UAE's NRI dilemma: Buy India property or not?

Mid-November, an international real estate advisory firm said India’s real estate sector will continue to remain an attractive investment destination with the possibility of prices in residential areas appreciating by 91 to 145 per cent in select cities over the next five years.

Knight Frank pointed out that despite the slump in the real estate market, Mumbai will continue to be the most promising investment destination followed by Delhi-NCR, Chennai, Pune and Bengaluru, Knight Frank Executive Director (retail, advisory and hospitality).

But by early December, the apex body of Indian developers asked its members to seriously consider “selling off maximum inventories by reducing prices.”

“The developer community is willing to consider the suggestions made by the Finance Minister P Chidambaram to unlock the value of the unsold stock. We have asked our members across the country to seriously consider the proposal to sell (the unsold stock) in maximum numbers,” Confederation of Real Estate Developers' Association of India (CREDAI) national president Lalit Kumar Jain said.

Do the above two statements matter for UAE non-resident Indians (NRIs)?

Ashish Mehra, who works in Dubai as an accountant, says: “It puts me in a Catch 22 situation. I have been hearing a lot about an impending correction in Indian property market… but I haven’t seen any. My top priority is to save to buy a home in India. And that’s what I am doing and I will soon buy a property back home.”

Kamlesh Mehra, a Dubai-based businessman, says: “I have already bought properties in Mumbai and they have given me a good return. For me, as an investor, I believe this is not a good time to buy in India. Dubai properties are cheaper right now than in Mumbai. I would invest here than in India.”

But buy off plan or a ready unit?

Some Indian property developers taking part in the 11th edition of “Indian Property Show”, starting December 13 to 15 at the Dubai World Trade Centre, say NRIs are looking at buying “off-plan” or, at least, with a realtor who is offering them a deferred payment plan.

Jatin Patel, VP Business Development, Bhartiya City, Bangalore, states: “Off-plan purchases have for years returned solid yields for the astute investors in the Bangalore property market. They have benefited from the discounted prices from developers as well as capital gains from a growing market by buying early.”

He adds deferred payment plans are designed to give an opportunity to pay over an extended period of time for example construction-linked plan.

“In this plan, one has to pay the cost in the form of pre-determined installments to the builder in tandem with the development of the property. The advantage of this approach is that it gives you time to pay up, the developer does not end up charging too much at the outset itself and hence the buyer does not have to forego interest earned on their own money by paying up too much too early.”

KR Raghavan, Vice President - Sales & Marketing, Ozone Group, also opines that NRIs are considering buying off plan as it saves pre-equated monthly installment interest towards loan.

A survey conducted by Sumansa Exhibitions, organisers of the “Indian Property Show“, has revealed 26.7 per cent of NRIs are looking to buy property as an additional investment, which is a six per cent rise compared to last year. 89 per cent of them will invest in properties worth Rs1 crore (Dh700,000) and above.

The survey, conducted among 16,000 NRIs across the UAE, found Mumbai, Bengaluru and Delhi featuring in the top five destinations list, suggesting that the larger Indian cities offer higher returns.

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Chennai drives more NRI buyers

Chennai

The rupee volatility against US dollar and other linked currencies, overseas institutions’ lending at 4 per cent and favourable exchange rates have all convinced NRIs/PIOs to take advantage of the instant opportunity and plunge into real estate investment in Chennai. In a nutshell, it has become 20 per cent more affordable for NRIs/PIOs due to rupee parity rates alone. Leading developers have reported a quantum jump in the number of enquiries over a period of 3-4 months.

According to industry sources, most of them prefer built units for ready occupation of their parents or relatives and some are looking for periodical return on investment. They are willing to pay the extra premium to get the built units over ongoing projects in and around the city. The preferred price range for apartments varies from Rs 30 lakh to Rs 1 crore. This is apart from the surge in demand for developed plots and villas in and around the city. However, leading land developers do not agree with the view and see no perceptible shift in trend for demand.

There are others who feel that the preferred investment locations are OMR, ECR and parts of Velachery as considerable development is visible in those areas. Competitive lending rate from overseas financial institutions is yet another tilting factor that has encouraged a number of NRIs to mobilise upfront payment overseas for investment in real estate back home. A few of them are even finding it more convenient to raise local funding than through home loans with Indian housing finance companies and banks now.

