The
zooming dollar is proving good for the builders as they are potential target
ever since the rupee went down 12% against the dollar.
It seems that
falling of rupee can be bad news for economy and stocks but it can be prove one
way benefit as NRIs (non-resident Indians) are suddenly investing in Mumbai’s
sluggish real estate market. The zooming dollar is proving good for builders as
they are potential target ever since the rupee went down 12% against the
dollar. Real Estate Market sources said there is an increased level of interest
from Indians living abroad. Experts said a city flat costing Rs.5.5 crore ($1
million) in May will now cost around $900,000 for an NRI investor. Pankaj
Kapoor of property research firm Liass Foras said NRIs have generally preferred
destinations like Bangalore, Pune, Chandigarh and Kerala.
“They are not comfortable with Mumbai
because of the risk factor and because builders here do not deliver on time,”
he said. Ashutosh Limaye, research head of Jones Lang LaSalle India, said
Dubai’s property market recovery is largely backed by huge investments by
expatriates, particularly from India. NRIs are amongst the top five investor
communities in the region. “With their natural affinity towards India, and
against the depreciation of the Indian rupee against the US dollar, the NRI
community’s real estate investment decisions may change in favor of the Indian
market if certain parameters are met,” he said. These include higher economic
growth, improved infrastructure, rise in demand for commercial space and social
infrastructure. “Putting these factors into perspective, the recent fall in the
Indian rupee could potentially act as a trigger for the NRI community in the
Middle East to switch focus towards properties back in India,” he said.
More Details Please visit : www.bangalore5.com
No comments:
Post a Comment