Author: Rabindra

Renu Dalal Presents ‘Recipes From My Heart’: A Culinary Masterpiece Continues the Family Legacy

Mumbai, September, 2023 – Renu Dalal, daughter of renowned chef, cookbook author, and television presenter, Tarla Dalal, unveiled her highly anticipated third cookbook, ‘Recipes From My Heart’, to an enthusiastic audience at Kemps Corner, Mumbai. This culinary masterpiece follows in the footsteps of her previous bestsellers, carrying forward the rich tradition of innovative vegetarian cooking that has made her family a household name.

Building on the success of her previous bestsellers, ‘Modern Vegetarian Recipes’ and ‘Simple & Delicious Vegetarian Recipes’, Renu Dalal returns with ‘Recipes From My Heart’, an exquisite collection of culinary creations inspired by her deep-rooted passion for vegetarian cuisine. This cookbook is a testament to her dedication to crafting dishes that are not only delectable but also easy to prepare.

‘Recipes From My Heart’ features a tantalizing array of recipes, handpicked for their ingenuity, healthiness, and simplicity. From the enchanting Berry Soda to the irresistible No Bake Biscoff Cheesecake and the innovative Chole Tacos, Renu’s cookbook offers a delightful culinary journey for both novice home cooks and seasoned chefs.

Speaking at the occasion, Renu Dalal, shared, “Recipes From My Heart is more than just a cookbook; it’s a heartfelt tribute to my lifelong love affair with food and flavors. My passion for cooking shines through in every page, making this book a must-have for anyone who wants to explore the diverse and delightful world of vegetarian cuisine.”

Renu Dalal’s culinary journey began early in life as she watched her mother, the revered chef, Tarla Dalal, whip up dishes that would become her culinary legacy. With a childhood steeped in gourmet experiences, her affinity for the culinary arts was evident from a young age. Following the passing of her beloved mother, she embarked on her own culinary adventure, blending global flavors with traditional Indian techniques. Her cooking style is a playful fusion, loved and appreciated by individuals of all ages.

To get your copy of ‘Recipes From My Heart’ and embark on a culinary adventure like no other, visit your nearest bookstore or order online today

Discover an Innovative Indian Rendezvous with Norwegian Flavours as Nila Takes Over Perbacco at The Lodhi, New Delhi

New Delhi, September 2023 – Get ready for an unparalleled culinary rendezvous as Nila, Norway, takes the spotlight at Perbacco, The Lodhi, New Delhi. Dr. Chef Sakirat Waraich, a London-educated dentist whose culinary passion led her to the MasterChef® stage in Norway, is set to captivate the capital city with her extraordinary fusion of Norwegian ingredients and traditional Indian flavours.

Nila restaurant represents the exquisite merger of Norwegian and Indian culinary traditions. The very name “Nila” is a poetic reflection of this seamless merger, where the letters “N” and “I” beautifully intertwine, symbolising the harmonious blend of Norwegian and Indian influences. But “Nila” goes deeper; it signifies “blue,” a colour deeply rooted in nature, symbolising new beginnings and holding immense significance in Indian culture and heritage.

The Nila Experience at Perbacco:

This exceptional culinary sojourn promises an enticing menu that gracefully marries Norwegian and Indian flavours. Dishes like “Nila Blueberry Puri,” “Indian Heart, Norwegian Beat,” “You Say Cheese, I Say Brown,” and “Salmon Seaweed Chaat Tartar” will transport diners to a world where tradition effortlessly embraces innovation. Each dish is a delightful narrative of fusion, like the exquisite “Kashmir to Kongsberg,” offering a sweet finale with Kashmiri saffron panna cotta, brown cheese caramel sauce, Norwegian gingerbread, and a medley of berries – a symphony of flavours that crescendo to an unforgettable dining experience.

Bringing the Northern Lights to India:

Beyond her role as the Culinary Director at Restaurant Nila in Norway, Dr. Sakirat has been an ambassador of Indian flavours, holding presentations, masterclasses, and live cooking events around the world. Her dedication to ingredient-conscious cooking and the promotion of Indian cuisine has been celebrated globally. She returns to India with great pleasure, bringing her delectable dishes with a Northern Lights twist to delight Indian palates.

