NRIs taking interest in Indian property market due to fall in rupees

By Accommodation Times (www.accommodationtimes.com)

The decline in the value of Indian currency and constantly bad performance of real estate sector is become a double bonanza for Non Residential Indians (NRIs) to invest in Indian property market. According to the several market reports and NRIs also said that “in Thane region property prices are 30% less than the usual market prices,” they added that we have decided to buy a property in India as we are expecting an annual 10% to 15% appreciation.
According a flamboyant brokerage firm said that, we have received a huge response from overseas home seeker in the recent month. Adding that in Dubai property exhibition hundreds of NRIs has booked their flats on the spot, whereas several others have put their decisions on hold as first they wanted to observe the locations.
Reportedly, this time Navi Mumbai and Bangalore are on top of the NRIs demand list, though Delhi market got less numbers comparatively previous year. Authorities said that following to the demand we have decided to conduct property exhibitions in in Singapore and other international places that have a large Indian population.
Niranjan Hiranandani, managing director of the Hiranandani Group, said “Reduce in the value of Indian currency against the dollar/dinar in the overseas market has aided to lure NRI home buyers, if the value of a flat is 1crore in Indian market NRI buyer has to pay only Rs.85L- 15percent lesser.”





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