Puravankara targets Dubai-based Indians with properties at home as NRI deposits swell

Purvankara has been upbeat on strong demand in FY25. "The global economy is expected to experience a synchronised rebound in 2025, following anticipated rate cuts by Western central banks later in 2024.

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Realtor Puravankara is looking to tap into high interest among non-resident Indians in buying property back home, and has lined up an overseas event this weekend to showcase projects to NRIs based in Dubai.

Citing a big increase in money in NRIs’ deposits in 2023-24, Puravankara said there is 'definite interest' among NRIs in purchasing a property they can return to. Group CEO Abhishek Kapoor said NRI deposits rose by 84.4% from $6.40 billion to $11.8 billion between April 2023 and February 2024.

Some experts had told Moneycontrol in 2023 said rising real estate prices and geopolitical worries may nudge NRI investments from Dubai into Indian cities like Bengaluru, Pune and Hyderabad.

The buoyancy in Indian real estate market offers better capital protection than the conflict-torn West Asian region, or the US and European markets, according to experts.

Sensing an opportunity, Puravankara is pushing ahead with an offer of post-sales support, including help with loan facilitation and access to financing options. Buyers can also avail customised interior design services, said Puravankara.

Buyers will be able to explore a diverse portfolio of 1-5 BHK apartments, penthouses, villas and plots, ranging between 600-5,000 sq ft, through projects in five major cities, the company said.

Purvankara has been upbeat on strong demand in FY25. "The global economy is expected to experience a synchronised rebound in 2025, following anticipated rate cuts by Western central banks later in 2024. Improved capital flows are likely to bolster private investment," the realtor said in its FY24 annual report.

India's luxury home segment has seen a remarkable growth, with sales of homes priced at Rs 4 crore and upwards rising by 75% in FY24, along with a rise in the prices of these houses.

A recent Jones Lang LaSalle note had said that the Indian micro-markets too offer encouraging indicators for long-term investment.

The COVID-19 pandemic had sparked a demand for bigger living spaces, and Puravankara has noted that the trend has persisted. The segment has maintained strong sales volumes at a ten-year high, despite concerns over inflation or interest costs, Puravankara has said. India's urbanisation rate, which according to Puravankara is expected to reach 40% by 2030, is progressively fuelling this demand.

Moneycontrol recently reported citing sources that the Bengaluru-based real estate developer is gearing up for a qualified institutional placement (QIP) to raise as much as Rs 700-800 crore.

Puravankara on July 31 reported a consolidated net profit of Rs 15.44 crore in the first quarter of the financial year 2024-2025 on higher income. The company had posted a net loss of Rs 17.16 crore in the year-ago period.