With the domestic real estate market still in a revival mode, developers are scouting for buyers in the international market as cheaper rupee and discounts offered make buying property in India a lucrative one.
Several realty players are setting up international sales and marketing offices to woo Indian Diaspora.
Mahindra Lifespace Developers opened its first international office in Dubai, UAE. Others such as Godrej Properties, Indiabulls, Puravankara, Mantri are also among players who have offices at international destinations.
Several others such as Raheja Developers and Parsvnath hold regular road shows at destinations such as the US, the UK, Hong Kong, Singapore and Africa among others. Real estate players BusinessLine spoke to said international customer base account for anywhere between 20 per cent and 50 per cent of the clientele base depending upon the location and projects.
Anita Arjundas, MD and CEO, Mahindra Lifespace, said, “The GCC region is a key market for us with more than 50 per cent of our international sales coming from this region. One out of every three international customers investing in Indian real estate resides in this region, and with our pan-India residential presence, the Dubai representative office will allow us to directly engage with and address the needs of the Indian diaspora who want to stay connected to their roots.”
Godrej Group, which recently opened its representative office in Dubai, also said it has been engaging with customers in various international markets such as Singapore, Hong Kong, Australia, Africa, the UK, and the US.
Girish Shah, EVP, Sales and Marketing, Godrej Properties, said: “NRIs living in Dubai are constantly looking for home buying options in India. With this new office, customers will now have easy access to a representative at Godrej Properties thus, making the home buying process easier.”
Nishant Singhal, Director, Strategies, Investor Clinic, said: “NRIs have been positive about the economy and are keen to invest in Indian real estate. Real estate players are finding an opportunity to tap this market especially after rupee devaluation.”
Pankaj Kapoor, MD, Liases Fora, notes, “Realty has been discovering avenues for growth. Domestic market is not insulated and they are looking for markets that are insulated from external forces. There is a demand from the NRI market and this makes it an attractive avenue for growth.”
Both Kapoor and Singhal also note that besides engaging with prospective customers, the representative offices also offer special payment plans such as subvention scheme and discounts.
Some of the pockets which have high NRI investment interest are NCR, Bengaluru, Chennai, Kochi and Pune.
Industry players also note that having a representative office also make it easy to attract HNI and PE funds for real estate developers.