Yes Mashooque, NRIs are the ones keeping the market ticking right now actually. Domestic demand is rising steadily but it will still take a lot of time to normalize in my opinion. NRIs are the ones who are investing in the big-ticket projects, the major townships and lifestyle or ultra-luxury housing options in major cities and even in tier-1 and tier-2 towns. Even all big developers are saying that NRIs are doing this for the low interest rates on home loans from Indian banks, the return of many Indians who were previously working in Gulf or Middle East and also the weaker Indian rupee.
Once travel related limitations are relaxed, this could lead to huge sales figures since approximately half a lakh NRI buyers are interested in closing deals in the market as per our sources. People from Middle East, USA, UK and other parts of Europe and Asia are looking at Indian property. They are also looking at the investment perspective since asset prices have come down globally with limited returns. All top developers like Hiranandani Group, Sobha, Godrej Properties are seeing higher enquiries and deals from NRIs. I know for a fact that Godrej had close to 50% of sales from NRIs for a quarter post lockdown. Booking values reached a handsome Rs. 1,531 crore for 2.51 million sq. ft. by end-June this year. This is higher than the booking value in the same period one year ago. Just goes to show the difference.