VASTU, a traditional Indian system of architecture, has started to pop up on the UK’s property market, property agents have said.
Indians and British Indians have now started focusing more on the British property market in a bid to find Vastu-compliant homes.
Around 50 per cent of the Indian buyers search for Vastu-compliant properties in the UK.
However, the property dealers opine that this latest trend has made it difficult to serve the needs of the buyers, especially on properties that are already constructed.
Now, real estate agents are being asked by the buyers for properties that fulfil the complicated requirements of Vastu. This includes the location and shape of the plot, light, water, and internal arrangements, and placement of windows and doors, among other things.
In recent years, there has been a surge in the number of Indians buying properties in Britain following changes in 2015 to the Liberalised Remittance Scheme in India.
The changes have increased the capital that buyers can bring into the UK to £195,000 per person per year.
A fall in the prices of properties and a dip in the value of British currency have attracted Indian buyers in the British property market.
Camilla Dell of buying agency Black Brick quoted by The Telegraph says, “Indian buyers are still very prevalent in London – especially when you look at the wider number of Indians that are buying, known as non-resident Indians.”
“Indian resident buyers are still somewhat limited in what they can spend on an overseas property due to exchange control in India. Although the rules have become more relaxed, families are only allowed to transfer $250,000 per family member per year outside of India.”
A family of four, after 24 months, would have a budget of $2 million to spend on a property.
Non-resident Indian buyers are not subject to the same restrictions and so tend to have higher budgets.