The record decline in the value of the Indian rupee and the sluggish realty market have proved to be a double delight for overseas Indians.
The record decline in the value of the Indian rupee and the sluggish realty market have proved to be a double delight for overseas Indians investing in property here.
Sunil Sequira, a resident of Kuwait, has zeroed in on a property in Thane at a rate nearly 30% lower than usual. “This is the right time to buy property,” he said. “Many of my friends have also decided to buy property in India. We are expecting an annual 10% to 15% appreciation.”
Sandeep Reddy, co-founder of Groff.com, a real estate brokerage firm, said it has been getting a good response from overseas buyers. At the recent property exhibition in Dubai, many people booked flats on the spot, and several showed interest in flying to Mumbai to check out property and finalise their decisions.
“NRIs are mainly interested in Navi Mumbai and Bangalore properties. This time, there was a slightly lower demand for the Delhi market. Going by this response, we have decided to organise and participate in exhibitions in Singapore and other international places that have a large Indian population,” said Reddy.
Niranjan Hiranandani, managing director of the Hiranandani Group, said, “The decline in the rupee value against the dollar/dinar in the international market has helped to attract more and more NRI buyers. If the cost of the flat is Rs1 crore as per the Indian market, the NRI has to pay only Rs85 lakh — 15% less, thanks to the record decline in the rupee value.”
Commercial opportunities in the West are on a downturn. So, people are looking at the Indian market for investment and business purposes, he added. “Once the RBI brings down its high interest rate, the city property market will surge again. There is a huge demand for houses, but the high costs and interest rates have discouraged buyers temporarily. People are awaiting the low interest rate loan.”
Sukhraj Nahar, managing director of the Nahar Group concurred. “Many NRIs have shown interest in buying property. They will come to India around the end of December and in January 2012 to see and finalise the properties. Our city developer body is also organising a property exhibition in Dubai to attract more NRI buyers,” he said.
“We were unhappy with the poor response from domestic buyers,” said Manohar Shroff, general secretary of the Maharashtra Chambers of Housing Industry, Navi Mumbai. “Now this void has been filled by overseas buyers. During this crunch period, it’s a blessing for developers, who were reeling under the immense pressure of high interest rates, low property sales and high construction and labour costs. NRIs will help us sustain the market. Once the slump is over, our local buyers will turn up in greater numbers to rejuvenate the market.”
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