Firms like developers Omaxe are turning to NRIs as sales in the domestic market continue to struggle, according to Maa Properties.
Omaxe is planning to target non-residents with its apartment complexes in Bangalore, Pune, Calcutta, Chennai, Hyderabad, the firm said.
Maa Properties said:
“NRIs have played a very important role in transforming the Indian real estate market.
“Opening-up of the Indian economy provided them with new opportunities and they have shown a great deal of confidence in the changed set up.”
In September Hindu Business Line said industry reports suggested NRI-backed property investment had increased in India by 10 to 25 per cent inside six months.
NRIs are allowed to buy property in India relatively freely but to register ownership with the government they must have either have spent six months living in the country or have a registered business in India.
People of Indian Origin (PIOs) can also buy property relatively easily, with the one million or so UK PIOs showing a heightened interest in Indian real estate.
Omaxe Royal Residency – Ludhiana