Gulf NRIs Rush To Invest In Indian Property

India’s real estate sector is witnessing a sudden uptick in demand from non-resident Indians (NRIs) mainly based in the Middle East, with many developers and leading property consultants reporting more sales during the first half of this month than the sales registered in the entire month of June. Many industry officials, including senior executives at DLF Ltd, one of India’s leading real estate company, and JLL India, the Indian arm of the international property consultancy, also confirmed the latest rush among NRIs to invest in Indian realty sector, especially those based in the Middle East. NRIs are taking advantage of attractive discounts and flexible payment options by developers and the recent plunge in rupee exchange value against major currencies, according to property industry executives. Officials at international property consultancy JLL India, however, said the current surge in NRI interest in the Indian real estate is more by way of enquiries, and these are expected to be converted into actual sales over the next few months.