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Hindustan Times
a day ago
- Business
- Hindustan Times
Sanjaya Baru interview: We've turned emigration of talented Indians into an aspiration
A record number of wealthy Indians are leaving the country. According to a recent report by Kotak Bank, one in five UHNIs is either in the process of migrating abroad or has plans to do so. Over 23,000 millionaires have left the country in the last decade, says Sanjaya Baru. In his latest book, Secession of the Successful: The Flight out of New India, the veteran journalist and policy commentator records the various phases of organised migration out of the country and examines the reasons behind the current exodus. Also read | Review: Sanjaya Baru's book does a favour to history, Congress Sanjaya Baru, an economist and political analyst, has written extensively on India's economic transformation and development. His recent book is Secession of the Successful: The Flight Out of New India. For the elite, the pull of the first-world life, especially in Dubai or Singapore, is too strong, says Baru. 'Why wait for 2047 to live in a developed economy if you can do so today?' he says. In this interview, Baru talks about how the exodus has been normalised, the political and economic factors driving it, and what it means for a country that hopes to be a developed economy by 2047. You argue in your book that India's elite aren't just leaving physically, they are slowly pulling away from the idea of India itself. So, would you call this book a warning, a lament, or a diagnosis? It's certainly not a lament. It is a warning. It's a diagnosis to begin with. The brain drain, or the export of human capital, drew attention 40 to 50 years ago when economists like Jagdish Bhagwati wrote about it. But in the last quarter century, no one is paying attention. We have normalised the emigration of talented Indians, to the point where the government actually takes pride in promoting it. So yes, it's a warning: that you're allowing more and more of your talented people to leave, and doing nothing to retain them. And it's a diagnosis, because I look at the different manifestations of emigration. You've described the secession as a flight from responsibility. The rich are also leaving Brazil, South Africa and Turkey. So, why should we be expecting something different from the elite in India? I don't expect anything different. This is not peculiarly Indian, nor is it new. If other countries don't pay attention, that's their headache. But as an Indian concerned about the economy, I worry that more and more talented Indians are leaving. You've written about the government facilitating emigration. Other countries try to curb it. Is this official encouragement a policy mistake? It is a mistake, but a recent one. Labour migration involves talent too, but given our large pool of unemployed workers, I don't worry about it as much. Highly qualified Indians leaving is something a poor, low-income, developing country like ours should worry about. Countries like China, Taiwan, or Korea had large-scale emigration 30 to 40 years ago, but now have return migration because they've become developed economies. We are not at that stage. We cannot prevent emigration. Proposals like Bhagwati's 'brain drain' tax in the 1980s were dismissed as impractical, but why should we encourage it? For example, the foreign minister recently launched the 'Global Access for Talented Indians' initiative. Why should the government get involved in sending people out? We are a capital-deficit economy — and by capital I mean not just finance, but also human capital. Our record in research, science, and advanced fields is poor for a country of our size. What role have political changes played, especially since 2014? The numbers show an increase in the emigration of wealthy and elite Indians over the last decade. There's an economic reason and a political reason. Economically, more Indians can now afford to buy citizenship overseas, property overseas, educate their children abroad, and live abroad. Politically, there is fear — of the taxman, the Enforcement Directorate, and harassment by the bureaucracy. Last year Prime Minister Narendra Modi promised an 'ease of living mission', but nothing was heard after that. Day-to-day life has become more of a headache: constant KYC forms, compliance demands. That's driving some people out. At diaspora events, overseas Indians cheer the Prime Minister and shout 'Bharat Mata ki Jai' and yet they don't return. Is this