Rupee Slide: Is Property A Good Investment For NRIs Right Now?

Bangalore: A weak rupee is not deterring Non-resident Indians (NRIs) from buying properties back home. The decline in rupee might not be a good sign for Indian economy but for non-resident Indians, this is the time when they scout for properties back in India.  But with the country’s real estate scenario looking a little bleak, is investing in a property will be good right now? The answer is positive.

"There has been price correction in India to a certain extent and developers are sitting on huge inventory. So NRIs must be particular in their investments and pick and choose after due research," said Pankaj Kapoor, Founder and Managing Director at Liases Foras Real Estate Rating & Research, reports Deepa Venkatraghvan of Economic Times.

However, to buy a property, location plays a very important role. "In the last few months, we have witnessed good closures specifically emerging from NRIs in cities where value deals are available - namely cities like Bangalore, Hyderabad, Chennai and Pune. Demand in the mid-income and budget segments is robust across cities where job creation is the key driver," stated Om Ahuja - CEO - Residential Services, Jones Lang LaSalle India.

Kapoor further added that, "In the Mumbai Metropolitan Region and the National Capital Region, the secondary market is appearing very attractive. Investors are exiting these markets and in the past 15 days, prices have corrected up to 25 percent in some of the cities. So this might be a good time to pick up investor's stock. Apart from these two key regions, properties in cities like Hyderabad and Kochi are undervalued and it may be a good time to look at these places."

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