City builders say Namastey London

The Dubai exhibition, which was held from June 4-6, witnessed an unexpected NRI turnout.

NRI buyers booked 106 flats worth Rs 65.33 crore while deals on around 86 flats worth Rs 80.18 crore are in the final stages. Most of these flats are in Mumbai.

Confirmed Zubin Mehta, CEO, MCHI, "We received a tremendous response for our exhibition in Dubai and are expecting the same in London too, as the market sentiments in India are improving."

Correction lure

According to Ajay Tiwari, business head at the real estate brokerage firm Better Homes, "The Indian buyer
is still insecure about his job.

He will prefer to wait. But with the corrected price, the NRI will invest in this market.

With recession, people have realised that they need to invest in their homeland. Even the racist attacks in the West are compelling many Indians to consider shifting back to country."

Shafique Fadra, an Indian who works as a chef in London, agreed that the price correction had awakened the interest of NRIs in investing in India.
u00a0
He said, "I know many Indians who are following the trend. The real estate exhibition coming here will surely get a good response."

Why bother?

However, property experts claim that when the NRI demand has picked up, there is no need for builders to go abroad to lure them.

"Using the right property consultancy, these developers can tap into this demand without leaving the country," said Pawan Swamy, managing director (West India) Jones Lang LaSalle Meghraj, a global real estate consultancy firm.

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!