This unique pop-up experience promises to blend the essence of Norway and India into a captivating culinary tapestry. During dinner service, guests can relish these exquisite dishes at Perbacco, The Lodhi, from September 29th to October 1st. The specially curated five-course menu is priced at INR 4500 + GST per person.

Date: 29th September to 1st October 2023

Venue: Perbacco – The Lodhi, New Delhi

HRX Introduces MetaFlash 2.0 – Redefining Running Performance and Comfort

Mumbai, 21st September 2023 – HRX, India’s first homegrown fitness brand, is thrilled to announce the launch of its latest innovation, the MetaFlash 2.0 – an upgraded and improved version of the highly acclaimed MetaFlash 1.0. Designed and manufactured in India, the MetaFlash 2.0 sets new benchmarks in running footwear, combining advanced technology, exceptional performance, and enhanced comfort.

The MetaFlash 2.0 is the result of HRX’s commitment to pushing boundaries and delivering superior products to fitness enthusiasts, especially runners. This revolutionary running shoe is conceptualized to provide runners with an unparalleled experience, allowing them to achieve good form, stride, and cadence measures while helping them enhance performance.

MetaFlash 2.0 is engineered to provide runners with superior cushioning and flexibility. The heel drop provided in Metaflash 2.0 makes it a good starting point for runners to induct themselves into the running regimen,. Metaflash 2.0 comes with a Supersoft Rubberized Mid-sole which ensures responsive cushioning that absorbs impact and minimizes joint stress, promoting a more comfortable and efficient run. Also, the High Abrasion Thermoplastic Rubber Sole guarantees durability and grip, making it suitable for various terrains and weather conditions. This advanced sole material enhances stability and traction, empowering runners to conquer any challenge. MetaFlash 2.0 offers an upgraded level of comfort compared to its predecessor. The shoe’s design and materials are carefully selected to ensure a snug fit that adapts to the runner’s foot shape, reducing discomfort during prolonged use. HRX is proud to contribute to the ‘Make in India’ initiative with MetaFlash 2.0. The shoe is meticulously crafted by skilled Indian artisans who prioritize quality and precision in every detail.

On the launch of MetaFlash 2.0, Pallavi Barman, Business Head and Fitness Ambassador of HRX, said “HRX is excited to partner with Flipkart, India’s leading
online marketplace, for the exclusive launch of MetaFlash 2.0. This collaboration ensures that running enthusiasts nationwide have easy access to the cutting-edge
technology and performance-enhancing features of the MetaFlash 2.0. Being a runner myself, I understand the need and gap that exist when it comes to
good and solicited running shoes and Metaflash fits in just right. The MetaFlash 2.0 is a testimony to HRX’s commitment to providing good technology, comfort,
and performance to our everyday athletes.”

SmartTerra and Solinas Integrity Awarded INR 1 Crore and 75 Lakhs Each as Winners of The/Nudge Prize

Pune – The/Nudge Centre for Social Innovation (CSI) and Ashirvad by Aliaxis, in partnership with the Office of the Principal Scientific Adviser to the Government of India, announced SmartTerra from Pune and Solinas Integrity from Nagpur as the winners of the Ashirvad Water Challenge (AWC) on September 18, 2023. The start-ups were awarded INR 1 crore and 75 lakhs respectively after being shortlisted from among 140+ applicants through a rigorous selection process involving expert evaluations and field assessments. The competition, which began in February 2022, aimed to address the critical issue of Clean Drinking Water for All. Smarttera and Solinas’ platforms are already operational in Pune & Nagpur among other cities across the country.

‘The/Nudge Prize: Ashirvad Water Challenge’ supported by Ashirvad, an Aliaxis company, aims to find innovative, scalable and impactful technology-driven solutions to India’s water crisis, and widen clean drinking water access to improve health and hygiene across urban and rural communities.

SmartTerra’s AI-powered data analytics platform helps water utilities find leaky pipes and suspect/faulty water meters to reduce water loss, while Solinas Integrity’s “Endobot” robotic solution secures pipeline infrastructure by detecting leaks and contaminations.

