NRIs Drive Punjab's Real Estate Boom: Developers Eye Record Growth
Apr 18, 2024
NewsVoir
New Delhi [India], April 18: The picturesque state of Punjab is witnessing a remarkable surge in its real estate sector, fueled largely by a significant influx of investments from Non-Resident Indians (NRIs). Financial inflows into the state's property market have reached unprecedented levels, marking a new era of growth and development for the region.
Simplified Taxes, Indexation Benefits are Prompting NRIs to invest more in Real-estate back home. Prominent real estate developers in Punjab are upbeat about this flourishing trend, highlighting the immense potential and opportunities it brings. Here's what they had to say:
Prateek Mittal, Executive Director, Sushma Group:
"Our company has seen a substantial increase in interest from NRIs, particularly in our luxury residential projects. The demand for premium homes with modern amenities is at an all-time high, We're seeing more inquiries than ever for Holiday homes, Today's buyer is seeking expansive living areas bathed in natural light, they are not after land but a certain lifestyle and we are committed to delivering exceptional living spaces that meet the discerning tastes of our NRI clientele."
Mukul Bansal, Managing Director, Motiaz:
"Punjab's real estate market is experiencing rejuvenation, thanks to the enthusiastic participation of NRIs. We have witnessed a surge in investments in both residential and commercial properties. According to recent reports, NRI residential sales have increased from 11 per cent to 15 per cent in a short span, a sign of growing confidence in India's real estate market. The state's strategic location and growing infrastructure make it an attractive destination for property buyers."
Piyush Kansal, Executive Director, Royale Estate Group:
"The NRI community's trust in Punjab's real estate market is evident through their substantial investments. There's a surge in NRI investment across our projects. We are focused on creating value-driven projects that resonate with their aspirations. Our upcoming mixed-use development has garnered significant interest from NRIs looking for lucrative investment opportunities. "
Tejpreet Singh, Managing Director, Gillco:
"The landscape of Punjab's real estate is evolving, driven by the aspirations of NRIs seeking a slice of their homeland. NRI investments in Indian real estate have surged to a record high of $8.47 billion in the financial year 2023-24. Our integrated townships and commercial projects have been met with great enthusiasm from NRIs, who see Punjab as a thriving hub for growth. Our investors have witnessed returns as high as 30% on their investments with Gillco Group. We are committed to shaping the future of Punjab's real estate sector."
With Punjab's real estate market poised for exponential growth, developers are gearing up to meet the demand for premium properties, innovative designs, and world-class amenities. The infusion of NRI investments promises to redefine the skyline of Punjab, creating vibrant urban spaces and luxurious living experiences for residents and investors alike.
As the state embarks on this exciting journey of development, one thing remains clear--the partnership between NRIs and Punjab's real estate developers is set to script a success story that resonates far and wide.
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