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Rupee versus dollar: Weak INR attracts NRI investors to Indian real estate
In the last three to four months, the NRI query for the real estate property has gone up by around 20-25 per cent , which is a huge relief for the Indian developers.
Amid sliding rupee against the US dollar, the Non-Resident Indians (NRIs) have started to show interest into the Indian real estate as weak rupee leads to lower prices without any correction into the realty markets. The industry insiders are of the opinion that key markets where the NRIs are exploring realty investment avenues are Mumbai, Bangalore, Delhi, Kolkata, and Hyderabad because as NRIs have their roots there.
Speaking about the rise in NRI queries Rakesh Yadav, CMD, Antriksh India Group told Zee Business Online, "Any weakness in the rupee is good news for NRIs investing in India as they need to pay lesser dollars for their chosen property. In the last three to four months, the NRI query for the real estate property has gone up by around 20-25 per cent, which is a blessing in disguise for the developers reeling under the lower sales pressure."
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Giving details about the NRIs criteria for searching property in India Mona Jalota, Founder & MD, Krypton Global Investments told, "Considering the depreciation of the Indian rupee and the downfall of the Indian real estate market, the NRI’s are likely to find good deals in India. The key markets always remain the primary cities – Mumbai, Bangalore, Delhi, Kolkata, Hyderabad. Mostly it is an area where the NRI’s have their roots, their parent's presence in a city and hence they feel they want a property in the same area but would opt for an upgrade in their lifestyle by getting a good deal on a better apartment. Secondly, liquidity always remains a key concern so a first time NRI investor is likely to go with the developed cities like the ones mentioned above and a mature NRI investor, who has invested several times in India, will perhaps look at emerging or growing cities like Indore, Raipur, etc."
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