Weak Rupee Makes Indian Realty Market Irresistible for NRIs

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 their country, reports Mansi Taneja of Business Standard.

Drop in Indian currency is alluring NRIs to make investments in real estate sector of India. This current market scenario has enabled NRIs to buy properties at a cheaper rate in India.

“The enquiries from NRIs for buying property in India have risen by 15-20 per cent following the rupee’s depreciation. The enquiries might go up further once the currency touches the 60-a-dollar mark,” said Harinder Singh, Managing Director of Realistic Realtors.

Real estate portals like Investors Clinic are getting around 800 calls from NRIs per month, thrice the number recorded earlier. Similarly, another portal, Commonfloor.com is receiving around 1 million visits a month, which is double the number compared with few months before. The maximum enquiries related to property are coming from the U.S. and Australia and the demand for premium properties are more compared to affordable properties, said Sumit Jain, CEO of Commonfloor.com.

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