US-Iran war spurs NRIs' interest in real estate market back home; Puravankara sees a 60% jump in Middle East enquiries

The US-Iran war is pushing NRIs to reassess investments, with India seen as a stable real estate destination, Puravankara Limited’s MD, Ashish Puravankara, said

Bengaluru-based real estate developer Puravankara Limited is witnessing a surge in interest from non-resident Indians (NRIs) in the Middle East amid the ongoing US-Iran war. The company has seen at least a 60% jump in enquiries across its Middle East offices, with Gulf-based NRIs increasingly looking to buy property back home, managing director Ashish Puravankara told Hindustan Times Real Estate.

Bengaluru-based Puravankara Ltd is seeing a 60% surge in Middle East NRI enquiries amid the US-Iran war, with Gulf buyers increasingly looking to invest in India, said MD Ashish Puravankara. (Picture for representational purposes) (Pexels )

Speaking on the sidelines of an event marking the company’s 50-year celebrations in Bengaluru, Puravankara said the US-Iran war is prompting overseas Indians to reassess their investment strategies, with India emerging as a relatively stable and attractive real estate destination.

“We are seeing at least a 60% increase in enquiries across our Middle East offices. However, this also coincides with recent project launches, which have brought many fence-sitters back into the market,” he told Hindustan Times Real Estate.

While global uncertainties and concerns around job security may lead to temporary delays in decision-making, the overall impact on housing demand is expected to be short-lived, he said.

“It is human nature to pause amid any global disruption. But such disruptions typically do not last beyond two to four quarters. At the end of the day, people prefer to buy a home for safety and security, so the impact of war on homebuyers’ decisions will be temporary,” he said.

Puravankara plans to launch over 33 million sq ft of residential projects across southern and western India over the next 2.5 years, with an estimated revenue potential of ₹35,636 crore.

Of this, around 25 million sq ft will be developed in southern cities such as Bengaluru, Hyderabad, Chennai and Kochi, while the remaining 8 million sq ft will be concentrated in western markets, including Mumbai and Pune.

Homes in Bengaluru are expected to be priced between ₹1.5 crore and ₹5 crore, while projects in Mumbai could range from ₹3 crore to ₹40 crore, reflecting the company’s push into premium and luxury segments.

Overall, Puravankara’s pipeline stands at approximately 51.14 million sq ft of developable area, with a gross development value (GDV) exceeding ₹55,000 crore, including both ongoing and upcoming projects.

“Over the past five decades, we have built Puravankara on a strong foundation of trust, transparency, and delivery excellence. As we enter our next phase of growth, we are poised for the next leap, backed by stronger capabilities, a professional organisation, and a high-quality pipeline,” Puravankara said.