performative? It is performative, but more than that, it's the politicisation of the diaspora to serve domestic political needs. Every prime minister since 1947 has met overseas Indians; what's new is using these audiences to influence the domestic political process. This risks diplomatic consequences. A Singaporean diplomat once asked me if politicisation of overseas Indians could hurt bilateral relations. Tensions among Sikhs, Khalistanis, and Hindu groups in Canada, the UK, and the US show that the diaspora can become a source of political and law-and-order problems. And yes, there is hypocrisy. If you're so proud of Bharat Mata and this leadership, why don't you come back and help build the country? Post-independence, some of India's best minds went abroad but returned. That isn't happening now. Why? In Jawaharlal Nehru's time, many high-profile Indians returned — Homi Bhabha, Vikram Sarabhai, others — sometimes at his personal request. Conditions in India were modest, but they still came back. In recent decades, very few have returned. Even those who did, like Raghuram Rajan, stayed only briefly. The trend of permanent high-profile return ended in the 1980s. Can India still turn its diaspora into a national asset, as other countries have? Yes, the opportunity hasn't passed. But it depends on leadership that can inspire people the way Nehru did. Today, 22,000 Indians are professors in the US. If even 2% came to teach here, it would make a difference. Some universities like ISB, Ashoka, and Jindal have attracted talent, but not in large numbers. Have we made emigration too aspirational, then? Exactly. We're not ringing alarm bells; we've internalised it. As (economist) Devesh Kapur once noted, most of our elite — across business, politics, diplomacy, bureaucracy, the armed forces, academia — have children who want to emigrate. It's a loss of both human and financial capital. Last year, for the first time, outward FDI exceeded inward FDI. In a labour-surplus, capital-deficit economy, we should be retaining both finance and human capital. But we're not even trying.
Business Standard
08-08-2025
- Business
- Business Standard
Beyond the Core: Luxury Finds a Stronghold in Emerging NCR Pockets
NewsVoir Delhi-NCR [India], August 8: For long, luxury housing in NCR was synonymous with legacy addresses Lutyens' Delhi, Golf Course Road, or DLF Phase V, where prestige was tied to postcode. However, a growing wave of demand is now sweeping across emerging corridors like the Dwarka Expressway, SPR Road, Sector 150 in Noida, Siddharth Vihar in Ghaziabad, Yamuna Expressway, FNG Corridor, and Neharpar in Faridabad. These locations are on the radar of HNIs and UHNIs seeking modern living, expansive layouts, and better value. With infrastructure catching up and lifestyle aspirations evolving, luxury is moving beyond the core. As per the CBRE-ASSOCHAM report, Delhi-NCR has witnessed sales of 3,960 luxury homes, each costing Rs 6 crore and above, during the January-June period, an increase of more than three times on an annual basis. Meanwhile, according to the CREDAI and CRE Matrix Pan India report, India's housing market witnessed a sharp surge in FY25, with tier I cities recording record-high primary housing sales worth Rs. 6,70,000 crore (US$76.53 billion), marking a 96% jump compared to FY22. Delhi NCR's residential market, especially in Gurugram, recorded a 313% surge in sales value from FY22, touching Rs. 1,70,000 crore (US$19.42 billion). The shift towards high-value properties and sustained buyer demand underscores changing real estate investment trends across India's top cities. Besides, several factors are converging to drive this shift beyond the core, and infrastructure has been the biggest catalyst. Projects like the Delhi-Meerut RRTS, Dwarka Expressway, Noida International Airport, and the KMP Expressway are dramatically improving intercity and intra-city mobility, making once-overlooked locations far more accessible. This, in turn, has allowed developers to reimagine luxury living on a larger canvas. Ishaan Singh, Director, AIPL said, "As the city grows outward, the definition of luxury is being rewritten. Luxury today is about a balance between nature, technology, and convenience. Sectors along Dwarka Expressway are being recognised for their connectivity and serene surroundings. As developers, we see the location as a blank canvas to introduce mindfully crafted luxury offerings that appeal to a new-age buyer looking beyond traditional neighbourhoods." Unlike older neighbourhoods