NRIs 'buying at home'

September 24 2008 | Category: India: Property

Indian nationals living abroad are becoming increasingly likely to buy property in their 'motherland', it has been revealed.

Michael Patterson, head of international sales at Better Homes International, said that as cities in India become more heavily populated, non-resident Indians (NRIs) are looking for housing outside the city centres.

"[NRIs] want to put money back in their own country. They are buying with a mixture of a heart-felt emotional response and they can see a capital growth that's available to them now," he added.

Mr Patterson went on to say the government in the country is deregulating property markets so it is a lot easier to buy and rental yields are much more attractive than they used to be.

Knight Frank India's report 'Real Estate Highlights for Quarter one 2008' found that, owing to increasing employment and business generation, the office sector in India is driving the demand for retail, residential and hospitality segments. It emerged as the most dynamic market in 2007.
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