Some of India's biggest real estate market players
are planning to target non-resident Indians (NRIs) as the value of the
rupee falls against the dollar. 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.