constrained by legacy layouts and limited land, several new micro-markets are carving out a distinct identity within NCR's luxury landscape. While Dwarka Expressway, with its proximity to the IGI Airport, is witnessing a surge in high-end gated townships designed for the globally mobile elite, SPR is gradually shaping into a natural extension of Golf Course Extension Road, attracting premium residential and mixed-use developments. In Noida, Sector 150 stands out for its low-density, wellness-oriented planning. Developers like Prateek Group are redefining the sector's luxury narrative through its luxury project Prateek Canary in the region and fulfilling the evolving requirements of homebuyers. Similarly, in Siddharth Vihar, Ghaziabad, the group's premium offering responds to a growing appetite for aspirational living backed by infrastructure and accessibility. Simultaneously, other leading developers like Pyramid and Chintamanis continue to strengthen their foothold along the Dwarka Expressway and SPR. On the other hand, KREEVA and Landmark Group are steadily building their presence with an ultra-luxury pipeline in fast-rising zones of Gurugram. Vikas Dua, Founder & Director, Chintamanis, says, "HNIs and UHNIs are no longer bound by legacy addresses; they're driven by lifestyle metrics. Emerging markets like Dwarka Expressway offer the right mix of liveability and future appreciation. The sentiment is shifting from buying into a brand location to buying into a future-ready lifestyle, and that's where the opportunity lies." Ashwani Kumar, Pyramid Infratech, says, "Gurugram's emerging micro-markets, be it along SPR, Dwarka Expressway, or sectors bordering them, are quickly stepping out of the shadow of the city's core. These zones are no longer peripheral; they're high-growth corridors backed by planned infrastructure, expanding social fabric, and increasing investor interest. Hence, we see these areas as the future of aspirational housing - where modern design, connectivity, and long-term appreciation converge to create next-generation investment opportunities." Therefore, as infrastructure expands and connectivity deepens, these micro-markets offer a rare blend of space, planning, lifestyle features, and future appreciation - elements that today's evolved homebuyers actively seek.
News18
08-08-2025
- Business
- News18
Beyond the Core: Luxury Finds a Stronghold in Emerging NCR Pockets
NewsVoirDelhi-NCR [India], August 8: For long, luxury housing in NCR was synonymous with legacy addresses Lutyens' Delhi, Golf Course Road, or DLF Phase V, where prestige was tied to postcode. However, a growing wave of demand is now sweeping across emerging corridors like the Dwarka Expressway, SPR Road, Sector 150 in Noida, Siddharth Vihar in Ghaziabad, Yamuna Expressway, FNG Corridor, and Neharpar in Faridabad. These locations are on the radar of HNIs and UHNIs seeking modern living, expansive layouts, and better value. With infrastructure catching up and lifestyle aspirations evolving, luxury is moving beyond the per the CBRE-ASSOCHAM report, Delhi-NCR has witnessed sales of 3,960 luxury homes, each costing Rs 6 crore and above, during the January-June period, an increase of more than three times on an annual according to the CREDAI and CRE Matrix Pan India report, India's housing market witnessed a sharp surge in FY25, with tier I cities recording record-high primary housing sales worth Rs. 6,70,000 crore (US$76.53 billion), marking a 96% jump compared to FY22. Delhi NCR's residential market, especially in Gurugram, recorded a 313% surge in sales value from FY22, touching Rs. 1,70,000 crore (US$19.42 billion). The shift towards high-value properties and sustained buyer demand underscores changing real estate investment trends across India's top several factors are converging to drive this shift beyond the core, and infrastructure has been the biggest catalyst. Projects like the Delhi-Meerut RRTS, Dwarka Expressway, Noida International Airport, and the KMP Expressway are dramatically improving intercity and intra-city mobility, making once-overlooked locations far more accessible. This, in turn, has allowed developers to reimagine luxury living on a larger Singh, Director, AIPL said, 'As the city grows outward, the definition of luxury is being rewritten. Luxury today is about a balance between nature, technology, and convenience. Sectors along Dwarka Expressway are being recognised for their connectivity and serene surroundings. As developers, we see the location as a blank canvas to introduce