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What is the NRI investment pattern in Patna real estate?

(10/08/2013)

The historical rupee depreciation against dollar has made Indiaan attractive destination for NRI investors, particularly in the real estate sector. Our state Bihar too has a substantial NRI population and therefore NRIs are looking to invest in Patna Real Estate too. Real Estate experts in Patna say that people living in the Middle East and other Gulf countries have displayed significantly higher interest in properties in Patna as compared to others. Many developers in Patna claim that there has been a sudden spurt in demand from NRIs of the Middle East. Although most enquiries are from the Gulf Countries, there have been substantial amount of enquiries from NRIs residing in Australia, Africa, Canada, UK and US also.

Enquiries from NRIs have jumped substantially per cent in last one -two months. This is a small boost to home sales in Patna which have been sagging in the recent quarters. As compared to the last year, the investments have gone up and if the rupee maintains its current levels, developers could see more interest from NRI buyers. The Patna based developers really need specific marketing strategies to woo NRIs in Patna real estate.

One marketing idea for Patna Developers is to open a branch office in Dubai. They will be able to cater to the demand from this area. They can look for similar other options too across the world. The property prices in Patna have been escalating annually and are unlikely to fall in the future also in Patna. Therefore, this is the best time for NRIs to invest in Patna.


To sum it up, the reason for NRIs to invest in Patna real estate are:

• Appreciation on investment in future

• Rupee depreciation

• Schemes being offered to lure NRIs to purchase

 

Majority of the NRI buyers enquiring in Patna are those who are looking for a second home and have already bought properties in metros earlier .



Some observations related to NRI investments in Patna real estate are :

The NRIs belonging  to the middle and high income group seek to invest in properties ranging from Rs 50 lakh to Rs 1 crore and beyond. 


• While the largest markets for affordable housing in the price range of Rs 15-25 lakh are from the Gulf region 


2/3/4 BHK configurations are most popular amongst NRIs 


• Tying up with financial institutions and banks, fully licensed projects, original allotment documents on the day of booking are the main attractions for NRIs that developers offer.


The NRIs are also interested in purchasing large chunks of land for investment purposes around Patna.



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