UAE’s NRI realty investment to soar in India
The UAE’s NRIs, who closely monitor developments on political and economic fronts back home, are expected to make more investments in India’s real estate sector in the coming days as Prime Minister Narendra Modi begins his second term, indicating consistency in economic policies.
Real estate experts say that NRIs are mostly interested in buying properties in metropolitan cities such as Mumbai, Pune and Delhi. The Indian population in the UAE has grown to 3.3 million – the largest concentration of Indians outside India. According to the Reserve Bank of India, the UAE accounted for 26.9 per cent of inward remittances in 2018. The NRI segment of Dubai is a particularly large buyer base for Indian real estate. The rupee’s decline in value against the dirham has further boosted remittances and made Indian real estate investments even more lucrative for NRIs.