Posted on 23rd August, 2013 by admin

The Indian rupee’s sharp dip against the US dollar is expected to tempt NRIs to invest more in the country’s real estate sector. Realtors are projecting a 35% increase in enquiries from expatriates this year, according to a study by the Associated Chambers of Commerce and Industry of India (Assocham).

The study ranked Bangalore as the most-favoured destination based on early enquiries, followed by Chennai, Mumbai, Ahmedabad and Dehradun — in that order. The demand appears dull in the Delhi-NCR belt.

The NRI queries are primarily from the UAE, other Gulf countries, the US, Singapore, Australia, UK, Canada and South Africa. A lot of Punjabis settled in Canada and the UK are expected to invest in Chandigarh, Mohali and Panchkula, the report said. The study did a random survey of nearly 1,250 real estate developers across the country.

“With the rupee riding low against the dollar, Indian residents are looking to accelerate investment plans back home,” Assocham’s secretary general D S Rawat said. “The decline in rupee has increased property sales because people want to get value for their money. As on date, NRIs buying in India can save 20-30% on property value.”

Real estate body Confederation of Real Estate Developers’ Associations of India (Credai) too concurred with the study findings.

Source: Times of India