Nearly 50 percent of the purchases made in Sobha Developer’s Kerala real estate projects have been made by non-resident Indians (NRIs) living in the Gulf, demonstrating the increasing influence the GCC has on segments of India’s real estate sector.
Investors in Sobha City, a 55-acre project in Thrissur, Kerala, include jeweller Joy Alukkas and Lulu Group’s Yusuff Ali, amongst others, said Ramakrishnan P, deputy managing director, Sobha Developers.
“In India overall about 20 percent [of investors] are NRIs. There is a large percentage from the Middle East too. There are a lot of Malayalam’s outside Indian, especially in the Middle East. Roughly 48 percent of my sales are from people in the Middle East,” he said.
The figure is nearly double the average for Sobha’s other projects, added Ramakrishnan P.
Read more: http://www.arabianbusiness.com/gcc-based-nris-flock-kerala-real-estate-493330.html
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