Outlook Money|July 2020
However, there is a consensus that some new pockets of opportunities may actually help the crisis-ridden sector bounce back and emerge stronger.
According to Manju Yagnik, Vice Chairperson, Nahar Group and Vice President, NAREDCO, NRI investment is one such potential area, with increased uncertainty of jobs, visa related issues as expats.
Shveta Jain, Managing Director - Residential Services, Savills India, agrees and adds that NRIs had traditionally been buying properties in India. The sector sees highest remittances from the diaspora. Sadly, there has been a decline in NRI investment post 2014 when the residential market went through a slump.
“In the wake of the current crisis, we expect to see a heightened NRI activity driven by first-time homebuyers in the age group of 27 to 37. These purchases will be seen as a hedge and safeguard against crises. However, the rider to these purchases will be of right value and proven track record of the developers,” Jain says.
- In Bangalore micro markets like Kanakapura Road, ORR, Devanahalli, Sarjapur Road
- In NCR Sector 150 Noida, Noida City Center, Dwarka Expressway (Gurgaon)
- In Pune Hinjewadi, Wagholi, Baner, Wakad
Yagnik adds that time couldn’t have been more beneficial for them to invest with a fall in Indian rupee, subdued property prices, over a decade low interest rates, reduced stamp duty in most states with unchanged ready reckoner rates in many markets including Maharashtra for FY21.
You can read up to 3 premium stories before you subscribe to Magzter GOLD
Log in, if you are already a subscriber
Get unlimited access to thousands of curated premium stories and 5,000+ magazines
READ THE ENTIRE ISSUE