After having lived outside of India for close to 40 years or even more, many NRIs are now joining a reverse flow into India, and investing in property back home.
Many are looking for retirement, or semi-retirement homes that may later tempt their children or grandchildren into connections with India. But it can also be good investment.
Interest is growing among both the older NRIs, and the younger lot of professionals who have recently migrated from India.
Developers and financiers are now tempting NRIs with fancy new housing and they could not have picked a better time.
The new signs of interest follow an offer of new housing that wasn’t around before.
Arijit Sanyal of HDFC said, “The interest has always been there. I just think that now we are able to serve that interest. Because provision of finance, is easier, the developers are willing to come, they are better able to exhibit their properties to the NRI community”.
Now the interest is attracting property developers and financiers from the wider London market as well.
Andrew Fassnidge, MD, Navyroof.com, said, “Currently, there are huge potential investments. If we look at investment banks, Meryll Lynch has increased 7%”.