Why is Mumbai Realty Irresistible for NRIs?

The appreciation in dollar value is alluring NRIs to invest in India’s real estate sector. More number of NRIs pouring in Mumbai to invest in the city’s real estate sector. Om Ahuja, CEO - Residential Services, Jones Lang LaSalle India, stated that “Generally, NRIs are looking at this period as an extremely advantageous one for realty investments. The Government has been making proactive policy changes clearly aimed at routing more NRI investments into India," reports Anuradha Ramamirtham and Rajiv Dogra of TNN.

Manju Yagnik, Vice-Chairperson, Nahar Group, said that "We have experienced a surge in NRI investments every time the dollar gets stronger. Considering the current scenario where the rupee has depreciated by nearly 23 percent in the last six months or so, NRI investments are bound to increase significantly."

NRIs have gained more confidence as many among them have already invested in Indian properties and witnessed good return on investment.


"With exchange rate of the dollar rising, this is augmenting interest among expats for investing in properties in India, especially from locations like Dubai, Hong Kong and the UK. The interest levels have gone up in the past four months and Mumbai being a rank one city always has a higher traction," according to Shveta Jain, Director, Residential, Cushman & Wakefield India.

On this context, Rajendra Karia, Past President, AREA Group and Convention Organizer, NAR India 4th Convention, stated that "In the Mumbai realty market, inflows from the UAE and other GCC countries should be highest across the next few months." He further explained that most of the NRIs visit India during the period of July-August, as the annual school vacation in the GCC countries starts from the month of July and this is the time when Mumbai witness NRIs visiting construction sites or inquires about property.

Not only, NRIs are getting benefits due to the dollar appreciation, but also getting discounts from developers. Yagnik of Nahar Group stated that "The 20/80 scheme and 10/90 schemes offered to patrons at Nahar's Amrit Shakti has been a major attraction for NRIs and 55 percent of this segment who have purchased their apartments at our township has availed of this scheme," reports Economic Times.

For NRIs some of the most preferred locations in Mumbai are pockets of Thane, Powai and Wadala, as these locations are improving at a fast pace and have trouble-free connectivity with expressway, elevated road and mono rail.

Kalpesh Shah, Past President, Association of Real Estate Agents and President Elect, NAR-India stated that "NRIs prefer projects with low entry level price points when it comes to investments, and premium projects for personal use. In Navi Mumbai, Palm Beach Marg with its stunning sea-views and projects with a view of Kharghar's Central Park also seem to be on the 'most wanted' list for NRIs." Also locations like Badlapur, Titwala, Virar and Boisar which comes under Mumbai’s outskirts, observing healthy enquires from NRIs.

Mostly NRIs seek projects that offer modern amenities, as they are habituated for better lifestyle. "Even if they want to book a flat for investment or for giving on rentals their preference is for the projects which provide amenities such as quality flooring, latest and high quality of electrical and sanitary fittings along with equipment that ensure proper security in place," according to Gopal Sharma, GM - Marketing, Gundecha Builders.

Source:www.siliconindia.com