mindfully crafted luxury offerings that appeal to a new-age buyer looking beyond traditional neighbourhoods."Unlike older neighbourhoods constrained by legacy layouts and limited land, several new micro-markets are carving out a distinct identity within NCR's luxury landscape. While Dwarka Expressway, with its proximity to the IGI Airport, is witnessing a surge in high-end gated townships designed for the globally mobile elite, SPR is gradually shaping into a natural extension of Golf Course Extension Road, attracting premium residential and mixed-use Noida, Sector 150 stands out for its low-density, wellness-oriented planning. Developers like Prateek Group are redefining the sector's luxury narrative through its luxury project Prateek Canary in the region and fulfilling the evolving requirements of homebuyers. Similarly, in Siddharth Vihar, Ghaziabad, the group's premium offering responds to a growing appetite for aspirational living backed by infrastructure and other leading developers like Pyramid and Chintamanis continue to strengthen their foothold along the Dwarka Expressway and SPR. On the other hand, KREEVA and Landmark Group are steadily building their presence with an ultra-luxury pipeline in fast-rising zones of Dua, Founder & Director, Chintamanis, says, 'HNIs and UHNIs are no longer bound by legacy addresses; they're driven by lifestyle metrics. Emerging markets like Dwarka Expressway offer the right mix of liveability and future appreciation. The sentiment is shifting from buying into a brand location to buying into a future-ready lifestyle, and that's where the opportunity lies."Ashwani Kumar, Pyramid Infratech, says, 'Gurugram's emerging micro-markets, be it along SPR, Dwarka Expressway, or sectors bordering them, are quickly stepping out of the shadow of the city's core. These zones are no longer peripheral; they're high-growth corridors backed by planned infrastructure, expanding social fabric, and increasing investor interest. Hence, we see these areas as the future of aspirational housing – where modern design, connectivity, and long-term appreciation converge to create next-generation investment opportunities."Therefore, as infrastructure expands and connectivity deepens, these micro-markets offer a rare blend of space, planning, lifestyle features, and future appreciation – elements that today's evolved homebuyers actively seek.(ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)
Fashion Value Chain
08-08-2025
- Business
- Fashion Value Chain
Beyond the Core: Luxury Finds a Stronghold in Emerging NCR Pockets
For long, luxury housing in NCR was synonymous with legacy addresses Lutyens' Delhi, Golf Course Road, or DLF Phase V, where prestige was tied to postcode. However, a growing wave of demand is now sweeping across emerging corridors like the Dwarka Expressway, SPR Road, Sector 150 in Noida, Siddharth Vihar in Ghaziabad, Yamuna Expressway, FNG Corridor, and Neharpar in Faridabad. These locations are on the radar of HNIs and UHNIs seeking modern living, expansive layouts, and better value. With infrastructure catching up and lifestyle aspirations evolving, luxury is moving beyond the core. Emerging corridors reshape NCR's luxury housing market As per the CBRE-ASSOCHAM report, Delhi-NCR has witnessed sales of 3,960 luxury homes, each costing Rs 6 crore and above, during the January-June period, an increase of more than three times on an annual basis. Meanwhile, according to the CREDAI and CRE Matrix Pan India report, India's housing market witnessed a sharp surge in FY25, with tier I cities recording record-high primary housing sales worth Rs. 6,70,000 crore (US$76.53 billion), marking a 96% jump compared to FY22. Delhi NCR's residential market, especially in Gurugram, recorded a 313% surge in sales value from FY22, touching Rs. 1,70,000 crore (US$19.42 billion). The shift towards high-value properties and sustained buyer demand underscores changing real estate investment trends across India's top cities. Besides, several factors are converging to drive this shift beyond the core, and infrastructure has been the biggest catalyst. Projects like the Delhi-Meerut RRTS, Dwarka Expressway, Noida International Airport, and the KMP Expressway are dramatically improving intercity and intra-city mobility, making once-overlooked locations far more accessible. This, in turn, has allowed developers to reimagine luxury living on a larger canvas. Ishaan Singh, Director, AIPL said, 'As the city grows outward, the definition of luxury is being rewritten. Luxury today is about