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Declining rupee value will encourage NRI Buyers, says developers

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As per to the sources saying @ the www.propertykhazana.com, Maharashtra property developers are in consideration that the dropping rupee will assist to chase NRI clients and support the market. Pricking by falling of auctions for about 70-80% in Mumbai, realty developers are now moving towards the UAE in a bid to hardsell to NRIs. Maharashtra Chamber of Housing Industry (MCHI) is organizing a land fair, as it is organizing this fair in Dubai from 2002, this year it will have a unique connotation. The rupee has been traded for Rs. 45 from couple of weeks to about Rs.55 mark against the dollar and a drop of about 25% in couple of months. Thus, a 2 BHK apartment which cost about Rs. 1.50 Crores before, an NRI will have to sell that for just about Rs. 1.20 Crores now.
If the developers promote NRI discounts like stamp duty waiver and free parking given at MCHI Property Fair that clinched couple of months back at Bandra Kurla Complex, then purchasers avail profit of about 45% and apartment can be accessible for less than about Rs. 96 Lakhs. CEO of MCHI said to www.propertykhazana.com that, “Rates have also started to reduce and NRIs can get a good transaction now. We aim to emphasize this. The rupee aspersion against the US dollar will be a main selling spot to NRI purchasers. Main cause for coveting UAE NRIs was that they were the main working-people migrated to Dubai and other places in UAE planning to earn a living and purchasing a residence in India.” He also said that “They are not long-term inhabitants like in the US or the UK; they mainly earn their living in UAE and purchase a residence in India.”
Source: NBTVLIVE

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