NRIs buying properties in India as rupee depreciates
It's good to be a Non-Resident Indian (NRI) when the rupee is depreciating against US dollar. While the rupee's decline is not good for the economy, for NRIs it is like boon as they scout for new properties back home at 20 per cent cheaper rates.
Rupee has plunged over 32 per cent in last two years from the levels of around 44-45 to around 58-59 currently.
Media report quoted real estate advisors as saying that number of NRIs enquiring about properties in India has increased manifolds over past few weeks. Experts also said that apart from rupee's depreciation, government's policy on farmhouses in Delhi is also luring NRIs towards Indian real estate market.
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