Moreover, favourable exchange rates have given them additional benefit to borrow locally and remit to India. India has been consistently maintaining its top slot in NRI remittance in the world received from Indian Diaspora globally. Even though Gulf countries are taking more time to recover in the aftermath of economic meltdown, expatriates are now convinced that the job market has become stable unlike a year ago, say Gulf realty outlets. This has resulted in the quantum of NRI enquiries for investment in immovable property in the city going up by 50 per cent over last year, say leading developers.

Interestingly, the demand from NRIs in USA has increased considerably. Local funding at competitive lending rates and loans for expatriates maintaining good credit history at zero per cent interest rates have nudged NRIs to take advantage of the current situation and plough back money into real estate back home.

V Nagarajan, Property Consultant

Source: http://content.magicbricks.com/chennai-drives-more-nri-buyers-2

Weak rupee makes real estate investments cheaper for NRIs

The depreciating rupee has positively influenced the demand from NRIs for residential properties in various cities across India, especially in Mumbai. The rupee has been touching new lows everyday. Even today, the rupee touched 54.82 per dollar in early trades. Exporters and the NRIs are two categories which stands to gain from the weak currency, as they will receive more rupee funds on conversion. The term NRI also includes Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs).

"Because of the rupee's downward trend, real estate has become cheaper for NRIs and many of them are now actively seeking residential property investment opportunities in the financial capital," says Om Ahuja, CEO - Residential Services, Jones Lang LaSalle India "Apart from the advantages they have due to the depreciating rupee, developers are more than willing to offer discounts today owing to their ongoing liquidity concerns," says Om Ahuja.

Should you invest?

Investing in real estate makes sense only if you plan to return to India eventually. And when it comes to finalising the investment, focus on the current price and the potential value of the property in a particular city or a suburb. Here is a quick check list.

1) Reputed builder

"You have opt for a familiar and reputed builder as there is greater chance that projects of reputed builders will appreciate more than the others," says Jayant Pai, CFP, Vice-President Parag Parikh Financial Advisory Services. 

2) Location

The scope for capital appreciation will be much higher in suburbs where you expect infrastructure development. That way you can enter at a lower price level and make optimum gains. "Ideally the locations should witness some big infrastructure development such as launch of new commercial spaces, airport, IT parks etc. These developments have the potential to earn a good return on your real estate investment," says Om Ahuja.

This can be underscored from that fact that in Chennai, properties along OMR road are fetching good values because of its proximity to several IT companies. "If you buy a house in such locations, there is scope to see good capital appreciation and also you stand a good chance to get a personal or corporate lease on such properties," says Om Ahuja.

3) Invest in individual houses or apartments

"NRIs are not permitted to purchase plots of land/plantations/farm houses and even commercial real estate is subject to a plethora of limiting regulations, purchasing apartments or bungalows may be the only options available," says Jayant Pai. 

4) Document Check

The most important document required is the sale/purchase deed. Sale deed will confirm the land is on the seller's name who has the only right to sell the land. You need a copy of previous deeds if you have also bought it as a resale property. You also need original copies of Stamp duty and registered house documents. In case of a joint ownership, the owner/owners have to submit documented consent from the joint owners.

5) Avoid short-term investment

Ideally an investor should look at a time horizon of 5-7 years to compute actual gains, experts say. "However, real estate investments in the near term can get tricky since it is an interest rate sensitive sector. The demand may be impacted by relatively high interest rates," says Vishal Kapoor Head, Wealth Management, Standard Chartered Bank, India.

Source: http://economictimes.indiatimes.com/news/nri/nri-real-estate/weak-rupee-makes-real-estate-investments-cheaper-for-nris/articleshow/13264447.cms

Ground realities before investing in real estate

Chennai

A number of investors have sunk their money in real estate ranging from vacant plots to apartments and commercial properties. This is because of the confidence that investment in real estate yields lucrative return on investment. There are certain ground realities which investors are supposed to adhere to prior to plunging into investment but for those who have failed to do so, it has turned into a nightmarish experience.

Ranjan (name changed), an NRI from Kuala Lumpur, had invested in land on the outskirts of Chennai and when visited the plot during his holiday, he found that the land had been acquired by the state government. When he approached the land developer, he confirmed the move and convinced him to provide alternate plot. But the land provided in a far away place where even access was quite frustrating. He has not even passed on the compensation received from the government to the investor.

