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Mumbai Realty Developers eyeing NRI Buyers

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Realty developers in the city have plans to aim on NRI purchasers, mainly in UAE, in a bid to shove up their auctions, impacted by high rates and bad outlook. CEO of Maharashtra Chamber of Housing Industry said to www.propertykhazana.com that, “With the Rupee decreasing via the Dollars, NRI purchasers are gaining by about 30%. Rates have also started to slowdown, NRIs can grab a good deal and we plan to focus on this.” Rupee had decreased for about Rs. 45, couple of weeks back and about Rs. 55 against the dollars previous week. It had a drop of about 25% in the past few months. He also said that, “If a 2 BHK apartment in a polite Mumbai town costs for about Rs. 55 Lakhs, it can be accessible to NRIs for about Rs. 45 Lakhs. Reason in the rate slowdown, if the builder offers a more discount or says the stamp-duty is for free, then the flats can be accessible for a low price for about Rs. 40 Lakhs.”
MCHI aims to utilize the Rupee decrease against US dollar as a main selling tip to NRI purchasers. It is holding an expo in Dubai by the end of the year where main developers joined to the MCHI and will be displaying their properties. He also said that, “They are not long lasting inhabitants like US or UK; they mainly earn their living in UAE and purchase a housed in India. These NRIs have the funds and are the real purchasers but are backing to buy and is wishing for the rate drop. Internationally outlooks are less but we wish to alter this. Many MCHI members have by now decreased their rates by 15-20%. Even if he did not expect any more decrease, individual developers might give discounts like parking for free of cost or taking care of stamp-duty among other things.” For more updates on real estate market browse www.propertykhazana.com.
Source: NBTVLIVE

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