Sales of homes are increasing. Customers are benefiting from the new real estate law and property prices are also 10-15% lower. In addition to this, due to currency devolution, NRIs are also getting 10-15% benefit.
The real estate sector has become attractive to overseas Indians due to the fall in the rupee, increased transparency with the new law and lower prices. The rupee has remained close to 73 levels against the dollar for the last one week.
Anshuman Magazine, chairman of India and South-East Asia, Middle East and Africa at CBRE, said, “The rupee depreciation has created a great opportunity for individuals and institutional investors to invest in the real estate sector.” In the last few months, the interest of overseas Indians has also increased. The annual market of real estate is worth Rs 3 lakh crore, of which 7-8% of inventory is purchased by NRIs every year.
Amit Goenka, managing director and CEO of Nisus Finance, said, ‘This means that NRIs are investing Rs 21,000-30,000 crore every year in the realty sector of India. The weakness of the rupee by 10% against the dollar means that they will get 10% less than the property domestic buyers right now. Inquiries and purchases received during the last 2-3 months suggest that it may increase by 10-12%. Goenka said that an increase of 3-5% in demand for residential and commercial inventory from NRIs would boost project sales and help in clearing inventory.
Nardeko National President Niranjan Hiranandani said, “Sales of homes are increasing. Customers are benefiting from the new real estate law and property prices are also 10-15% lower. In addition to this, due to currency devolution, NRIs are also getting 10-15% benefit.
Rajan Dang, founder of property portal Zvesta.com, said that the demand for property in India has increased due to the fall in the rupee. He said that NRIs should invest especially in metro cities for good returns. He said, ‘Traffic of online property aggregators is also increasing continuously. NRIs are looking for good property in the country and this is a great opportunity to bargain at a low price. Onkar Realty has recently launched a realty project in Andheri, Mumbai. She has received 100 bookings from NRI for this. Company director Devang Verma said that NRIs are investing in the property market due to the depreciation of the rupee. He told that NRIs are also investing for investment purposes.
