Thousands of non-resident Indians (NRIs) who are poised to take advantage of the Indian currency’s record falls by buying property according to The National.

The rupee is down by 16%
The rupee has depreciated by more than 16 per cent against the dollar since July, and with the currency hitting an all-time low last week, plunging to 52.50 against the greenback. Before the slide began the rupee was trading at about 44.

Substantial increase of NRI property buyers
“Developers are reporting a substantial increase of NRI property buyers across the country. Around 40 per cent of buyers are now non-resident, in comparison to the normal figure of about 10 per cent,” says PMA Razak, the president of the Mangalore Chapter of the Confederation of Real Estate Developers’ Associations of India.

Homes in India cheaper in dollar terms
The rupee’s fall has made homes in India increasingly cheaper in dollar terms, creating opportunities for those living and earning overseas, particularly in the Gulf where currencies are pegged to the dollar.

Navyroof.com the Indian property portal has seen an 50% increase in taffic year on year from NRI buyers. This comes from both NRI’s and developers looking to advertise and sell Indian property online and also NRI’s buying property in India online.

Chennai property 11% year-on-year rise
The property market offers a mixed bag in the country with some property in Chennai recording an 11 per cent year-on-year rise, whereas other areas of the southern parts of the country have seen prices slump by more than 20 per cent, according to NHB Residex, an index that tracks housing prices in 15 cities.

Big cities v’s Satellite
Big cities such as property in Delhi and property in Mumbai are still offering good returns but smaller, satellite cities such as Pune, Gurgaon and Noida have emerged as key destinations for investments, Sumansa says.

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Tags: advertise and sell Indian property online, buying property in India online, Indian property portal, Navyroof.com, NRI property buyers, Property in Delhi, Property in Mumbai, Property in Noida, Rupee depreciation

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