Realty Industry experts point out that NRI investments from the GCC countries have contributed as much as 80-90 percent in the past. Due to the crisis in the Gulf region, it has declined to around 50 percent.
However another trend has appeared, as many NRIs are turning into genuine buyers, especially in Hyderabad, Chennai and Bangalore, as they want to return to India to settle down. Realty players view this as a silver-lining in the current scenario.
Off all the GCC states Dubai is the only place that has seen low negative impact while the dip in NRI investments is not alarming it opens up opportunities for developers to work even more closely with the government support, as they should be able to find the right balance between prices and apartments best suited for the mid-segment and move beyond the elite.
Anuj Puri the Chairman and head of JLL India a real estate consultancy, also foresees a realistic realty market in the aftermath of the Gulf crisis.
Suresh Hari, partner, Vishal Promoters and Builders is of the opinion that planned launches could save the realty sector. He confirmed that the international economy driven customers are today looking at prices that are comfortable, and as such launches should be made. There is certainly a shift in the demand profile.