Falling rupee attracts NRIs to invest in Indian real estate properties
The fact that the rupee value against dollar depreciated in 2018 was a sound reason for NRIs to view Indian real estate more favourably.
On account of Indian real estate prices at around 25 per cent lower than the prices around 3-4 years ago and rupee falling against the US dollar, the NRIs are finding it perfect to invest in India real estate. Queries for properties from the NRIs side have once again have started to come in Delhi-NCR, Mumbai and Bengaluru. Commenting on the matter Rakesh Yadav, CMD, Antriksh India Group told Zee Business online, "The property prices in last four years have corrected by around 25 per cent and hence the over bought condition of the India real estate is no more existing. Now, the NRIs, who are the most smart investors, have started to find out a suitable home for themselves and in last four-five months their queries in Delhi-NCR, Mumbai and Bengaluru have started to come in high numbers." Yadav said that some credit for rise in NRI segment queries should be given to the ease in regulations for property acquisition by the NRIs in India too.
Speaking on the matter Shajai Jacob, CEO – GCC, ANAROCK Property Consultants told, "The fact that the rupee value against dollar depreciated in 2018 was also a sound reason for NRIs to view Indian real estate more favourably. And, of course, developers have been offering substantial freebies and even discounts, apart from interesting payment plans, to draw NRIs as well as domestic buyers to their projects."
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He said that whether the real estate market remains bullish or bearish, NRIs prefer a place back in India - not just for investment returns but also to remain rooted in their country of origin. "Previously, NRIs (like most other buyers and investors) had every reason to be leery of the Indian real estate market. Today, game-changing policies like RERA and GST have now boosted confidence and transparency and streamlined the property-buying process for NRIs. This has begun fueling new NRI investments into the Indian property market," said Jacob of ANAROCK Properties.
Mindful of the importance of fostering more positive sentiment for NRI investments into the country, the Government also eased norms to facilitate a more streamlined and less cumbersome property buying process for NRIs, Jacob said.
"With Indian real estate once again becoming an attractive proposition, NRIs who are interested in buying a home in India need to equip themselves for making the best-possible property purchase decisions. This includes understanding the regulations and processes related to Indian real estate purchase by NRIs and also knowing what they can reasonably expect from such investments," Shajai Jacob of ANAROCK Property Consultants concluded.
Gaurav Kashyap- CEO Cherry Hill Interiors told, "The Noida-Greater Noida Metro Link will certainly impact the population of the area as many people were waiting for Metro connectivity before shifted into their dwelling units. Most of the property buyers, who need to travel to Delhi-NCR areas on a daily basis, will be able to do so comfortably from Greater Noida via Metro. Therefore, the ambitious Metro corridor will not only boost population density in the area but also help the real estate sector immensely. The proximity of metro is a sign of flourishing real estate market and will positively impact the commercial and business centers that are lined up for completion on either sides of the Expressway."