Rupee fall spikes NRI investments in luxury projects

Non-Resident Indians (NRIs) have increased investments in luxury and ultra-luxury properties over the last year, owing largely to the depreciation of the rupee, which has in turn enhanced their purchasing power.

- SANKET KOUL & PRACHI PISAL

Several realty majors like DLF, BPTP, Mahindra Lifespaces, Rustomjee group and more, have seen an increase in share of NRI investments in their offerings, with market watchers expecting the trend to continue in 2025 as well.

"In specific projects like Privana West in Gurugram, nearly 27 per cent of units were bought by NRIs, underscoring their strong preference for luxury living," said Aakash Ohri, joint managing director and chief business officer of DLF Homes.

DLF, India's largest real estate developer, has seen NRIs account for 23 per cent of its total sales in FY24, a substantial rise from 14 per cent in FY23 and 5 per cent in FY22, the company revealed, adding that its latest high-end luxury project Dahlias in Gurugram has also seen a notable interest from this category.