NRI realty investments drop by over 50%The NRI season is now at its fag end. Despite undertaking tours to the US, the UK and Middle East and doling out freebies and discounts, realtors have been unable to catch the attention of this cash-rich community.
At a time when the domestic demand in micro-markets in Tier-I, II and III cities began to slump in the third quarter of this financial year, the developers were hopeful that the demand from the NRIs will pep up the sentiments in the realty markets.
Job insecurity:However, the global slowdown and the resulting slump froze the bullish sentiments among NRIs. “Though a far-from-spectacular number of transactions have indeed taken place this season, generalised job insecurity and a desire to conserve available cash among IT employees abroad has curbed investment demand for high-end properties, Mr Sanjay Dutt, CEO - business, Jones Lang LaSalle Meghraj (JLLM), a global real-estate consultancy firm, said adding that the response was “significantly muted” from the NRI community this season.
To read more, please, visit - The Economic Times
Integration of Indian real estate economy with US economy:Indian economy may not be that much integrated with US economy and strong Indian consumer base may support the growth of Indian economy but when it comes to Indian real estate, in the forms of foreign direct investment, real estate investment funds and individual property buyers, integration is complete and deep.
Don't you think that drop in the NRI investment is going to grow and property prices are going to go down, may be by 50%, in the next few months? Please, share your views in the comments. (Comments Policy)
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