The winners were selected by a jury on the basis of their solution’s impact, economic feasibility, sustainability, scalability and its ability to address water purification, storage, distribution, recycling, and accessibility.

“From Challenge to Change – the journey of this leg of the AWC would have been incomplete without the support and guidance of our advisors, ecosystem partners and the indomitable spirit of the contestants! The 7 finalists have each unlocked innovations and disruptive value within the water value chain – from developing more efficient, secure, reliable waterways to delivering source sustainability. From creating economic value from wastewater to making consumption measurable to ensuring safe water! I am confident that these solutions will enable India to move forward in delivering clean water for all – technology has been a key lever, but their passion to deliver impact and value is what assured me of their success in this endeavor!”, shared Kanishka Chatterjee, Director of The/Nudge Prize.

The grand finale of The/Nudge Prize: Ashirvad Water Challenge was held at India Habitat Centre, New Delhi, on September 18, 2023 and was attended by several key dignitaries from the water sector. This event also marked the announcement for the launch of the second edition of the Ashirvad Water Challenge which is expected to open for applications in November 2023. This challenge is one of the largest to be seen in India, to address innovation & scale for developing sustainable livelihoods at the intersection of Water and Livelihoods.

FADA releases Dealer Satisfaction Study’23 (DSS’23) results and key findings

New Delhi, Wednesday, 21st September 2023: The Federation of Automobile Dealers Associations (FADA), India’s premier organization for automobile retail, today unveiled the results of its comprehensive Dealer Satisfaction Study 2023. Conducted in collaboration with Singapore-based PremonAsia, a leader in consumer insights and advisory services, the study offers an unparalleled look into the auto retail landscape.

Commenting on the release of the study, FADA President, Mr. Manish Raj Singhania said, “The YoY improvements underscore the indispensable value of this annual study in identifying critical issues to fortify the Auto OEM-Dealer partnership. While Auto Dealers are increasingly optimistic, concerns related to dealership viability and policy collaboration with OEMs require immediate attention. Going forward, high-impact areas such as unsold inventory clearance and actions against MBOs (Multi-Brand Outlets) offer ample scope for improvement.”

FADA Treasurer and Director DSS’23, Mr Amar Jatin Sheth added, “In its third edition, DSS’23 has grown more robust, drawing participation from over 1,800 Dealer Principals and approximately 3,500 outlets, representing a balanced mix from all four geographical zones in India. The study utilizes six evaluative dimensions and 70 attributes to arrive at its findings. While dealer satisfaction is generally improving, aspects like dealer involvement in OEM policy-making remain areas for potential progress.”

PremonAsia Director and COO, Mr Rahul Sharma remarked, “The Dealers continue to assign higher importance to After-sales and Business Viability related issues. While there have been improvements made by OEMs in all the areas, the expectations on ensuring Dealer viability, particularly related to OEMs buyback/deadstock inventory and understanding the dealer cost structure are still flagged as concern areas across the industry. Addressing these concerns through involving dealers in the policy-making and hearing them will certainly go a long way in managing dealer expectations better.”

Distinctive Achievements in Dealer Satisfaction Across Segments

While the leaders in the Two-Wheeler Mass Market and Commercial Vehicle (CV) segment maintain their positions from the previous year, the Four-Wheeler Mass Market segment has seen intriguing shifts. Hyundai now spearheads the category, followed by notable entrants Maruti-Suzuki and Mahindra & Mahindra in the top three.

Exceptional Performers Deserve Recognition:

Honda Cars India: Demonstrating the most significant leap in this year’s study, Honda Cars India escalated its ranking by 153 points, settling at the fourth position in the Four-Wheeler Passenger Mass segment.
Two-Wheeler Mass Market: With an industry-level improvement of 84 points, Royal Enfield distinguished itself by boosting its score by 96 points to secure the runner-up position.
Commercial Vehicles: While VECV continues to occupy the pole position, Tata Motors and Ashok Leyland have significantly narrowed the gap, improving their scores by 68 and 67 points, respectively. This sets the stage for an intensely competitive landscape in the forthcoming years.
Brand Dynamics: Hyundai has surpassed Kia in rankings, attaining the leadership position. Honda emerges as a standout performer, notably benefiting from its new product launches and unwavering dealer support, particularly in areas concerning Business and Viability.

