NRI’s looking to buy property-while rupee falls-ASSOCHAM survey
The Rupee’s sharp dip against the US dollar has made temptations for non-resident Indian (NRI) to buy property with realtors expecting an increase of 35% in business enquiries from the expatriates this year, reveals the “Associated Chamber of Commerce and Industry of India” (ASSOCHAM) recent findings.
Releasing the ASSOCHAM paper on “Falling Rupee sparks property boom from NRIs” Mr. D S Rawat, Secretary General ASSOCHAM said, “With the rupee riding low against the dollar, Indian residents are looking to accelerate investment plans back home”. The rupee has fallen by about 34 per cent against the US dollar since August 2011 and crossed 65 against the dollar.
Survey covering around 1250 real estate developers, Bangalore is the most favourite property investment destination for NRIs followed by Chennai, Mumbai, Ahemdabad and Dehradun.
“The Indian property developers are anticipating a 35% surge in enquiries to NRI-based purchasers as the rupee dip against the dollar last six months. The decline in rupee has increased property sales because people want to get value for their money”, added majority of developers. The enquiries may go up further if rupee continues to slide, adds majority of the real estate developers.
Indian expatriates (around 5 million) live in the six Gulf Co-operation Council (GCC) countries have been remitting around $30 billion to India every year.Buying a property back home is the top-most priority of every non-resident Indian, at least for those living in the foreign countries as the weakening rupee has given an impetus to fulfill that objective, added 75% of the real estate developers. The record decline in the value of the Indian rupee and the sluggish realty market, proved to be a double delight for overseas Indians investing in property here, adds the Secretary General Mr. D S Rawat.