Thursday, February 20, 2014

Non-resident Indians (NRIs) showing increasing interest in India property

19 February 24
Non-resident Indians (NRIs) are showing increasing interest in property back home, according to a new report.
UK-based property portal Rightmove Overseas noted an impressive leap in searches for West India in this November’s search report.
Of the three Indian cities to make the “Top 10 Climbers List”, Gujarat saw a huge 41.21% increase in searches, while Maharashtra and Karnataka jumped 16.41% and 7.61% respectively.
“The west side of India saw a huge increase in searches this month,” said Shameem Golamy, head of Rightmove Overseas. “With the Hindu Festival of Lights, Diwali in November 2013, it appears as though this has spurred many non-resident Indians to search for property in this area.”
Charles Purdy, managing director of Smart Currency Exchange, adds, “With the Indian Rupee above 100 to the pound it is no surprise that we’re seeing great interest in Indian property. Which makes the cost of an Indian property for a Sterling, Euro or US$ buyer 25% cheaper.”
The portal also noted a rise in the amount of traffic coming from India itself. “In November 2013, users in India ranked 20th in terms of our user location, an indication that buyers are looking to relocate within their own country or are looking to purchase property for investment purposes,” Golamy says.
While interest may be up, new launches of Indian property are down – property consultants Cushman and Wakefield reported in December 2013 a 12% drop in new residential project launches year-on-year, with Chennai reporting the sharpest decline at 39%.

By Francine Carrel, International Property Reporter, OPP

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