India’s real estate desperately needs non-resident Indians to start buying. And by the looks of it, they seem willing to comply.
A survey by the promoters of Indian Property Show shows a rise of 59 per cent in such prospective buyer support compared to June this year.
And 13 per cent want to buy immediately as opposed to only 8.15 per cent in June; whereas 35 per cent are keen on buying within next three months itself. In all, 70 per cent of those polled have shown interest in buying in India within next six months.
Also, in terms of location preferences, Kolkata and Kochi have entered the Top 10, while Mumbai, Bengaluru and Chennai continue to hold their dominant spots.
Also, 41 per cent of Indian expats are looking to buy within the budget range of R500,000 to Rs5 million, compared to 36.24 per cent last time. There is also a sharp increase in the number of NRI buyers looking to finance their property purchase — at 67 per cent compared to 53 per cent last time around.
“So many fascinating and positive trends have emerged through this survey and I think we can easily attribute all this to the renewed NRI confidence in Indian properties,” said R. Srividya, General Manager, Credai Indian Property Show. “The implementation of RERA has surely given a boost to the mood as the sector is transformed and more transparent now with only credible players.”