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It’s not easy dealing with Indian currency when you’re not from India.
Struck by a poster of a lush two-bedroom condominium unit in Goa, just a few minutes’ walk from the gorgeous Cevelossim beach, I asked how much it would take to purchase paradise.
“About 3.7 crore”, says Mr Ashish Mehta, a sales representative from behind a booth in the far corner of the Melati ballroom at the Marina Bay Sands Expo and Convention Centre, where the self-professed “world’s biggest Indian property investment show” was being held.
Run by NRI One, the expo is held once every quarter at venues across Singapore for anyone interested in investing in newly built residences in India.
With 20 to 30 real estate developers on hand, the expo showcases brand new condos and apartments at almost BTO (build-to-order) prices – to use a local scale of reference.
I whip out my iPhone and begin sorting through the zeros in 3.7 crores, confused by the odd comma placement in between, before Mr Mehta notices my struggles and says: “It’s about US$450,000.”
“Are you an Indian citizen?” he asks.
When I tell him “no” and that I’m just a lowly-paid reporter from Singapore, he affords me a smile and says I have to be an NRI (non-resident Indian) or an OCI (overseas citizen of India) to purchase property.
I guess some dreams last for just a few fleeting minutes.
But for the 100-or-so patrons that visited the expo on April 27, the bargains were well on the table.
In Mumbai, for instance, where property prices typically go up to as high as Rs24 crore for a three-bedroom apartment, prices listed at the expo ranged from just Rs10 crore to Rs15 crore.
Properties on sale were listed in cities such as Pune, Hyderabad, Goa, Chennai, Delhi and Jaipur – with prices starting from Rs40 lakh ($65,000).
Mr Gaurav Sharma, director of NRI One, says Hyderabad and Pune are the cities that have been selling well.
“It’s because of the infrastructure development they’re bringing, and the fact that the government is working hard to make it a mega city. So, developers and real estate companies are complimenting the project by creating the ancillaries – houses, condos, even roads as well,” he explains.
NRI One hosts property expos every month in various parts of the world, says Mr Sharma.
In addition to Singapore, it has a presence in the UAE, Bahrain, Hong Kong and in major cities in the United States.
When it held its first expo here in November 2022, just after the Covid-19 pandemic, there were 11 real estate developers on show. Today, that number has risen to just over 30.
“Singapore is a very India-friendly country, and because of its proximity to India, it’s a good market for Indian real estate,” Mr Sharma says.
“Many Indians living here, I would say belong to the upward mobility segment, with disposable income and a good amount of savings. Indian real estate is the shining star in the world of investment. Then there is also the (favourable) currency difference that factors into their buying decisions.
“Every Indian living abroad wants to have some kind of connection with India. Having a place in your motherland makes a difference. It’s an emotional connection.”
I wasn’t sure if it was that very emotional connection that led me back to the Goa property sales booth, where a billboard displayed the tagline “G.O.A – great opportunity arrives”.
Mr Mehta notices me loitering about once again.
“If you have any family in India, you can purchase a home in their name,” he says. “Or perhaps you can marry an Indian.”
Right. Now if only there was a “world’s biggest Indian matchmaking event” at the Marina Bay Sands.
“Singapore is a very India-friendly country, and because of its proximity to India, it’s a good market for Indian real estate.”