Kumar (name changed) is working in Sharjah for the past fifteen years. A land developer from Chennai had sold plots near Hosur during the boom days. But, he could not locate the plot in spite of commitment to arrange for site inspection during his holidays. A group of NRIs hailing from Sharjah who have been take for a ride by the same land developer has voiced concerns to the Indian consulate in Dubai but no concrete action has so far been taken in this regard, say market sources. The land developer has closed his Dubai operations and none of the investors could get their grievances redressed in spite of knocking at the doors of the company’s operation in Chennai.

In yet another instance, a land developer had sold the land on the coastal area to an NRI in USA which was never registered and subsequently the land had been acquired by the government.

It is not confined to NRIs alone but even resident investors are left in the lurch. Take the instance of Sahara township project due to come up near Savitha Dental college on the outskirts of Chennai which has not taken off the ground.

Even the new development near the IT Corridor has been shelved to put investors in the lurch. Take the case of IndiaBulls which has launched phase 3 project in Perumbakkam. Investors are now compelled to take the refund amount failing which it would be credited to their bank account leaving little time for investors to decide on the option. In a written communique to those who have booked apartments a year ago, the company has simply mentioned that they could not get the approval from the government authorities due to land title issues. It is not clear how they can accept the advance from the investors without obtaining the approval from the authorities or without the due diligence exercise. The company officials could not be reached for comments.

These are isolated instances but they reveal the extent of ignorance on the part of investors to follow ground rules before plunging into realty investment. A leading property lawyer in the city cautions investors to visit the site not once but at least three times on different dates to make detailed enquiries about the ownership in the neighbourhood. In one case, a shrewd buyer came to know that a part of the site was used as burial ground which fact was hidden while marketing the property to investors.

The Chennai Metropolitan Development Authority (CMDA) has an investor cell wherein one can get details about the approval accorded for sites free of cost. Investors should invariably engage the services of a professional lawyer before opting for investment. Plot loans are available which is yet another way to minimise the liability of the investors as the in-house legal team in the lending institutions would scrutinise the title deeds before sanctioning plot loans.

V Nagarajan, Property Consultant

Source: http://content.magicbricks.com/ground-realities-before-investing-in-real-estate

Pallikaranai realty sees rise in NRI buyer interest

Chennai

Pallikaranai locality in Chennai has seen an increase in NRI buyer interest in the recent past. T. Madavan, a local realtor with Remax Gold pointed out that many residents of this locality, living abroad, are investing in the locality. He attributed this to both, sentimental and investment reasons.

Majority of the residents from this locality have shifted base to countries like Australia, Canada and Dubai. One of the projects that has especially seen increased interest from the NRIs is KG Green Meadows by KG Builders, Madavan added. KG Green Meadows offers luxury apartments for about Rs 5,100 per sq ft.

Another reason that can be attributed to the increased NRI interest here is the presence of neighbourhood areas like New Colony, IIT Colony, VGP Shanti Nagar, Maxworth Nagar, Viduthalai Nagar and Kamakoti Nagar.

As per MagicBricks data, the capital value of builder-floor apartments in this locality is from Rs 3,600 to 3,800 per sq ft depending on the area, location, age of the property, developer, typology and other attributes of the property. The locality has seen an increase of about 4% in capital values of multi-storey apartments in the Oct to Dec quarter compared to the Jul to Sept quarter last year.

Major part of this locality is a part of a reserve forest area and therefore, the locality is surrounded by a calm, peaceful and green environment. Some prominent builders here include Doshi Housing, Maxworth Homes Ltd, Puravankara Projects Ltd, Real Value Builders & Developers, Akshay Builders, among others.

Source: MagicBricks Bureau

Domestic buying sees a rise in real estate market

Once NRIs lapped up almost 40 p.c. of apartment units sold

Bangalore's real estate market, which once saw non-resident Indians (NRIs) lapping up almost 40 per cent of the total apartment units sold, has seen a change now, according to industry insiders.

With the increasing number of domestic buyers investing in the realty sector now, the NRIs share in total sales of apartment units has dropped to about 20 per cent in the recent times.

Bangalore's market has been attracting investments from the expat Indian population, mostly Kannadigas, residing in the U.S., West Asia, Singapore, Australia and New Zealand.

