Indian nationals who have moved abroad are helping to prop up the country’s stalling domestic property market, experts have said.
Hindu Business Line reports non-resident Indians, known as NRIs, are showing an increasing interest in buying real estate.
The paper reports industry insiders say NRI-backed property investment has grown by around 10 to 25 per cent in the last six months alone.
Quoted by Hindu Business Line, Rajesh Goenka, chairman and chief executive of Axiom Estates, said:
“The number of bulk deals has jumped in the last six months while retail NRI investments have grown by 10 to 12 per cent.
“The real estate market in the UK and the US has dampened compared to India, making it a safer destination for long-term investments.”
On Friday analysts revealed the Indian economy is growing at a slower than expected annual rate of 7.9 per cent.
The BBC reported this is the slowest rate of growth seen in more than three years.
However, India’s soaring inflation rate has dipped slightly recently, down to 12.4 per cent, thanks to lower fuel and power prices.
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