After IT it was Real Estate in the pipeline, two years back real estate showed a beginning of growth, boom and huge profits. This trend followed for quite long but then came the time for this rosy picture to fade and correction came into the scene. With the beginning of this correction phase, real estate turned to be not so attractive, not so profitable and a difficulty for a common man who desired to own home or one who found himself stuck in the home loan trap.
But one thing that draws incessant attention is the faces free from tension wrinkles of realty developers. With these ripples being created in the industry how come realty developers have nothing that can shake them?? Well the answer is simple-NRIs or more specifically ARIA (A Resident Indian Again).
High profile NRIs are now choosing to come back home, to their own land. Almost all the major cities, both metros and tier II cities fall on the radar of NRIs who plan to come back and settle here in India, Bangalore alone has witnessed a come back of 35000 NRIs. India being an economy that’s growing at a high pace and seeing innumerable changes in almost every aspect portraits herself to be a challenge. Thus attracting all those who love to challenge the challenges and crave to prove themselves all over again by working in a startup. Also, these high profile NRIs have a lot added to their CVs by their working experience outside India. Now with India expanding its horizons and with the upcoming of new and specialized sectors like retail, real estate, financial services, R&D etc it is the right time for them to gain new experiences and add another feather to their careers.
With this diaspora real estate is undoubtedly to grow despite of the severe dip in the domestic demand. NRIs now constitute 20-25% of the total real estate market and this migration is expected to grow the industry @ 20% annually. These days all the major upcoming townships, housing complexes etc are being developed specifically to meet the demands of NRIs. With lavishly done condominiums, thoughtfully laid out three/four bedroom apartments and beautifully landscaped villas are few efforts done by realty developers to bag an amount of 1.5cr to 12cr in a convenient way.
This “Reverse Brain Drain” to what extent will help other sectors and Indian economy to grow as a whole is still a question, but for sure NRIs coming back has turned to be a boon for Indian Real Estate Industry.
To read more about the happenings in the world of real estate visit http://www.indiapropertyauction.com
Regards
Lalsa
