The large Non Resident Indian (NRI) community are reportedly re-entering the Indian property market. In a recent study by Assocham on the real estate scene in India, they say that Malayali and Punjabi NRIs are buying the houses of their liking.

It is a well-known fact that Malyalis and Punjabis have migrated in hordes over the years. Some of them are also buying commercial space. Of course, that does not mean that NRIs from other states are not purchasing houses in either their home towns or other parts of India.

DR. Devender Gupta,CMD of realty advisory Century 21 India, says that that more often than not NRIs buy Indian flats in the range of Rs 60 lakhs to Rs 80 lakhs. They buy Indian properties for purely investment purpose. There is hardly any emotional factor that is involved in. As and when they get good appreciation on their properties, they dispose it off.

Meanwhile, with real estate prices at an all-time low across borders, buying property abroad is suddenly making sense to affluent Indians. The property downturn is not just confined to India. property has crashed  in other countries including the US, the UK and the Middle East and many Indians are seeing this as an opportunity to buy property globally.

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Tags: Assocham, Indian flats, Indian Real Estate, Non Resident Indian, NRI, property in India, UK property

This entry was posted on Thursday, July 16th, 2009 and is filed under Non Resident Indian's (NRI's). You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.