Rupee's fall has come as a delight to the Indian real estate sector which after the implementation of RERA is still coping with the new measures. Nonetheless, the headwinds seem to ease as NRIs are taking rupee's fall as an opportunity to find a suitably property for them.
Also,, it has come to light that as RERA has made things more transparent between the builder, developer and end user, the earlier fear among buyer class is now receding at a faster rate. And non-residential Indians or NRIs are no exception to it. It has been seen there is a shift in the consumer wealth from bank deposits to other better return generating assets. And real estate is also one class that is now against the earlier times being channelized for. As per reports close to 30% of NRIs are scouting for property buys in the Indian subcontinent.
Besides the rupee, some of the factors are still becoming positive for these Indians settled abroad:
1. Competitive pricing: Prices over the years have not increased but attained some stability or correction due to the various measures and inventory with the builders. Nonetheless, it is also worth mentioning that despite this, builders are not offering any good rebates or are ready to settle for a lower price.
On the whole, the pricing in the current scenario is competitive for NRIs with prices down by as much as 10-15% to take a dig in one of the priciest asset one vouches to own.
2. Both residential and commercial space becoming attractive: Nris look for both of these property types to settle and earn quantitatively good via rentals and capital appreciation over the years.
3. Rupee weakening another delight: Foreign earnings enable the NRI to put in less amount and get additional square feet of space for the same amount in foreign currency. The property is thus available at cheaper rates to NRIs.
4. Timing is also deemed just right: Not just the Tier-I cities but other lower end cities are gaining a push when it comes to buying property due to an amplification in infrastructural development which will in some time good property price appreciation.
5. RERA also increases accountability: The earlier landscape of the real estate is now being replaced with a smooth, transparent and accountable system where the developers are less likely to resort to illegal practices.