Rupee has been depreciating and has positively influenced the demand from NRIs for residential properties in various cities across India, especially in Mumbai. The rupee has been touching new lows every day. Even today, the rupee touched 54.82 per dollar in early trades. Exporters and the NRIs are two categories which stand to gain from the weak currency, as they will receive more rupee funds on conversion. The term NRI also includes Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs).
“Because of the rupee’s downward trend, real estate has become cheaper for NRIs and many of them are now actively seeking residential property investment opportunities in the financial capital,” says Om Ahuja, CEO – Residential Services, Jones Lang LaSalle India “Apart from the advantages they have due to the depreciating rupee, developers are more than willing to offer discounts today owing to their on-going liquidity concerns,” says Om Ahuja.