The continuous performance improvement across OEMs and intense competition underscores the evolving nature of the auto retail industry, reflecting its readiness for future challenges.

Industry-Wide Insights on Dealer Satisfaction and Emerging Trends

At the aggregate industry level, the Average Dealer Satisfaction Score has marked an encouraging increase, rising by 48 points YoY to a current score of 767. Notably, ‘Product’ stands out as the highest-scoring factor across all categories. This trend underscores the industry’s commitment to meeting contemporary consumer demands with world-class products.

Despite its notable improvement from the previous year, the ‘Business and Viability’ criterion remains the lowest-scoring factor, signaling a critical area for ongoing attention and development.

Source: FADA Dealer Satisfaction Study 2023 in association with PremonAsia

Segment-Specific Observations:

Commercial Vehicle: The study highlights an increased level of satisfaction, particularly in business viability. This is significant, given the industry’s recent transition to BS VI-compliant vehicles. However, concerns remain about deadstock management and OEM inventory buyback policies.
Four-Wheeler Mass Market: While dealers express high satisfaction with product reliability, concerns persist regarding deadstock and inventory buyback policies, as well as the extent of dealer involvement in policy-making decisions with OEMs.
Two-Wheeler: Similar to their counterparts in other segments, two-wheeler dealers are generally satisfied with product reliability and range. Yet, concerns about OEM buyback and deadstock policies, along with decision-making involvement, remain.

Opportunities for Enhancement:

Inventory Management: There is a consensus on the need for more supportive measures in inventory and carrying-cost management.
Dealer Involvement: Initiatives like active Dealer Advisory Councils could play a pivotal role in driving dealer satisfaction, particularly by involving them more closely in decision-making processes.

These findings present valuable insights for OEMs to refine their strategies, focusing on both product excellence and strengthening dealer partnerships, to navigate the industry’s evolving landscape effectively.

Commercial Vehicles Segment

Source: FADA Dealer Satisfaction Study 2023 in association with PremonAsia

2- Wheeler Market Segment

Source: FADA Dealer Satisfaction Study 2023 in association with PremonAsia

4-Wheeler Mass Segment Rankings

Source: FADA Dealer Satisfaction Study 2023 in association with PremonAsia

MotoGP arrives in India, Repsol Honda Team ready for the newest challenge

Greater Noida, September 21, 2023: India becomes the latest nation to host a MotoGP World Championship round, the Repsol Honda Team pairing of Marc Marquez and Joan Mir excited to meet their Indian fans in person.

Round 13 of the 2023 MotoGP World Championship season lands in India at the Buddh International Circuit, a new venue and a new host country for the sport. With millions of motorcycles and scooters used daily in the world’s second most populous country, it’s safe to say India is full of motorcycle racing fans. The 4.96 kilometers of the Buddh International Circuit look set to produce another thrilling round of racing, a mix of long straights, tight hairpins and technical sections offering up a variety of overtaking opportunities.

Marc Marquez has always been a quick study and will be aiming to get up to speed and understand the 13 corners of Buddh as soon as possible. The #93 arrives on the back of a progressive weekend in Italy which culminated in seventh place, continuing his steady progress across the year. With a new track to learn, the work of the weekend will need to be balanced between learning and continuing to work on making improvements to the Honda RC213V.

On the other side of the garage, Joan Mir is hoping that a new venue will bring new fortunes after a tricky end to the San Marino GP. Despite the end, Mir was able to make steps forward in improving his feeling with the Honda RC213V. More track and bike time will be the key to continuing this trend and the intense schedule at the end of the year will provide exactly this to the #36.

It’s set to be a history-making weekend in India no matter what. Teams, riders and fans won’t have to wait long for their next fix of MotoGP action as the paddock will fly directly to Japan for Honda’s home race: the Japanese GP. This starts an intense period of eight GPs in ten weeks as the championship charges into the end of the season.

Marc Marquez

“I am really excited to meet all of the fans in India. It’s always a nice moment when we bring MotoGP to a new country, new people and new fans to share our sport and our passion. We will need to work a lot to understand everything about the track and about our own situation with the bike. The objective is to put together another weekend like Misano, build over each day and have a good pair of races. Let’s get ready for India and to meet everyone!”

