Non-Residents Homing In Thick And Fast

With the stock markets down in India, the realty market here offers a reliable investment avenue.
There are three reasons why NRIs invest in India — they remit money for family expenses or investments or for maintaining their bank accounts and investments here.
According to RBI records, NRIs’ annualised remittances to India have grown from $26 billion in 2006 to $40 billion in October 2007. A big percentage of this is going into buying property here.
Developers say NRIs now account for 15-30% of sales in branded developments as against 5-15% three years ago. Properties in Mumbai, Ahmedabad and Goa are attracting most of the buyers but enquiries are coming for other cities too.
And it’s not just biggies such as Shapoorji Pallonji, Unitech, DLF, Hiranandanis, K Raheja that are benefiting from the NRI wave but also middle-level players such as Rustomjee and others.
Aniruddha Joshi, executive director of real estate investment company Hirco Group, says India as an investment destination has gained prominence over the last 10 years. “Real estate is a key asset class for any investor looking at India,” he adds.

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  1. Posted August 19, 2008 at 1:09 am | Permalink

    World’s two fastest growing economies China and India will continue to witness boom in the real estate segments in smaller cities as both countries are expected to record strong growth in residential demand in the coming years, says a report. Further, investments volume in the two neighboring nations is projected to go up in the next few years. According to a report prepared by the research group of Germany’s Deutsche Bank, the long-term growth prospects for both countries “remain very good.” An important growth driver for the real estate market would be the increasing urban population in both countries. According to the report, another growth driver for both countries would be the rising population of working age. The working age population in India is projected to be on the upward curve in the coming years and would be above 65 per cent by 2050. Globalisation has helped the emerging economic giants to post double digit growth in recent years. Both countries have immensely benefited from increased trade and capital imports.For more view-

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