Reports reveal about NRIs looking to purchase properties in India since there was a decline in the value of Indian rupee against dollars a few months back. Previously the NRIs were anxious of investing in the country’s Real Estate market due to the respite witnessed by the residential segment initiated through demonetiation and the implemntation of RERA.
But things have started changing by now.
With RERA being active now for almost 2 years, the Indian Real Estate sector has transformed for the good. Consolidation following the transparency in the industry is anticipated to lead it into the positive direction. Besides, the weakening of Indian currency has turned India into a lucrative opportunity for overseas investments.
Number of NRIs interested in properties for creating assets in India is showing an year-to-year increase and presently accounts for 30% of them.
But what are the factors determining this changing attitude of NRIs?
Investment in Indian properties allows the NRIs to make the most of their additional income due to the correction in prices over these years.
The Tier II and III cities too have experienced a greater speed in property invetsments apart from the Tier I and Metropolitan Cities. The rapid infrastructural development increaing the rate of appreciation has caused the NRIs to make smart decisions of buying properties in India.
Good returns of property investment in India are attracting the NRIs, especially the commercial sector. This is a lucrative investment option offering commendable capital appreciation as well as rental yields. There are instances of Indians from the Middle East and the United States option settle in locations like Kalyan, Karjat, as revealed by sources.
The recent weakening of the Indian currency offers more square feet area to the NRIs within their budget in foreign currency. The sluggishness of the Real Estate market in India adds to the advantage of purchasing properties at rates, which are less expensive for them.
The effect of RERA has lessened the price of property at the primary level by 10% to 15%. The increasing accountability of the developers and transparency of the sector are also not to be ignored.
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