By Ankita Pandey Vallikappen
SINGAPORE - For most top property developers in India, the Non-Resident Indian (NRI) is a crucial part of their business.
They know that the NRI will always want a piece of his/her homeland, no matter the price and no matter the time.
Thus, despite the price rise of 43 per cent to as much as 166 per cent in various cities, the NRI cash is still flowing into the the Indian property market.
Developers say sales in that segment are not as variable as the domestic Indian market.
Noida-based property developer Amrapali Group's chairman and managing Anil Kumar Sharma told tabla!:
"NRIs wish to have a second home in the country they belong to. Favourable government policies are also a driving force behind the increased interest of NRIs in investing in Indian real estate. NRI investments are the least volatile of all in our industry. They are assured that they are investing in an asset which they can fall back upon."
Mr Sharma, who is also the vice-president of the Confederation of Real Estate Developers' Associations of India, added that prices are rising because of the expanding infrastructure, which in the long run will help the buyer and increase the value of the property even further.
He said: "Upcoming projects like the metro, monorail and the international projects in the big cities in India have contributed to the inflated real estate prices in these cities."
Amrapali claims that almost 35 per cent of its overseas business comes from Singapore.
No wonder it will be participating in Sumansa Exhibitions' Indian Property Show to be held in Suntec City on April 14 and 15.