Approximately 30,000 apartment units are sold in Bangalore annually now. In fact, 2007 recorded the highest number of units ever sold annually at 40,000 units.

“The percentage of local buyers investing in apartment units has gone up from 60 per cent to almost 80 per cent now with increasing disposable income with families as well as accessibility to housing loan,” Shankar Sastri, Secretary of Confederation of Real Estate Developers' Associations of India (CREDAI), Bangalore, told The Hindu.

Bangalore as a real estate market, he said, always interested the NRIs so much so that many developers had representative offices in the U.S., West Asia and Singapore even two decades ago.

Besides, the realty market here had done well in the last two years due to stability, pricing, safety, said R. Nagaraj Reddy, president-elect of CREDAI, Bangalore.

He added that Bangalore has always remained a “preferred city” among those wishing to invest in housing sector.

This trend of change in the profile of apartment buyers is being seen in housing applications too, says State Bank of India Chief General Manager (Bangalore circle) Ashwini Mehra.

“There are more number of applications from domestic buyers now though there is a continued interest from NRIs residing in the U.S. and West Asia. Nearly 20 per cent of the total housing loan disbursement has gone to NRIs,” he said and added that nearly 80 per cent of the applications in the NRI category came from those residing in the U.S. and West Asia.

T. Venkatesh Babu, a strategist with a leading Bangalore-based real estate company, said that the number of NRI buyers may have come down, as those regions are facing economic uncertainty.

“People tend to conserve cash in such situations and may not like to make high value housing investment,” he said. Also, the speculative buying in Bangalore-market has come down significantly after the 2008-2009 crash, he said.

Interestingly, a large number of domestic purchasers of apartments in Bangalore are from Delhi, Bihar, Uttar Pradesh, and partly from Hyderabad and Chennai. “Most housing loan applicants are young service sector professionals, including those in IT and ITES, who may have come to work here,” Mr. Mehra said.

He also acknowledged that Bangalore real estate sector may have benefited from the Telangana crisis with some spill-over coming here, though a major share has gone to Visakhapatnam.

Source: http://www.thehindu.com/news/cities/bangalore/article2937502.ece

Indian realty market gains favour of NRIs as rupee continues its decline

For several months, India has suffered the double misfortune of a slowing economy and high inflation. Now, it is also facing a rapidly depreciating currency against the dollar.

While a falling rupee is not the best news for domestic markets, it certainly provides a good opportunity for exporters and NRI investors, who stand to gain from the weakening rupee on conversion, making India an attractive destination to park any surplus funds.

The inevitable slow-down of the Indian economy, coupled with the Foreign Institutional Investors (FII) pulling funds out of the stock-market sent the Rupee into a free fall, declining as much as 15 per cent in 2011; in fact the rupee hit an all time low of 52.73 against the US Dollar on November 22, 2011.

Additionally, real estate in other parts of the world is sinking. Volatile or flat-lining economies in the Middle East and Europe make investing in these regions risky and further make the case for a more lucrative return on investment within the Indian real estate sector.

With the rupee on the decline, Indian homes have become significantly cheaper for NRIs. For example, NRIs living in the US could receive as much as a 20 per cent savings on their purchase price.

Many from the NRI community look to invest in residential apartments that have comprehensive amenities and safety features required for a comfortable living.

Some NRIs residing abroad look for opulent homes with absolute luxury; a property that can be used as a second home investment and eventually be used as a retirement home.

Second home is extending good support and an attractive investment option for property buyers.

This also becomes a good investment avenue, as the second home segment all over the country has been appreciated astronomically in recent times.

Real estate is considered a great long-term investment, and a second home is great way to get into the action. Given this, many domestic realtors are focusing their efforts on making upcoming property development sites attractive to NRIs.

To illustrate: TATA Housing's recently launched The Promont, an ultra-premium residential project in Bengaluru. This project is being designed by Moshe Safdie, an internationally renowned architect who has designed world class structures such as the Marina Bay Sands in Singapore.

The Promont will be equipped with all the amenities to support and maintain the lifestyle choices and preferences specific to most NRIs, with amenities like clubhouse, indoor temperature controlled pool, private gymnasium, squash court, children pool and play area. It is the most premium property executed by TATA Housing.

With the value of the Indian rupee dropping, and the simultaneous pick-up of interest from NRI's in domestic property investments, several banks have made it easier for NRI's to buy property.

