IREX to exhibit about100 foreign realty projects in October

NEW DELHI: A total of 35 international real estate developers and marketing companies will showcase about 100 residential, commercial, retail, hotel and leisure projects during the second edition of International Real Estate Expo (IREX) in New Delhi next month.

The investment opportunity in projects from Australia, Canada, Europe, New Zealand, Sri Lanka, Thailand, UAE, the UK, and the US starts from Rs 2 crore onwards. The companies will be targeting the increasing number of ultra high net worth individuals (UHNIs) and high net worth individuals (HNIs) in the country, at an event to be held from October 7-9. India has become a prime market for international developers on the exponential, or 330%, rise in number of ultra-high net-worth individuals over the last decade, against 68% globally, according to Knight Frank Global Wealth report 2016.

The count is expected to double over the next 10 years, while global number is expected to rise just rise 41%. Real estate is still one of the most preferred asset classes for the rich. Around 31% of Indian UHNIs have increased their allocation to residential real estate, while 47% have allocated more investment to commercial property market during the last 10 years. Around 16% of Indian UNHIs are keen to invest in residential properties in the next one year, according to the report.

The number of HNIs investing abroad has increased by 166% in the last 10 years. Also doubling of the foreign exchange remittance limit to Rs $25,0000 per individual per year by the Reserve Bank of India (RBI) last year has made home buying in foreign countries easier for rich Indians.

Credits ET Realty

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