NRI Investments in Ahmedabad Realty Fall By 30%
In the post Covid period, the investment by NRIs (Non-Resident Indians) and NRGs (Non-Resident Gujaratis) in Ahmedabad realty has fallen by 25 to 30 per cent. Experts believe the Gujarati diaspora is in wait-and-watch mode during the pandemic uncertainty. They expect revival in buying interest from the NRI/NRG community by the end of this year and a huge inflow of funds from the US and UK into the Ahmedabad realty sector. "Travel restrictions may have affected investment plans of NRIs. But nothing triumphs their desire to stay connected with roots. They will invest here as Covid situation normalises," said by Ashish Patel, President, CREDAI Gujarat. Likewise, CEO, GCC, ANAROCK property consultants, Shajai Jacob said, “Job losses and generalised uncertainty about the future affected NRIs as much as it did resident Indians. Cash conservation, extreme risk aversion and inability to travel were among the main reasons why NRI investments into Indian realty have reduced.” However, in the midst of the first wave, the extreme sentiment downturn reversed and house buying activity picked up considerably again. NRIs were, and continue to be, active participants in this sentiment revival. The desire to own a home in their country of origin transcends mere exchange rate variations.
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