NRI's not homing in anymore

Recession in the US and Europe has forced many NRIs to rethink their property investment plans in India, reports Neha Dewan from New Delhi. There has been a drop of 50-60 % in bookings by NRIs over the last three months, owing to tight liquidity conditions in the international markets, top realty players said. What���s more, many NRIs are cancelling their earlier bookings as well.

Developers such as Parsvnath , Omaxe and Hiranandani Developers told SundayET that there has been a dip in the NRI buys over the last few months despite the dollar remaining firm vis-��-vis the rupee.

According to Pradeep Jain, chairman of Parsvnath Developers , there has been a 50-60 % drop in bookings since September .���Over the last three months, the impact of recession in the US has been felt strongly in the Indian realty market.