Digital USA Info

Falling rupee has NRIs flocking to Hyderabad’s real estate market- The New Indian Express


Express News Service

HYDERABAD: The depreciating rupee and the buoyancy in the Indian residential real estate market have turned out to be significant draws for NRIs to invest in Hyderabad, helping the city become the top pick for housing investment across the country.

According to CII-ANAROCK Consumer Sentiment Survey Hyderabad, National Capital Region (NCR) and Bengaluru are top picks of NRIs for housing investment. Interestingly, Mumbai Metropolitan Region (MMR) is a distant fourth on the NRIs’ wishlist. Notably, at least 60 per cent of NRI respondents said that they will buy homes in one of these three cities, with 22 per cent focused on Hyderabad, 20% eyeing NCR, and 18 per cent preferring Bengaluru. 

Of the 5,500 respondents participating in the survey, 7 per cent were NRIs currently stationed in the US, Canada, Gulf, Europe and various Asian countries. More NRIs prefer investing in Indian real estate over stocks, mutual funds, gold, and fixed deposits. As per the survey, housing has seen a 15-20% increase in NRI demand in the first nine months of 2022 compared to the corresponding period in 2021.

“After Covid-19, NRIs have clearly not forgotten the uncertainties associated with living in a foreign country during a major pandemic. Securing homes remains a priority for Indians everywhere. While domestic homeo wnership sentiment remains strong despite hardening home loan interest rates and property prices, the depreciating rupee against the US dollar gives NRIs a distinct advantage,” said Prashant Thakur, senior director and head – research, ANAROCK Group.

On average, NRIs account for 10-15 per cent of homes sold in any given quarter. Demand for bigger homes has been one of the defining new developments in the post-Covid era. The desire for extra living space remains undiminished. For NRIs, the favourable exchange rate is another prime motivator to secure bigger homes. 

The current H1 2022 survey finds that over 77 per cent of NRI respondents will buy bigger homes —  54 favouring 3BHKs and 23% looking to buy 4BHKs. Just 22 per cent of NRI respondents are now looking for 2BHKs. A majority of NRI respondents prefer premium properties priced between Rs 90 lakh-Rs 1.5 crores. Many NRIs are now looking to shift back to India and use these homes.

The economic situation in many countries is uncertain because of the recessionary dynamics brought on by the Ukraine-Russia war, while the Indian economy is markedly better off.

Source link

Leave A Reply

Your email address will not be published.