For example, Reserve Bank has granted general permission to a few financial institutions providing housing finance to grant loans to NRIs for acquisition of residential property for self-occupation subject to certain conditions.

Similarly, authorized dealers have been given permission to grant loans to NRIs for acquisition of house/flat for self-occupation on their return to India subject to certain conditions.

The inflow of NRI money will also benefit real estate companies in paying off their dues and commitment against property already purchased as their revenue will simultaneously increase.

This is a good time for real estate developers to market existing and new projects to NRI community and create a win-win situation on both sides by offering attractive deals in new investments, offering schemes for higher interest benefits on early payment rebate options on existing projects that have investments from members in the NRI community.

The Indian market has been gaining momentum with the NRI's investing in realty sector and this upcoming trend has been mainly prominent in the Indian metros. This time will prove very fruitful for NRIs to invest in any kind of real estate as the Indian rupee value has declined.

The investment made by NRIs in Indian real estate will be a rewarding experience and would make them proud owners of their property.

This is the best time for NRIs to buy premium projects as the Developers are offering better product and amenities and once can differentiate better brands that are available.

Source: http://ibnlive.in.com/news/indian-realty-market-gains-favour-for-nris/222240-24.html

Rupee drop makes realty attractive for NRIs

BANGALORE: Many NRIs are teaming up with like-minded buyers on real estate group buying sites to shop for flats in India. The cheaper rupee and deep discounts offered by developers through these portals has triggered a substantial jump in property-related enquiries from NRIs in the US, UK and the Middle East in the last three months.

London-based Nayan Bhavishi has poured more money into the real estate market in the country than in any other geography or asset category . An avid real estate investor , Bhavishi snapped up two ready-to-move-in flats in Vaastu project in Thane for Rs 1.20 crore through real estate portal Groffr.com. "I was scouting for properties in India and stumbled upon this site offering good discounts. I got 25% discount on my property purchases and the exchange rate at Rs 84 to a pound was a big draw," he said. Bhavishi said he bought the property at Rs 4,200 per sq ft when the rates in neighbouring properties were between Rs 5,800 and 6,000.

In an increasingly tough environment, developers are warming up to group housing portals. Sandesh Wadhwa, cofounder of group-buying portal groupbookings.in, said many people sitting on the fence have swung into action in the last three months. "There is more demand coming from NRIs for mid-sized housing projects in Gurgaon, Bangalore, Hyderabad and Chennai," he said.

Sandeep Reddy, co-founder of Groffr.com, said the website has seen a healthy sales conversion rate in the last two months primarily driven by NRIs. "The mood among NRI investors is buoyant as they now need to spend fewer dollars or pounds for the same property. The sub-Rs 60 lakh properties are most in demand ," he added.

Vaibhav Sharma, assistant professor of finance at Winthrop University in South Carolina, has booked two flats in Gurgaon through groupbookings .in. "If I were to invest in the US, the property value would fetch me a negative return. It's a good time to enter the Indian real estate market, where I think I can expect at least 6% annualized returns in the residential space," he said.

Sharma's purchase decision was also driven by the favourable exchange rate. He bought the flats last September when the rupee was close to 50 to a dollar. "I also received a 10% discount by signing up on the portal. I didn't have to haggle or make several house hunting trips," Sharma added.

Source: http://timesofindia.indiatimes.com/business/india-business/Re-drop-makes-realty-attractive-for-NRIs/articleshow/11532454.cms

With falling rupee, NRIs take keen interest in real estate in India

BANGALORE: Non-Resident Indians (NRIs) have started taking keen interest in the real estate sector back home following significant appreciation of the dollar vis-a-vis the rupee, a top official of housing finance company said today.

"NRIs have started taking keen interest due to the appreciation of the dollar. They have started converting the dollar into rupee", Director and CEO of LIC Housing Finance Ltd, Vijay Kumar Sharma, told reporters here.

NRI interest is "perceptible and visible", he said, adding LICHFL's Dubai and Kuwait offices (catering to NRIs investing back home) have "lot of enquiries and log-in" and "compared to last year, the growth (there) is 50-60 per cent".

Sharma also said the Bangalore metro rail project would transform the real estate sector in this city in three years, similar to what happened in Delhi.

