News & Views on Indian Real Estate

Wednesday, July 09, 2008

NRIs home in on India, account for 10% of sales

Home sales in India might have turned slow but sales to NRIs are on boom continuously. According to Jones Lang LaSalle Meghraj (JLLM), residential sales to NRIs have tripled over the last half year, from 3% to 10% of the total business. Lodha Group senior Vice President R. Kartik said, “What would happen when one loses his job in the US? The downturn is scaring many NRIs who fear job cuts”. JLLM’s Raminder Grover said, “There is a renewed interest in selling abroad”. Sobha Developers has viewed the share of NRI sales go up from five percent to ten percent of its sales. Sobha Developers Managing Director J. C. Sharma said, “In the last six months, we have been selling about twenty five thousand square feet a month to NRIs”. Many NRIs have been planning of coming back to India and many of them are making safety investments. Over the last few months, Lodha has seen twenty-five percent rise in its sales to NRIs.