Joan Mir

“Visiting a new place is always really exciting, you see a lot on social media how many fans there are from India so I think it’s really important and great to go see them. The track itself looks like it will be interesting with a lot of different elements. There are many things to understand when you go to a new circuit so it’s important to do every step well, from walking the track when we arrive to making the most of every session on track.”

Logistics trade & festive rush-Lobb ready for challenge

Bengaluru September 20, 2023– Deloitte’s annual holiday retail forecast pegs festive retail sales to rise to between 6-8%. On the home-front, online festive sales are expected to rise by 28% from last year, touching over $12 billion in view of Deepawali and Christmas.

To meet the rising purchases in the festive season and also appease the harder-to-fulfil customers, a unified and robust logistics process is critical for:

• Fresh/repeat purchases
• Ad hoc demand surges
• Last mile deliveries
• Timely delivery
• Reverse logistics

All of these are to be done — quickly, accurately and efficiently. So, let’s understand how the logistics industry will add shine to peoples’ festive buzz this year.

This is why logistics companies have spruced up their operations more than ever by:

-Upgrading warehouse capacity

-Building more fulfilment centres and delivery hubs to strengthen last-mile delivery

-Hiring in-house resources in hundreds across verticals, such as sales, servicing and operations

-Outsourcing/hiring a huge gig workforce to meet demand escalation across the business-to-business (B2B), business-to-consumer (B2C) and direct-to-consumer (D2C) segments.

Venu Kondur CEO Lobb Logistics says, “With precise planning, before-time advancements in operations and rising technology interventions, the logistics industry continues to reinvent the game every passing year. Perhaps, the greater good it does while fuelling this festive rush is delivering smiles to a million faces easily, effortlessly and enthusiastically. Tirelessly and unfailingly”.

Few important observations from Lobb also highlights:

1. Increased Consumer Demand: Festive seasons in India often see a surge in consumer spending as people shop for gifts, clothing, electronics, and other goods. This increased demand for products leads to a higher requirement for logistics services to transport and deliver these goods to retailers and consumers.
2. Inventory Stocking: In preparation for the festive season, businesses, especially retailers, tend to stock up on inventory to meet the anticipated demand. This results in larger shipments and storage requirements, driving up the need for logistics services to manage and move inventory efficiently.
3. E-commerce Boom: The rise of e-commerce in India has significantly impacted logistics. During the festive season, e-commerce platforms run promotional sales and discounts, which attract a massive influx of online shoppers. This surge in online orders creates a substantial demand for last-mile delivery and fulfilment services.
4. Transportation Challenges: The increased demand for logistics services often leads to transportation challenges, including congestion on roads and highways. Logistics companies may need to plan their routes carefully to ensure timely deliveries.
5. Seasonal Workforce: Many logistics companies hire seasonal workers to cope with the increased demand. This includes drivers, warehouse staff, and delivery personnel. Recruiting and training these temporary workers is a logistical challenge in itself.
6. Warehouse Space: Warehousing capacity may become a bottleneck as companies require additional space to store excess inventory during the festive season. Securing and managing additional warehouse space becomes crucial to meeting demand.
7. Timely Deliveries: Timely deliveries are critical during the festive season, as consumers expect their orders and gifts to arrive on time. Logistics companies need to ensure that their supply chain operations are well-optimized to meet delivery deadlines.
8. Technology Integration: Logistics companies often invest in technology solutions such as route optimization, GPS tracking, and inventory management systems to enhance efficiency during the festive season.
9. Price Fluctuations: The increased demand for logistics services can sometimes lead to price fluctuations, with transportation and warehousing costs potentially rising due to high demand. In some routes, prices could go up as high as 20-30% due to high demand and lack of trucks.
10. Planning and Coordination: Planning and coordination become essential to ensure smooth operations. Companies need to forecast demand, optimize routes, and coordinate with suppliers and carriers effectively.

