How the post-pandemic real estate market in India provides a “distinctive advantage” to NRI homebuyers
Currently, the cost of 1 US dollar is about Rs 82. Business analysts in India regard it as a chance for NRIs to invest in India’s expanding and lucrative real estate market.
According to a prop-tech company, “the slide of the Indian rupee to a record low has unlocked a golden and specific opportunity for expatriates to show their foreign-earned money right into a worthwhile investment, and what is higher than investing in a property.”
India’s real estate sector has recently expanded quickly. According to Anarock, the prices of residential items in important cities like Bangalore, Hyderabad, Mumbai, Delhi-NCR (National Capital Region), Chennai, and Pune increased by approximately 7% in 2022 and are likely to continue at the same rate in 2023 and 2024.
“Real estate development has benefited from technological advancement, and contractors are using the available equipment wisely. Additionally, NRIs have witnessed the expansion of real estate activity following the creation of RERA (Real Estate Regulatory Authority) and the pandemic, which has led to the emergence of secure investment opportunities for them “says Harsh V. Bansal, co-founder of the real estate developer Unity Group and convener of the Confederation of Indian Industry (CII) Delhi subcommittee on real estate.
According to a report by real estate firm Anarock, 71% of NRIs think investing in the Indian home market is the best chance, a much higher percentage than the survey’s pre-Covid edition, which had a response rate of only 55%. “For Indians worldwide, finding safe housing in India continues to be a concern. The depreciating rupee value against the US dollar gives NRIs a tremendous advantage, even though domestic mortgage rates and asset prices are continuing to rise “says Anarock Group Senior Director and Head of Studies Prashant Thakur.
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