Realtors bet high on NRI investment as Rupee slips against USD during Coronavirus lockdown
Lockdown 4.0 has been implemented in India making the lockdown period from 25th March to 31st May 2020. During this period, the Indian National Rupee (INR) slipped against the US dollar up to 76 levels.
Lockdown 4.0 has been implemented in India making the lockdown period from 25th March to 31st May 2020. During this period, the Indian National Rupee (INR) slipped against the US dollar up to 76 levels. While, the captains of Indian economy are satisfied with the recovery of rupee against dollar, real estate developers have found a ray of investment hope from the Non-Resident Indians (NRIs) as falling rupee will lead to lesser property price for this segment of Indian property buyers.
Highlighting on the INR vs USD benefit to NRIs while investing in Indian real estate market, Prateek Mittal, Executive Director at Sushma Group said, "Interest rates are at the lowest level these days, leading to real estate becoming a very attractive proposition. Current situation gives the NRIs an ideal opportunity to secure a lifestyle in India that they are accustomed to. Investors look for quality development, especially the NRIs who are very particular about the ROI and security. At this time the projects by reputed developers that are attractively-priced will get NRI attention as they will see good appreciation in mid-to-long-term." He said that NRIs pay in the dollar and recent fall in rupee against the US dollar has led to lower price for them and hence post-lockdown, NRI's investment in Indian real estate is expected to soar high.
See Zee Business Live TV streaming below:
Sanjeev Arora, Director at 360 Realtors said, "The NRI investment in Indian Realty remains largely COVID proof. NRIs are coming in big volume in Indian Real Estate primarily driven by the dip in the value of Indian Rupee alongside the renewed interest in Real Estate as a risk-averse safe investment destination. In addition to residential properties in affordable and mid-income markets such as Pune, Noida, Bangalore and Hyderabad, the Indian ex-pats are also scouting for income-generating commercial assets in these places.
Yash Miglani, MD, Migsun Group said, "Indian realty has always seen an active interest from the NRI investors, henceforth a dedicated section of projects are planned to cater them. The last few years have seen a remarkable shift in NRI investments from residential to commercial spaces, due to the promise of good capital appreciation. It is likely to continue post lockdown."
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.