Issued by Social Amplifiers

A Month of August Extravaganza: Celebrations Galore at Growel’s 101 Mall

August unfolded as a month of remarkable jubilation at Growel’s 101, marking its illustrious 13-year reign as the cherished family haven in the Western Suburbs of Mumbai. The anniversary was commemorated with an array of fun activities, featuring a grand cake cutting and mesmerising performances by professional dance groups.

Throughout August, an array of exceptional occasions graced the calendar, including Friendship Day, celebrating the profound bonds of friendship; Raksha Bandhan, honouring the cherished ties between siblings; Independence Day, paying tribute to our martyrs and the spirit of India; and the momentous Chandrayaan 3 Lunar Landing, an achievement that filled every Indian’s heart with pride.

Speaking about the crafting engaging activities at Growel’s 101 Mall, Gerald Mathew, General Manager Operations, Growel’s 101 Mall, said, “At Growel’s 101 Mall, we take pride in crafting an immersive and enjoyable experience for our valued customers. We firmly believe that malls are not merely shopping spaces; they are vibrant community hubs that foster connections and craft enduring memories. Our commitment is to continue nurturing these bonds and creating moments of joy that resonate with each visit. We envision Growel’s 101 Mall as a place where families and friends can come together, celebrate life’s milestones, and forge lasting connections, making it more than just a mall; it’s a place where memories are born and cherished.”

To commemorate Friendship Day, Growel’s 101 Mall in Kandivali organised a series of captivating events, such as the group Treasure Hunt, aptly titled ‘Unite Your Squad for Dosti Manao and Prize Le Jao’, Tarot Card Readings, and a 360-Degree Photobooth for memorable Instagram Reels. These engaging activities offered patrons the opportunity to delve deeper into meaningful connections, forging new memories through delightful experiences. The Treasure Hunt witnessed the enthusiastic participation of 60 individuals, forming ten groups of six each. Two teams that successfully reached the endpoint ahead of the rest were declared winners and were presented with generous hampers valued at Rs. 15,000 and Rs. 10,000, respectively, for the first and second positions.

In celebration of the bond between siblings, Growel’s 101 Mall organised the ‘Spread the Joy’ workshop in collaboration with the Suryoday Trust, an NGO dedicated to empowering specially-abled children to become self-sufficient and well-integrated members of society. The Rakhi Making workshop saw children aged 4 to 16 participating with enthusiasm. Suryoday Trust also exhibited handmade rakhis, bags, and other products for mall visitors to purchase, thereby supporting these exceptional children.

Commemorating India’s Independence Day on the 15th of August, Growel’s 101 Mall conducted its annual flag hoisting ceremony, led by the dedicated security team and attended by employees and staff. Furthermore, the mall organised photography contests, quiz competitions, a Rubik’s Cube corner installation, and a Blood Donation Camp to amplify the festive fervour.

August’s excitement reached its zenith with the triumphant landing of Chandrayaan 3. The momentous event was streamed live within the mall, saturating the atmosphere with national pride and unbridled enthusiasm. Indeed, the excitement seemed to transcend even the boundaries of our planet. At the onset of August, in anticipation of the pride swelling in the hearts of every Indian over ISRO’s lunar mission, Growel’s 101 Mall unveiled an Instagram selfie-point adorned with a lunar and Chandrayaan 3 theme. Make your way to Growel’s 101 Mall today to capture a selfie against this cosmic backdrop!

Adding a culinary twist to August’s festivities was an exhilarating cookery workshop organised by Nestle during the monthly ‘Funbola’ activity wherein volunteers from the ‘Funbola’ participants were free to demonstrate their favourite recipes.

In retrospect, August was a month of unparalleled jubilation at Growel’s 101 Mall, blending celebrations of milestones, relationships, patriotism, and scientific accomplishments into a tapestry of unforgettable experiences.

India Housing Woos NRIs Amid Pandemic Rebound

– by Akash Pharande, Managing Director – Pharande Spaces

Many COVID-related restrictions were lifted by Q3 2021, except for some limitations on international travel, which were eliminated by early 2022. Soon thereafter, the Indian residential real estate market began witnessing the return of a very important customer segment – non-resident Indians, or NRIs.

NRIs currently account for 10-15% of housing sales in major Indian cities, from just 5% in 2019. This makes them an indispensable factor in the overall housing sales equation, especially in the luxury segment. Almost 30% of NRI property buyers opt for luxury or ultra-luxury properties priced above INR 1.5 crores.

