Demand For Real Estate Shoots Up Thanks To Increasing Interest From NRIs
There has been a spike in real estate interest from NRIs especially from those who are based in the Middle East region. The enquiries from GCC (Gulf Cooperation Council) have seen a rise as they return home amid COVID-19 scare.
The recent developments have given a reason to the NRIs to bank on domestic real estate. The purchases and enquiries from the GCC buyers which were negligible earlier now cover about 10-15 percent of the overall interest.
Many builders observed an increase in interests from the GCC-based NRIs. A lot of them are keen towards integrated townships, which offer them a lifestyle similar to GCC standards.
Many real estate agencies have closed the sale in the lockdown period and are expecting an upward curve in the coming days. The real estate groups are attracting these customers by introducing offers and e-launches.
It is not just the builders and developers, even the consultants are getting busy with the sudden trend. The favourable exchange rate on the back of the sliding rupee against the dollar has made affordable for the NRIs.
Meanwhile, most of the returning Indians are looking to settle down and obviously want to secure their future by owning a home. This change in mentality is another major reason for placing the real estate in the spotlight.
Although there is a threat of job loss and cash flow issues, real estate continues to be an asset to rely on. The investment in real estate offers a sense of security to the buyer. Almost 25% of the nearly 150,000 Indians based in the UAE, who have registered to be repatriated are returning home because of the job loss.
The first thing to the majority of the people who are coming back would be to secure their family with an ideal home. They do not want to waste their hard-earned money and investing in the right real estate property would assure them safety and long term benefits.