The sharp dip of the rupees’ against
the US
dollar has increased the temptations of non-resident
Indians (NRI) to buy property. Realtors are expecting an increase of 35% in
business inquiries
from the expatriates this year, reveals the Associated Chamber
of Commerce and Industry of
India (Assocham) recent findings.
Releasing the Assocham paper on 'Falling rupee sparks property boom
from NRIs', D S Rawat, secretary general Assocham said, "With the rupee
riding low against the dollar, Indian residents are looking to accelerate
investment plans back home". The rupee has fallen by about 34% against the
US dollar since August 2011 and crossed 65 against the dollar.
According to a survey conducted by Assocham has upon
nearly 1250 real estate developers in Delhi-NCR, Dera Basi, Mohali near
Chandigarh, Mumbai, Kolkata, Bangalore, Hyderabad, Ahmedabad, Pune,Dehradun, Chennai etc. favorable exchange rates have
facilitated the interest for buying property among NRIs.
Most of the real estate developer are saying
that the NRI traffic is primarily coming
from the UAE/Gulf region, US, Singapore, Australia, UK, Canada, South-Africa
etc. and the demand is more for high end properties and commercial buildings.
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