“It is believed that the new change in government has infused new sense of confidence about the prospects of Indian economy,” said Kanika Gupta Shori, COO and co-founder, Square Yards.
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The Narendra Modi-led government has given a significant boost to the confidence of the non-resident Indians (NRIs), with their investment into the primary residential real estate market expected to almost double this year.
About $11.5 billion of investment by NRIs is expected to come in the new home or primary residential market across top 8 major cities in 2017, against $6 billion in 2013, according to a report by real estate transaction platform Square Yards.
“It is believed that the new change in government has infused new sense of confidence about the prospects of Indian economy,” said Kanika Gupta Shori, COO and co-founder, Square Yards.
Over 20% of NRI investment in Indian real estate comes from the United Arab Emirates (UAE), followed by other major NRI populated countries such as the USA and the Kingdom of Saudi Arabia. Other countries such as Canada, the UK, Singapore & Australia also source of substantial NRI capital inflow in Indian realty.
“A depreciating Rupee against the dollar and other currencies have added further impetus to the rise of momentum of NRI investment into the Indian real estate,” she said.
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