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NRIs hopes on realty because of the rupee downfall

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As per the sources available to www.propertykhazana.com, continuous downgrading in rupees from the last 6 months is attracting more and more NRIs into the real estate segment in India. Present value of rupee against the US $ is Rs. 52.96 and variation has been observed from some times, not only against dollars which rupee is losing ground even other currencies are at the same difference. Few NRIs believes that 20% decrease in rupee is like a discount of 20% in buying a land. Builders who are struggling from a year is ready to sell the residences to get benefits with this and the booking rates above $50 Million were created in the recent days land show held in Dubai which had boost up the builders to jump across other cities like London, Singapore and New York with big Indian populations. Dubai Show was organized by Sunil Jaiswal a Chief Executive of Sumansa Exhibitions; he believes that NRIs investment to the company’s profits to hop above 8% in the current fiscal year while it was against 3-4% before. He also said that, “In 3 days many purchasers had revealed their concern by paying the whole amount straightly to acquire the advantage of present currency price. Out of these, 53% people have booked the lands for own use as rest of them have purchased with an investment objective.”
MD of Hiranandani Group’s Niranjan Hiranandani speaking to the www.propertykhazana.com said that, “International realty investment targets particularly on Europe and Middle East and are becoming more and more uncertain. Along with the pointed reduction in rupee this is attracting many NRIs towards IPM.”
MD of Godrej properties’ Milind Korde said that, “We have witnessed great interest from the Gulf and European purchasers in the lavish housing realty.” Even if, NRIs seems to be in eager for purchasing land in India and the total auctions through will be about 5% which can be resulted in Cash flows for the developers, but there won’t be any influence on the sliding rate. The high interest rates in India might drop the eagerness of Indian purchasers, but it won’t affect NRIs much while the interest rates for loans are lesser in Gulf, Europe and in US.

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