Online portals an advantage to NRIs

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: Aditya Verma, Business head, Makaan.com

Anon-resident Indian (NRI) is an Indian citizen who has migrated to another country or is a person of Indian origin who is born or resides outside India. It is estimated that over 30 million NRIs are across the world. While staying abroad they have some specific requests related to matrimony, financial services, real estate, communications, remittances and business avenues. Amongst all these NRI services, real estate has evolved as one of the most essential requirements. NRIs with high disposable income mostly look at real estate in India as options for investments. The new- generation NRIs (including many software professionals) also want to secure themselves with property investment back home.

Indian real estate has witnessed a revolution over the last few years and is growing at a rapid pace of over 25% across most parts of the country. Search for the dream property is not confined to newspapers; Internet has become a key enabler for NRIs looking for the dream property.

Set to grow to Rs 1,050 crore in the next four years from 30 crore now, the mushrooming online real estate business in the last one or two years has seen increase in the number of realty websites. The major players own about 80% of the market currently. Still in a very nascent stage, the industry is expected to grow larger than any other online sector.

There is much that the realty market has to offer. But staying abroad, it is almost impossible for NRIs to keep track of all the developments in the sector. Serious buyers therefore need right information and professional property services to keep abreast with the latest trends in the Indian realty market. Due to lack of access to Indian newspapers abroad, they are not aware of the various options available for investments. Earlier, one had to refer to relatives and friends in India to get information on the available properties. But now with the introduction of online realty portals, one can find potential information about the various properties, with just a click of a mouse.