NRIs warm up to Indian realty
Rajshri Mehta,TNN
MUMBAI: It's a great time to be a non-resident Indian if you want to invest in property in the country. One US dollar sent to India fetched Rs 44 in 2011 and Rs 52 in January 2012. In June 2013, it is getting you Rs 60, a gain of Rs 8.
Not surprisingly then, they all want to invest in the Indian property market since they earn in foreign currency and the weak rupee has increased their buying capacity manifold.
Most developers TOI spoke with claimed a 20-25% spurt in inquires from NRI's over the past one month. According to real estate companies, brokers, analysts and consultants, this has triggered a substantial rise in the volume of property-related enquiries from NRIs.
"In the past one month, the number of NRIs showing interest in my projects have increased. It is too early to say how many inquires will translate into sales. In this sluggish period, it takes about 30 to 45 days to conclude a sale,'' said Vimal Shah, president of Maharashtra Chamber of Housing Industry, and MD of Hubtown.
"NRI interest in our properties and this was evident in the footfalls that we have seen at our stalls in recent real estate exhibitions at Abu Dhabi and Dubai,'' said R Karthik, Lodha Group's chief marketing officer. "The share of sales to NRIs has grown from under around 7% in FY11 to over 15% in FY13, and the trend continues to be equally strong in FY14.''
Rajshri Mehta,TNN
MUMBAI: It's a great time to be a non-resident Indian if you want to invest in property in the country. One US dollar sent to India fetched Rs 44 in 2011 and Rs 52 in January 2012. In June 2013, it is getting you Rs 60, a gain of Rs 8.
Not surprisingly then, they all want to invest in the Indian property market since they earn in foreign currency and the weak rupee has increased their buying capacity manifold.
Most developers TOI spoke with claimed a 20-25% spurt in inquires from NRI's over the past one month. According to real estate companies, brokers, analysts and consultants, this has triggered a substantial rise in the volume of property-related enquiries from NRIs.
"In the past one month, the number of NRIs showing interest in my projects have increased. It is too early to say how many inquires will translate into sales. In this sluggish period, it takes about 30 to 45 days to conclude a sale,'' said Vimal Shah, president of Maharashtra Chamber of Housing Industry, and MD of Hubtown.
"NRI interest in our properties and this was evident in the footfalls that we have seen at our stalls in recent real estate exhibitions at Abu Dhabi and Dubai,'' said R Karthik, Lodha Group's chief marketing officer. "The share of sales to NRIs has grown from under around 7% in FY11 to over 15% in FY13, and the trend continues to be equally strong in FY14.''
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