Home sales pick up as NRIs rush to gain from falling Rupee

Home sales pick up as NRIs rush to gain from falling Rupee

Home sales pick up as NRIs rush to gain from falling Rupee

The property markets that typically attract NRI investments are Delhi, Gurgaon ,Bengaluru, Chennai, Kochi, Chandigarh and Pune besides premium projects in Mumbai and Ahmedabad.

The rupee’s plunge has led to a pickup in residential real estate as an increasing number of non-resident Indians (NRIs) are rushing to take advantage of lower prices and discounts as the dollar NSE 0.18 % surges in value.

The rupee has dropped 13.04% against the dollar since the beginning of 2018, 6.20% over the past three months and 3.4% in one month, amid a global rout of emerging market currencies. Recent reforms such as implementation of the Real Estate (Regulation & Deve ..

“Depreciating rupee against currencies such as dollar, pound, the UAE dirham, among others is prompting large number of NRIs to invest into the country’s realty market,” said Anarock Property Consultants chairman Anuj Puri. “Builders are also leaving no stone unturned in luring them with a host of amenities and features.” That’s led to a resurgence in serious inquiries by NRI end-users and investors, leading to deals taking place.

This may result in a repeat of the phenomenon witnessed 

“For NRIs, the situation is a deja vu of sorts — it is the same as the scenario we witnessed in 2012,” said Niranjan Hiranandani, developer and national president of lobby group National Real Estate Development Council (Naredco). “Home buying is regaining traction, RERA has made it better — and in a situation where property prices at primary level are down by 10 to 15% and the currency valuation adds another 10-15%, it definitely is a scenario where the NRI buyer is back.”

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