NRIs stay away from investment in realty sector

Another blow of the global meltdown has been felt by the already bleeding realty estate industry. Non-Resident Indians (NRIs) are avoiding coming home this year and not investing in property, something that brokers look forward to every year.
NRIs from across Punjab prefer investing in residential properties in and around Chandigarh, Jalandhar, Amritsar, Patiala and Ludhiana. This year, however, they have decided to stay put and not return home.

“The situation is very bad at present and is expected to grow worse in future,” says Kamaljeet Singh, president of the NRI Sabha in Jalandhar. He added that the impact of the global meltdown has been felt by all the sectors and real estate is one of the worst hit.

Property brokers across the city agree that the recession has further dealt a blow on the real estate industry, which was already going through a bad phase.