News: Banyan Group Courts Indian Buyers for Phuket Homes-14-06-2026
Banyan Group, a global hospitality brand, is sharpening its focus on Indian buyers for luxury holiday homes and long-stay residences at its Phuket properties in Thailand. Stuart Reading, Managing Director, Banyan Group Property Development, said the company sees growing potential among India’s high-net-worth and ultra-high-net-worth individuals amid continuing uncertainty in the Middle East.
Speaking to Hindustan Times Real Estate, Reading said the Dubai market has "definitely suffered" and that brokers from Dubai, finding it hard to sell there, are pivoting to markets like Phuket. The long-term impact remains to be seen, he said, but the company’s business this year is probably 40% above last year, following record years recently.
Why India matters
According to Reading, many affluent Indians already know Phuket and Thailand as leisure destinations and see the market as a way to diversify alongside Dubai, Europe, the UK and the US. Proximity to India, lifestyle and growth potential add to the appeal.
The company has a dedicated presence in India, which it counts as a key source market, and regularly hosts familiarisation trips for prospective buyers and Indian brokers. Reading said Indians are currently the fifth-largest buyers by value at Laguna Phuket and the second-largest group of tourists in Phuket, and are investing in luxury properties more than any other segment in the project.
By the company’s account, Russia is the largest source market by value for Laguna Phuket, followed by Thailand, Singapore and Hong Kong, with India among the top five last year. Other key European markets are the UK, Germany and Switzerland.
Prices and returns
Reading said property prices in Phuket are lower than in several global markets, including Dubai, which has seen sharp increases in recent years and concerns about saturation. Phuket is a smaller market with more room for upside, he said.
The market is driven mainly by long-term investors, not speculators. Excessive speculation, in his view, often depresses returns as investors rush to exit, whereas most of the company’s buyers hold for longer, which supports stability. He said rental returns and appreciation could range between 5% and 10% annually depending on the asset and market conditions, and that investors should also account for currency movements.
Lifestyle over quick gains
Reading estimated that 75% to 80% of buyers purchase a second home, while about 25% to 30% buy a permanent or semi-permanent residence. Top-tier properties, he said, are being sold to ultra-wealthy buyers who are motivated less by investment than by lifestyle, hospitality and time with family.
Visa routes
According to the company, Indian nationals can enter Thailand visa-free for stays of up to 30 days. Longer options include retirement visas for those above 50, Long-Term Resident (LTR) visas for wealthy individuals and highly skilled professionals, and the Destination Thailand Visa (DTV) for digital nomads and remote workers. The Thailand Privilege Visa (formerly the Elite Visa) offers residency through memberships of five to 20 years. Fees start at around THB 650,000 (approximately Rs 16 lakh) for five years and can exceed THB 5 million (around Rs 1.25 crore) for premium packages.
The project and India plans
Laguna Phuket is a mixed-use integrated township spread over 1,000 acres along Bang Tao Beach, with six hotels, a wellness centre, dining and leisure facilities and more than 3,000 branded residences. Homes there are priced from approximately Rs 1.7 crore to Rs 86 crore.
The group is present in 15 countries and runs a hotel in Bengaluru. It has no real estate development in India at present but has a business development representative in the country exploring hospitality and real estate opportunities. Reading said any project would have to meet global brand standards, while acknowledging India could be a future expansion destination.
The author visited Laguna Phuket, Thailand, at the invitation of Banyan Group.
