http://m.economictimes.com/markets/real-estate/realty-trends/nri-real-estate-investments-rise-in-mumbai-every-time-the-dollar-appreciates/articleshow/13960446.cms
REALTY TRENDS
With the dollar appreciating in value compared to the rupee, more NRIs are looking forward to investing in real estate in India. Since Mumbai is a booming realty market, NRIs have always considered it to be a safe bet to invest in the city.
"Generally , NRIs are looking at this period as an extremely advantageous one for realty investments. The Government has been making proactive policy changes clearly aimed at routing more NRI investments into India," says Om Ahuja, CEO - Residential Services, Jones Lang LaSalle India.
"We have experienced a surge in NRI investments every time the dollar gets stronger. Considering the current scenario where the rupee has depreciated by nearly 23 per cent in the last six months or so, NRI investments are bound to increase significantly," says Manju Yagnik, Vice-Chairperson , Nahar Group.
The confidence levels of NRIs are also high since many amongst them have already earned and continuing to earn huge returns on their earlier investments.
"With exchange rate of the dollar rising, this is augmenting interest among expats for investing in properties in India, especially from locations like Dubai, Hong Kong and the UK. The interest levels have gone up in the past four months and Mumbai being a rank one city always has a higher traction," says Shveta Jain, Director, Residential , Cushman & Wakefield India.
According to Rajendra Karia, Past President, AREA Group and Convention Organiser , NAR India 4th Convention , "In the Mumbai realty market, inflows from the UAE and other GCC countries should be highest across the next few months." He elaborates that as the annual vacation in schools in the GCC start from July, many Indian families come for their holidays to India in the July-August period, and this is where most construction sites in and around Mumbai will see maximum number of NRIs visiting with the intent to grow their hardearned petro dollars.
Kousal Raman, an NRI settled in Sharjah, says, "Even though the real estate prices in Mumbai have not substantially reduced, it makes a lot of sense to invest in real estate now as appreciation of the investment is far higher in this city than any other."
Apart from the advantages NRIs have due to the depreciating rupee, developers are also offering discounts. "The 20/80 scheme and 10/90 schemes offered to patrons at Nahar's Amrit Shakti has been a major attraction for NRIs and 55% of this segment who have purchased their apartments at our township has availed of this scheme," avers Yagnik.
Arun Gupta
