Developers’ hard sell to attract NRI investment

Though NRI enquiries for buying property has risen by about 15 to 20 per cent in the period April to July they are not translating into sales. This has resulted in the developer community hard selling with several freebies thrown in to attract this community.
With the fall in Rupee value the number of enquiries from NRIs saw a marked increase in the period March to June 2013. Krishnappa Arjun Kamath, Proprietor, Anirudha Realties Consultant, whose clients include several NRIs recorded an increase of about 70 calls in the period May-June alone, a far cry from the 20 odd calls they used to get previously over a 2 month period. But over a month later none of them have translated into a sale.
“Though several of these enquiries progressed steadily, a cross section of micro market rates were asked for, and some even negotiated with us for better pricing, they have all gone almost cold since. This is in direct contrast to the trend we have observed in the past. NRIs normally are quick decision makers and once they decide on the City, in a matter of a month they send in the booking amount,” states Kamath.
                           
                                                                                                                Prashant Sharma
                                                                                                                PGDM (2013-14)