Home sales pick up as NRIs rush to buy
The rupee’s plunge has led to a pickup in residential real estate as an increasing number of non-resident Indians (NRIs) are rushing to take advantage of lower prices and discounts as the dollarNSE -0.31 % surges in value.
The rupee has dropped 13.04% against the dollar since the beginning of 2018, 6.20% over the past three months and 3.4% in one month, amid a global rout of emerging market currencies. Recent reforms such as implementation of the Real Estate (Regulation & Development) Act, 2016 (RERA), amendments to the Benami Properties Act, the goods and services tax (GST) roll out and demonetisation have also improved transparency in the sector, thereby offering more comfort to the NRI community.
“Depreciating rupee against currencies such as dollar, pound, the UAE dirham, among others is prompting large number of NRIs to invest into the country’s realty market,” said Anarock Property Consultants chairman Anuj Puri. “Builders are also leaving no stone unturned in luring them with a host of amenities and features.” That’s led to a resurgence in serious inquiries by NRI end-users and investors, leading to deals taking place.