a balance between nature, technology, and convenience. Sectors along Dwarka Expressway are being recognised for their connectivity and serene surroundings. As developers, we see the location as a blank canvas to introduce mindfully crafted luxury offerings that appeal to a new-age buyer looking beyond traditional neighbourhoods.' Unlike older neighbourhoods constrained by legacy layouts and limited land, several new micro-markets are carving out a distinct identity within NCR's luxury landscape. While Dwarka Expressway, with its proximity to the IGI Airport, is witnessing a surge in high-end gated townships designed for the globally mobile elite, SPR is gradually shaping into a natural extension of Golf Course Extension Road, attracting premium residential and mixed-use developments. In Noida, Sector 150 stands out for its low-density, wellness-oriented planning. Developers like Prateek Group are redefining the sector's luxury narrative through its luxury project Prateek Canary in the region and fulfilling the evolving requirements of homebuyers. Similarly, in Siddharth Vihar, Ghaziabad, the group's premium offering responds to a growing appetite for aspirational living backed by infrastructure and accessibility. Simultaneously, other leading developers like Pyramid and Chintamanis continue to strengthen their foothold along the Dwarka Expressway and SPR. On the other hand, KREEVA and Landmark Group are steadily building their presence with an ultra-luxury pipeline in fast-rising zones of Gurugram. Vikas Dua, Founder & Director, Chintamanis, says, 'HNIs and UHNIs are no longer bound by legacy addresses; they're driven by lifestyle metrics. Emerging markets like Dwarka Expressway offer the right mix of liveability and future appreciation. The sentiment is shifting from buying into a brand location to buying into a future-ready lifestyle, and that's where the opportunity lies.' Ashwani Kumar, Pyramid Infratech, says, 'Gurugram's emerging micro-markets, be it along SPR, Dwarka Expressway, or sectors bordering them, are quickly stepping out of the shadow of the city's core. These zones are no longer peripheral; they're high-growth corridors backed by planned infrastructure, expanding social fabric, and increasing investor interest. Hence, we see these areas as the future of aspirational housing – where modern design, connectivity, and long-term appreciation converge to create next-generation investment opportunities.' Therefore, as infrastructure expands and connectivity deepens, these micro-markets offer a rare blend of space, planning, lifestyle features, and future appreciation – elements that today's evolved homebuyers actively seek.
Time of India
08-07-2025
- Business
- Time of India
AIFs, not luxury apartments: How India's wealthy are reimagining real estate investments, says Karthik Athreya
India's high-net-worth individuals (HNIs) and ultra-HNIs are shifting gears when it comes to real estate investing. Gone are the days of managing individual apartments and hunting for tenants. Instead, wealthy investors are increasingly opting for structured, professionally managed exposure through Alternative Investment Funds (AIFs). According to Karthik Athreya, Director and Head of Strategy – Alternative Credit at Sundaram Alternates , this marks one of the most significant trends in the private wealth landscape. With real estate emerging as the largest category for AIF investments—drawing over Rs 73,000 crore in just the first nine months of FY25—HNIs are clearly embracing a smarter, hands-free approach to accessing commercial, residential, logistics, and data center opportunities. Athreya explains what's driving this shift, the evolving role of family offices, and why AIFs—offering yields of 15–18%—are becoming the preferred route for India's wealthy to ride the real estate wave. Edited Excerpts - Q) No, we are not talking about an apartment in Dubai. But, are HNIs and UHNIs taking part in the commercial real estate via the AIF route? A) That's one of the most significant trends we're seeing right now. HNIs and UHNIs are heavily leveraging the AIF route to get into commercial real estate. In fact, real estate is the single largest category for AIF investments, attracting roughly 73,903 crores just in the first nine months of FY25. These AIF investments are spread across real estate segments like commercial, residential, logistics and retail. The reasons for HNI / UHNIs participation in commercial real via AIFs are twofold. First, the commercial market itself is booming, largely driven