: The number of non-resident Indians (
) hailing from the central districts — particularly those working in
and United Arab Emirates (
) — buying property in their native place has been going up gradually, say real estate developers here.
On an average, at least four of the 10 customers purchasing flats in the city and its suburbs happen to be such ‘local’ NRIs who want to spend their retirement life back home.
According to the developers attending the three-day property expo launched here on Friday, the NRIs who work in Singapore, UAE, Malaysia and the United States and are settled there showed immense interest in purchasing individual villas and premium flats here in 2018 compared to 2017.
“More than the projects that are under construction, our customers who are NRIs prefer completed and ready-to-occupy projects irrespective of the pricing,” Abhay Bengeri, head of sales, South India Shelters private limited, said.
Even though the NRIs will not occupy these flats or villas immediately, real estate developers said that the properties were given for rental purpose to generate income.
According to Trichy-based Whiteline Property Developers, around 40% of the units sold in 2018 was purchased by NRIs followed by salaried people.
“The network of NRIs is so strong and their referrals in the past have helped us to sell multiple flats. Individual villas are their most preferred property type as investment capital is not a matter of concern for them,” Karthik Mohandoss, proprietor of Whiteline property developers, told TOI.
The reason for the surge in purchase pattern of NRIs was attributed to their respective currencies at their working place especially with Singapore Dollar (SGD) constantly gaining higher rate against Indian rupee in the recent past.
Capitalizing on this growing interest among NRIs, property developers have even conducted property expos in Singapore recently.
“Interest rates for a loan is quite lower for permanent residents in Singapore than India. Investing on properties back home is a wise option to make use of our savings,” S K Harisudan, an NRI working in Singapore, said.
Property developers who expect the demand from NRIs to surge said that premium housing projects have been planned in the city’s posh localities in 2019.