Weak Rupee Makes Indian Realty Market Irresistible for NRIs

“With the rupee’s depreciation, slowdown in real estate market and government policies, including that on farmhouses in Delhi, this is the right time for NRIs to invest in India,” added Jain.

However, Delhi-NCR and Mumbai properties continue to be the most preferred choice among NRIs, said property brokers. 

Moreover, “There is an immediate spurt of interest for buying property in India but whether this would translate into actual transactions will be known only after some time,” said Manish Mehta, Vice-President of IndiaHomes.

Last year, Investors Clinic has witnessed demand for properties which are higher in value as the NRIs want to cash in on this situation and invest more to get better returns in future. It has observed around 400 property transactions where the average investment per NRI was about 30 million.

On the contrary, Joy Sanyal, head (development initiatives), Jones Lang LaSalle India, said “NRIs are much more conservative than local buyers. It is too early to see an impact.”

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