Business | Property
Stability key to Indian real estate market
The biggest motivating factor for non-resident Indians (NRIs) to buy real estate in their home country is the political stability that follows the second term of Manmohan Singh as Prime Minister, according to Sukhraj Nahar, chairman of the Mumbai-based Nahar Group.
- Staff Report
- Published: 23:04 June 11, 2009
Dubai: The biggest motivating factor for non-resident Indians (NRIs) to buy real estate in their home country is the political stability that follows the second term of Manmohan Singh as Prime Minister, according to Sukhraj Nahar, chairman of the Mumbai-based Nahar Group.
"We have been getting enquiries from NRIs ever since the poll results were announced," Nahar explains. "The moment it was clear that political stability was ensured, NRIs reacted and started the process of buying a home in India. In the local market too, we find 'fence sitters' have turned active buyers, it augurs well for real estate," Nahar says.
Nahar predicts that the new Indian government will come up with policies that will boost real estate. "In the residential segment, the mid-priced, mid-budget and low-income segments should get the benefit," he says.
Nahar expects the new government to give a boost to economic reforms and a boost for infrastructure. "I expect all this to change sentiment in further days to come, and be beneficial for the real estate sector," he says.
According to him, Indian developers have to be responsive to market trends and keep in touch with customer preferences.
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