Weakening of the
rupee has given a golden opportunity for Indian real estate industry as it
welcomes a lot of non-Indian residents to make their investment in the
property. Before few years, the dollar value was quite weak which increased the
competitiveness of United States real estate industry. Similarly, India took its
turn now where increased in the sale of properties in major cities like
Chennai, Mumbai, Hyderabad, Delhi etc is witnessed. Among other cities, NRI’s
show more interest towards the houses for sale in Chennai as it reaps high
value return. This let many realty developers to start the construction of
mega-raised projects.
Though depreciation
in the rupee value may be a bad news for Indian economy, it is not so for the
non-resident Indians as they are making use of it to buy a property in their
native. This increases the high sale of Chennai houses as NRIs get an
opportunity to buy property at cheaper price. So many NRIs are queuing up the
line for making their investment. Following the rupee depreciation, the
enquiries from NRIs towards property investment in India have risen up to 15 to
20%. Once the rupee touches the 60 mark, the enquiry from NRI to buy Chennai houses for sale will go up further. According to the real estate experts, this
is the good time for NRIs to make their investment in property in India.
It is said in an
investor clinic, a real estate portal, due to reduced property cost of about 20
to 25%, the number of enquiries from NRIs regarding the houses in Chennai for
sale has gone up to 800 per month from 200.
With rupee depreciation, there is a slowdown in real estate market and
the government policies are much favoring people so NRIs are utilizing this
opportunity and buying houses for sale in Chennai. Mumbai, Delhi and Chennai
are the most preferred destinations for NRI investment said a realty expert. To
cater to the NRIs who are more contemporary than local buyers, many builders
have customized innovative and latest designs in their building. This attracts
many NRIs towards such kind of Chennai houses for sale.
More and more NRIs are showing interest towards properties in India as it guarantees good return. The bottling up of outflow will surely find a vent in huge money that will be pumped into the real estate sector which eventually pushes up the prices of houses in Chennai in the near future. Besides all these things, in India the NRIs have no restrictions in purchasing residential and commercial property but he/she is not allowed to own an agricultural land, plantation property or farm houses for sale in Chennai. But no upper limits for inward remittances, normal banking channels and NRE.