"Metro completely transformed the entire (real estate) profile. This is going to happen in Bangalore also in the next three years. I am sure about it"", he added.

Referring to a just-released study, Sharma said the Bangalore real estate market is looking up again after two years, and demand has gone up.

LICHFL today kicked off a three-day property expo here, with participation of more than 50 builders who are showcasing more than 250 projects.

The maximum processing fee for the visitors at the exhibition - NIMMA MANE 2012 - is Rs 5,000 plus service tax, a "high rebate" as Sharma put it, adding, "normally, processing fee is one per cent of the total amount".

Source: http://economictimes.indiatimes.com/news/nri/nri-real-estate/with-falling-rupee-nris-take-keen-interest-in-real-estate-in-india/articleshow/11388233.cms

NRIs on a property buying spree

To cash in on the rupee depreciation, non-resident Indians (NRIs) are making a beeline to buy property in India. Most developers Business Standard spoke to claimed a 25 to 30 per cent spurt in sales to NRIs over the last two months.

Since August, the Indian currency has fallen by around 20 per cent against the US dollar. According to real estate companies, brokers, analysts and consultants, this has triggered a substantial rise in the volume of property-related enquiries from NRIs. The actual deal numbers have also gone up considerably. Many NRI buyers are even buying multiple units for investment purposes.

Since NRIs earn in foreign currency, their buying capacity has gone up manifold with the rupee weakening against the dollar.

“In the last three months, we have sold more than 100 units to NRIs, a clear increase of more than 20 per cent over the previous quarter,” said R K Arora, chairman and managing director of real estate developer, Supertech. Arora said while the domestic demand had slowed due to high interest rates, interest from NRIs had shown a great surge.

Similarly, Sunil Dahiya, managing director of Vigneshwara Developers and senior vice-president of real estate association National Real Estate Development Council (Naredco), said some of his company’s existing NRI customers were wanting to invest more in property. Vigneshwara has already recorded a 25 per cent increase in sales to NRIs over the last two to three months. “Most buyers who were planning to buy two-bedroom apartments earlier are now switching to three-or four-bedroom apartments,” he said.

Raheja Developers, which is building tall residential structures in Gurgaon and Delhi, has also noted a similar trend, where every fifth booking of its recently launched project has been from an NRI.

At least 25 per cent of the bookings in the project has been from NRIs, compared with just 10 per cent in our earlier projects, said Director Nayan Raheja. “I attribute this trend to the decline of the rupee against the dollar. Now, to leverage on the trend, we are marketing ourselves in the US and Canada, as this is just the right time to invest in India.”

Lalit Jain, chairman and managing director of Kumar Builders and the chairman of another real estate association, the Confederation of Real Estate Developers’ Associations of India (Credai), agreed that NRIs were making the best of the opportunity. According to Credai, there has been a 30 per cent rise in enquiries from NRIs and 20 per cent increase in actual buying.

Yet another developer, BCC Infrastructure, has sold 100 of its 800 units to NRIs this quarter. “Yes, we can say this is partly attributable to the falling rupee,” said BCC Infrastructure Managing Director Kumar Bharat. He added that NRIs were also showing interest in industrial plots, as they wanted to establish business centres in the country, against the backdrop of the global economic meltdown.

“Owing to the uncertain econominc environment, Indians living in the West do not want to put their savings in banks. They are investing in the Indian real estate market at a time when the rupee is ruling at record lows,” Dahiya noted.

A top representative of the Global Organisation of People of Indian Origin confirmed the trend of NRIs putting their money in the Indian property market more at this point due to the rupee dip. “There’s no better time than this to invest in Indian real estate,” he said. NRIs took quick decisions on buying residential property, he added, explaining how they reacted so quickly to the rupee-dollar development.

Anshuman Magazine, chairman and managing director, CB Richard Ellis (South Asia), told Business Standard the trend was positive as India had the highest appreciation in real estate. “However, real estate decisions take time to transact, unlike stocks, so it is difficult to give an industry figure,” he said.

Sanjay Sharma, managing director, Qubrex, a real estate consultancy, said: “It is difficult to assess how much of an increase in NRI buying has been because of depreciating of the rupee and how much because of seasonal trend.” He argued this time of the year usually saw NRIs buying property.

Source: http://www.business-standard.com/india/news/nris-onproperty-buying-spree/458868/