go back to In­dia dur­ing the hol­i­days, they can see the place for them­selves and make the rest of the pay­ment. Most of these projects take three to five years,” she said.

She added that get­ting a house in In­dia had be­come eas­ier be­cause of cer­tain pol­icy changes.

“The set­ting up of the real es­tate reg­u­la­tor was a good thing. Ear­lier, when In­di­ans abroad booked a house, they found that it took longer than ex­pected. But now, there is a reg­is­tra­tion num­ber un­der the real es­tate reg­u­la­tion act. That shows whether the builder has all the per­mis­sions and makes it more trans­par­ent.

REAL ES­TATE: In­dian ex­pats are op­ti­mistic on pur­chas­ing houses back home, says HDFC Lim­ited MD Renu Sud-Kar­nad.

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