The share of Non-Resident Indian (NRI) investment in total sales of Delhi NCR based real estate developer DLF Ltd, has surged to approximately 23 percent for the financial year 2023-24, marking the highest NRI sales for the real estate developer since FY21, when the covid pandemic led to a slump in NRI interest.
This is a significant increase from 14 percent in FY 2022-23, a top executive at DLF told Moneycontrol.
The share of NRI investment in total sales in the financial year 2021-22 was merely five percent while it was only around 2-3 percent in the financial year 2020-21, the data showed.
The increase in NRI investments in the company’s real estate projects has been driven by an increased demand for real estate investments from the NRI community as well as a proactive outreach program by the company in key markets.
Key NRI markets for DLF include the USA, Southeast Asian countries, Africa, and Gulf countries, but markets like Australia and Canada are also seeing strong traction.
Aakash Ohri, Joint MD and Chief Business Officer of DLF Home Developers Ltd, said that the share of NRI investment is growing “steadfastly” as DLF’s recently sold-out luxury housing project ‘Privana West’ in Gurugram witnessed around 27 percent sales bookings from the NRIs.
“Around 38 percent of the ‘Privana West’ sales were from the Indian diaspora in the United States, 30 percent from Southeast Asian countries and remaining from the Middle Eastern countries, Africa and UK,” he said.
He said that in the past two financial years, NRI contribution has increased from five percent to 23 percent. It is mainly driven by rising demand and proactive outreach across various markets throughout the year.
Steps to augment NRI investment
Ohri said that to further support NRI demand, DLF has established a dedicated NRI cell that assists them through the pre-launch, launch, and post-launch phases, ensuring a smooth and seamless process regardless of their location.
“While the USA, UK, Southeast Asia, and the Middle East have traditionally been strong markets, Australia has recently shown increased traction. We also plan to expand our reach to Canada and other markets gradually, with the USA remaining the highest contributor among international markets,” he said.
Ohri said that while Indian real estate has always presented vast opportunities for NRI investors, over the last three years, the company has seen a marked increase in NRIs investment in homes in India.
He added that historically, NRIs have been strong investors in DLF's residential properties, from plots to high-rises, not only in Gurugram but across the country in places like Panchkula, Chennai, Kochi, Lucknow and Indore.
Also Read: DLF's luxury residential project 'DLF Privana West' achieves Rs 5590 crore sellout in 3 days
Earlier this month, DLF had announced that it had sold out its latest luxury residential project, 'DLF Privana West,' consisting of over 700 flats and valued at approximately Rs 5,590 crore, in just three days. The project is nestled within Sector 76 and 77 in Gurugram. Prior to this, DLF had sold out its another luxury project ‘DLF Privana South’ in January 2024.
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