Real estate developers and agents in India are now offering more solution to market properties to Non-Resident Indians (NRIs) and international real estate investors. Their focus now is geared to target the burgeoning and lucrative market of prospective Canadian buyers.
The latest report by ‘Statistics Canada' says that South Asians have now surpassed the Chinese as the largest visible minority group in the Greater Toronto Area. 'The 2006 Census enumerated an estimated 1,262,900 individuals who identified themselves as South Asian, a growth rate of 37.7 percent from 917,100 individuals in 2001. For the first time, the South Asian community has
outnumbered the vast Chinese population in the Greater Toronto area,' says the report. Pair this with the World Bank's new report: `Migration and Remittances Factbook 2008′: NRIs (primarily in North America) sent over $27 billion in foreign remittance to India in 2007, making India the highest recipient of remittances in the world ($27 billion = INR 108,000 crores). A significant portion of this amount went into Indian real estate. Indian realty is growing at a whopping 30 percent with the $15 billion market expected to reach $90 billion within the next 8 years. Huge demand and access to capital have been the key drivers for propelling the Indian real estate market into overdrive as more and more money is pouring in.
all of the above elements come together in an exciting and unprecedented business opportunity in Canada. According to Kam Rathee, President Canada-India Business Council, 'The latest Canadian census report shows South Asians have taken over the Chinese as the largest ethnic community in Canada and Indians have a lion's share of the population and wealth among them.
This Indian wealth, which is becoming legendry on account of their foray into business, trade, investment and executive positions, has and will see its way into India's real estate market not only on account of the returns it brings but also in satisfaction of the emotional pull to invest in the motherland. Further, as the earth is flattening, the Canadian dollar, like water, is bound to find its way away from the low return in Canadian real estate to a robust return from India's realty.' .
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We would like to take the opportunity to welcome all the community members living world wide to our real estate portal.(NRI)
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