Making the most out
of the weak Indian rupee and heightened promotions by property developers /
promoters, the non-resident Indians have pushed a staggering sum of over $ 200
crore in Indian real Estate sector in the just concluded fiscal - 2013-14.
The move in turn will
inject a major post poll push to the sector. During the period, NRIs invested
minium 35 % more on buying houses across
the country as against the previous year, and made for almost 12 % of
total apartment sales in the top 7 cities,
property advisory firm JLL India,
said in its recent research report,
adding that the amount does not include Punjab, Gujarat and Kerala
states where a bulk of repatriation happens.
In this connection,
the World Bank (WB) also confirmed that India led remittance flows globally
cornering nearly $ 7,000 Crore across sectors during the same fiscal. In fact, in the year everything seemed to
have fallen in place for Indians living abroad who were keen to buy properties
back home.
The dwindling value
of the Indian rupee currency dropped between 15% and 25% during the year
thereby pushing the property developers under tremendous stress as sales
remained lackluster and the property prices had not moved up too much over the
last 15 months when western markets were experiencing a bounce back trend. The
NRIs are of the view that if a stable government comes in after elections, a
similar rebound would happen in India as well, claimed vice president of
industry body Confederation of Real Estate Developers' Associations of India
(Credai), who is also the managing director of Ahmedabad based Savvy
Infrastructure. For an NRI, Indian property was at least 30% cheaper last year
because of a combination of low prices and appreciating dollar against the
rupee, he added.
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