NRIs have advantage in India’s luxury market
NRIs have an advantage in luxury property market in India post-demonetisation as real estate developers in major cities of the country have ‘significantly’ dropped property rates, according to Singapore-based business analysts.
“Given the recent demonetisation move, property rates have significantly dropped across various cities in India,” said Abhijit Ghosh, India Desk leader at PricewaterhouseCoopers (PwC) Singapore, an international financial consultancy.
“Specifically, the luxury condominium range of property apartments has been badly hit given that one of the objectives of the current demonetisation move is to discourage all significant cash transactions,” said Gaurav Tijoriwalla, Manager, PwC Singapore.
Industry observers said Chennai-based developers are cutting prices by up to Rs 20 lakh on slow-moving projects.
NRI sources expect luxury property prices to drop by 25-30 per cent.