Why More NRIs Are Investing Their Dollar Back Home In India?
The Indian Rupee has been under pressure for the past few months. As it has declined to its lowest-ever levels, a large number of Non-Resident Indians (NRI) are seeking to invest in real estate back home in India.
A stronger US Dollar against the Indian Rupee makes investments in India cheaper for NRIs. The existing 7-8% share of NRI investments in the country’s real estate inventory will certainly see growth. Looking at the current situation, it is estimated that investments from NRIs will rise to about 10-12%.
A report by 360 Realtors stated that NRI investments in Indian real estate have touched $10.2 billion so far in the current financial year. This growth is largely driven by five cities: Mumbai, Pune, Bengaluru, Gurugram and Noida.
According to Rajan Dang, founder of Zvesta.com, “With the current valuation of the rupee, foreign investors buying property in India are getting appreciation of 12-15% while investing from USD to INR. And if the dollar strengthens further, gross appreciation will reach 20-22% in property prices for foreign investors”.
Speaking of the countries with the largest share of NRI investment in India’s property market, major investments come in from the Middle East, US, UK, Canada and Australia. According to experts, the current situation is a good opportunity for NRI investors to buy properties with savings of 10-20% depending on currency exchange rates of the day.
If you wish to invest in a promising property by a reputed builder in India, you can look up Green Olives (The project has been registered via MahaRERA registration number P52100013526) in Pune by Kolte-Patil Developers. It is a luxurious project of 2 & 3 BHK homes in Hinjewadi, situated near one of India’s biggest IT Parks: Rajiv Gandhi Infotech Park.