NRI's investment in DLF projects constitutes 23% of total share in FY24

A prominent player of luxury real estate segment, DLF Group has declared that, the share of Non-Resident Indian (NRI) investment in total sales has jumped 23% for the financial year 2023-24. This upsurge marks the highest NRI sales for the real estate developer since FY21, when the COVID-19 pandemic led to a slump in NRI interest. According to a senior executive, the company witnessed significant increase from 14% in FY 2022-23.

According to the data, 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% in the financial year 2020-21. 

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.

The pivotal market for DLF include the USA, Southeast Asian countries, Africa, and Gulf countries, but markets like Australia and Canada are also seeing strong traction.

Joint MD and Chief Business Officer of DLF Home Developers Ltd, Akash Ohri said that, the share of NRI investment is growing rapidly as DLF’s recently sold-out luxury housing project ‘Privana West’ in Gurugram witnessed around 27% sales bookings from the NRIs.

He commented, “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 also said that, in the past two years NRI contribution has surged from 5% to 23%. It is mainly driven by rising demand and proactive outreach across various markets throughout the year.

Ohri explained that, to increase the 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.

Ohri said that, Indian Real estate has offered vast opportunities for NRI investors, over the last three years, the company has seen a marked increase in NRIs investment in homes in India. The NRIs have been a strong and constant 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.

He further commented, “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.”