by the GCC wave—India is now home to over half the world's Global Capability Centers . With leasing at decadal highs, there is massive demand for quality office space. Hence as an investor, one is looking at a regular income generating asset, typically around an 8% rental yield with an opportunity to participate on the upside of another 4-5% through annual appreciation / rent escalations. Second, for a busy HNI, the AIF route is simply a 'no-brainer'. It helps them sidestep all the headaches of direct ownership, like finding tenants, managing the property, dealing with day-to-day issues and finding a lucrative exit strategy. Instead, they get a slice of a diversified, professionally managed portfolio of top-tier assets with target IRRs in the 15-18% range. Another route opted by HNIs is through listed REITs, which offer the similar benefits albeit lower yield without compromising on liquidity. There're already nearly 22,000 crores of HNI and retail capital in REITs. Therefore, in our opinion, HNIs are absolutely participating in the commercial real estate story in India through the AIF route. Q) What's driving the shift among HNIs from direct real estate investments to structured exposure through AIFs? A) The shift is simple: HNIs want to be strategic investors, not active landlords. They're choosing AIFs for access to a diversified portfolio of top-tier deals without the day-to-day hassles of direct ownership. That's precisely the model we've perfected at Sundaram Alternates. Our real estate strategies are a testament to this trend's success. We have consistently delivered ~15% IRRs for over seven years, which is why more than 700 HNIs have entrusted us with over ~2,600 crores. They're choosing a proven partner for smarter, professionally managed real estate exposure. Q) Which real estate themes are HNIs allocating to most via AIFs — warehousing, data centers, rental-yielding commercial assets, or residential development? A) HNIs are strategically adjusting their real estate allocations through AIFs, with the investment timeframe being a crucial determinant. For investors prioritizing shorter cash-in cash-out cycles of 3-5 years, often seeking senior secured, self-amortizing structures with quarterly payouts—like those offered by Sundaram—the residential theme remains a preferred choice. Conversely, those with longer investment horizons are leaning towards the commercial and industrial spaces. These segments offer rewards primarily through stable rental yields and annual capital appreciation, which are often linked to prevailing interest rate cycles. A recent Anarock report for FY25 shows Industrial & Logistics (warehousing) dominating, capturing 48% of institutional funding. This surge, though influenced by large transactions, highlights its long-term potential driven by e-commerce and modern supply chains, offering stable leases and often lower development risk. Conversely, Office space is at 22% and residential at 15%. Interestingly, the 'Others' category, encompassing themes like data centers, has jumped fivefold to 15%. This signals aggressive allocation into these high-growth, emerging sectors. Data centers, while requiring longer horizons and specialized expertise, promise significant long-term appreciation and resilient income due to digital demand. Ultimately, HNI allocation reflects a balance: shorter-term opportunities in traditional residential assets versus the compelling risk-return benefits and secular tailwinds of commercial, warehousing and data centers for longer-term growth. Q) How do you see family offices and private wealth desks evolving their real estate strategies over the next 2–3 years? A) Family offices and private wealth are indeed evolving their real estate strategies significantly. We're observing a clear shift from the previously unregulated equity models to more structured financing, a trend accelerated by the increasing maturity of the Indian real estate finance landscape over the last decade. The substantial inflows into Alternative Investment Funds (AIFs), particularly within the debt sector, underscore this maturation. Looking ahead, the next two to three years will likely see these sophisticated investors transitioning from purely debt-oriented platforms to embracing more mezzanine & equity-based strategies which shall aim at net returns of 18-21%. This includes a willingness to finance land acquisitions and take on back-ended premium exposures. This strategic pivot reflects a more nuanced approach to risk-reward in a regulated environment.
