Real estate transactions, enquiries by NRIs on the rise as rupee depreciates
The depreciating rupee has affected most Indians either directly or indirectly, but it has benefitted non-resident Indians (NRIs) when it comes to investing in Indian real estate in India. In the last one year, the rupee has depreciated around 14% from ?65 at the beginning of October 2017 to above ?74 at present. The depreciation has put more rupees in NRIs’ hands, making properties cheaper for them than they were earlier. As a result, there is an improvement in both inquiries and transactions by NRI in the real estate sector. “The charms to own a property back in their country of origin makes NRIs consider real estate as an option. Needless to say, the depreciating rupee value against currencies such as dollar, pound, the UAE dirham, among others, is prompting a large number of NRIs to invest into the country’s realty market,” said Anuj Puri, chairman, ANAROCK Property Consultants. With the rupee depreciating at a faster clip in the last few months, real estate experts expect addition in demand from NRIs. “There is a surge of nearly 15-20% in enquiries from NRIs annually,” said Puri.
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