NRIs bring valuable foreign exchange capital into India’s real estate market, and their buying activity indirectly influences other homebuyers as well. In fact, NRIs are major housing market influencers at several levels.

Increased real estate construction activity due to NRI investments has a multiplier effect on job creation, revenue, and GDP growth through extensive linkages with allied industries.

NRIs are primarily focusing on the metros, and Pune figures highly on many of their wish lists, for good reasons.

NRIs Zero in on Pune

Pune’s popularity among NRI housing investors is no accident. The city has a thriving IT/ITES, auto, and manufacturing industry, leading to strong job creation and overall demand for housing. Compared to other tier-1 cities like Mumbai and Delhi-NCR, residential prices in Pune are still relatively affordable and offer value-for-money, while capital appreciation potential is high.

Perhaps most importantly, Pune offers high-quality urban living with a vibrant cosmopolitan culture, pleasant climate, modern amenities, and a family-friendly environment. This appeals to NRIs.

As per World Bank data in 2019, India had the largest diaspora population in the world, with around 17.5 million NRIs living abroad. Maharashtra is one of the major source states for migration and NRIs. As the second-largest city in Maharashtra after Mumbai, Pune is a hub for education and IT/ITES jobs, resulting in skilled migration to other countries.

The US accounts for over 2.4 million NRIs from India. Other top destinations are the UAE, Saudi Arabia, the UK, Canada, and Australia. Most professionals migrate for jobs in tech, finance, healthcare, and academia. Pune contributes hundreds of thousands of NRIs living and working abroad across various countries.

Not surprisingly, NRI techies have their sights trained on Pune’s IT-heavy areas. IT parks like Hinjewadi, Magarpatta, and Kharadi are driving demand for residential investment by NRIs working in the IT sector.

Pune is not just an IT hotbed – its multi-faceted economy has a lot more going for it. The Indo-German Chamber of Commerce affirms that Pune has been the single largest hub for German companies for the last 60 years. A number of major German automobile brands and other industries have a presence in the city.

Back In Force

According to one leading real estate consultant, H1 2022 saw NRIs accounting for nearly 10% of housing sales across the top 7 cities, up from just 5% a year ago. Data by another property agency shows that NRI’s contribution to housing sales has doubled since 2019.

NRIs are drawn by the attractive rupee-to-USD values that make property purchases lucrative. Many are investing in real estate back home for end-use – buying homes for retirement or when they eventually return to India. Affordable home loan interest rates and property prices in cities like Pune, Hyderabad, and Bangalore, are driving NRI demand.

Premium and Luxury – the ‘New Normal’ for NRIs

Seeking homes that can replicate their lifestyles in more developed countries, NRIs are focused mainly on premium and luxury properties priced above INR 80 lakhs. Integrated townships are the prime beneficiaries of this NRI appetite for high-end residences.

Integrated townships offer a comprehensive lifestyle within their secure gated enclaves and provide amenities like landscaped gardens, clubhouses, swimming pools, and gymnasiums. Maintenance services and 24/7 security add to the appeal. NRIs are willing to pay premiums of 10–15% to purchase homes in such townships, as per recent surveys.

In Conclusion

The growing NRI interest after an interlude of almost three years is indeed important for the Indian residential real estate market. Even before they return to India for retirement or job opportunities, NRIs send massive foreign remittances back home to India – and a big share of this money finds its way into the housing market.

The Indian government has astutely taken steps to encourage NRI participation in the housing sector through relaxed investment norms, simpler home loans, and other measures.

Meeting the housing needs of its growing NRI population allows India to leverage their capital, experience, and networks for the development of its real estate and housing sector. Their demanding tastes for superior products are constantly raising the bar on quality and lifestyle quotient. Overall, the return of NRIs to the Indian housing market is good news all around.

About the Author:

Akash Pharande is Managing Director – Pharande Spaces, a leading real estate construction and development firm famous for its township projects in West Pune and beyond. Pharande Promoters & Builders, the flagship company of Pharande Spaces and an ISO 9001-2000 certified company, is a pioneer of townships in West Pune.