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    Default Realtors eye NRIs for housing projects

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    Presenting India as one of the few high-return real estate markets in the world, over three dozen property developers from the country have come here to attract UK-based NRIs to invest in housing projects back home.

    These developers, which include real estate units of large conglomerates like Mahindras, L&T, Godrej and Adani group, would participate in a two-day home fair organised by housing finance major HDFC.

    The other realty players participating in this fair include Sobha Developers, Purvankara Projects, Ansal Properties, Unitech Ltd, 3C Company, Emmar MGF, Lodha Group and Hiranandani Constructions.

    "There is nothing like owning a home in your homeland," HDFC Managing Director Renu Sud Karnard said.

    "Demand for residential housing has witnessed rapid growth through corporate expansion out of the major cities. Amenities such as shopping and recreational centres, and even the infrastructure in these towns can surpass even the major cities. It's an opportune time for NRIs to invest in property in India," she added.

    Nearly 40 developers participating in HDFC Indian Homes Fair here would showcase thousands of properties.

    NRIs have been known to have a natural affinity towards their homeland and the depreciation of Indian rupee against the dollar makes has made it a win-win deal, experts said, while adding that the benefits from rupee fall is however only for a short period of time.

    The developers are also trying to project Indian real estate market as an attractive destination in the backdrop of sinking property prices across the world.

    Realty developers from India plan to hold similar fairs in other major global centres in the US and Europe as well.

    But some NRIs stay away from investing in Indian real estate properties owing to lack of clarity on regulations and legal issues, as also due to insufficient information on projects and prices.

    Karnad said that HDFC would look to work towards removing the misconception that "it is very complicated for NRIs to take out India property applications from the UK.

    "HDFC has a base in London, and we can facilitate the process right here. It's safe and secure," she added.



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