PUNE: The continuous slide of the rupee against the US dollar may be a cause of concern for many, but has led to NRIs considering investing in real estate back home. Industry observers said there has been a marked rise in the number of inquiries from NRIs and international investors in the last six months, during which the rupee has declined over 10% against the dollar. Realty developers and observers told TOI that the trend is more noticeable in the commercial real estate sector, which is suffering from weak interest andhigh vacancy for the last many quarters. Though the US dollar has hardened against many other currencies, NRI investors are more inclined towards India, albeit partly, due to the emotional bond with the country. The interest is primarily rooted in the fact that they would be shelling out fewer dollars to acquire properties than they would have last year, experts said. The current interest in real estate is only reflective of an established trend, just that it has picked up. According to Reserve Bank of India (RBI), the net NRI remittances into India are rising with the current fiscal registering a record net inflow of over US $12 billion, almost double the remittances of US $7 billion witnessed in the last financial year. About 40% of these inflows have gone in the real estate sector, the RBI has said. Rohit Gera, vice-president of Credai Pune Metro and director of Gera Development, said, "Properties are cheaper than they were a year ago in terms of dollars. We have already seen a spurt in inquiries from NRIs over the last seven to ten days." Ashutosh Limaye, head of research real estate investor services at realty advisory firm Jones Lang LaSalle India, said, "The Indian rupee has seen 12% depreciation against the US dollar since May 2013. This has led to a decrease in its value against all the other currencies pegged to the US dollar." Limaye added that according to a recent survey conducted by Sumansa Exhibitions, NRIs place a higher intrinsic value on property owned in India over the ones owned in other countries. While global investors such as foreign private equity (PE) investors are shying from investing in India and waiting for the rupee to stabilize, NRIs have been thinking otherwise, say realtors. "The depreciation of rupee has eroded the exceptional gains made by foreign PE funds in the last few months. Hence, short to medium term interests from several foreign PE funds may be subdued in view of the current economic performance," said Neeraj Bansal, partner at business consulting firm KPMG in India. "However, there is no shortage of funding for grade 'A' projects with promoters having strong track records. The fall in rupee is being cheered by NRIs who are now in a better position to invest in properties in India," he said. "As the rupee continues to fall, the IT/ITeS sector, which is among the largest occupier of commercial real estate (SEZs and office space) in India, is expected to witness a strong growth. This may result in increase in offtake of commercial office space," Bansal said. Anuj Bhandari, secretary, Credai Pune Metro, said around 20% more NRIs as compared to the last couple of years inquired about residential schemes. This may result in 7-8% increase in the purchases by NRIs, he added. Realty Interest: 20% rise in NRI inquiries for residential schemes Much interest in 'A' grade projects Trend more noticeable in commercial real estate Realtors say inquiries have picked up in the last 7 to 10 days 40% of total remittances are towards real estate, says RBI
I’ve been a sports person, and also captained my throwball and volleyball teams. I understand the importance of extracurricular activities in our growing up years.
Trainings provide a child with the required discipline when working within teams as well as gives one the chance to follow what makes you happy. It also enables an overall development!
Dance has been my passion since I was a child and I have been thrilled to see both my little ones have this in their genes too.
This opportunity really came to my doorstep through Gera. My daughters Lavanya and Diya have had an enthralling experience being a part of not just one but three Academies (The Shiamak Davar Dan..
I cannot thank you enough for making our journey with Gera so so interesting and mind-blowing. I had never ever imagined my life taking a beautiful turn with me beginning to start my career as a music teacher that too with SMA (Shankar Mahadevan Academy) and all this has been possible only because of GERA and YOU my dear.
It is only because of your efforts and kind gesture that I could meet the man himself (Shankar Ji) and have a small recording session with him. That was like a dream come true.
I am super excited to start my journey with SMA and Gera as a teacher now.
Apart from that, Me and Prateek have always been grateful to you for making Shiamak happen for us and I ..
It was indeed a pleasure being a part of the Christmas celebrations at Astoria. Kudos to the Gera team for bringing in such a wonderful event with great carol singing participation from our own kids. It brought in the spirit of Christmas and the games, Santa, the gifts only added to it. Thanks for organising such a wonderful event which helped in community building...looking forward to many more such celebrations!..
The Christmas event organised at Astoria was a big success and a big step in bridging the gap between us and Gera. It was a memorable event as we are still in the beginning of our journey of life in our little home at Astoria. The kids have been the happiest of all and what more can we ask for when we see smiles on the faces of our little ones. Kudos to you and your team for making this event a huge success! Looking forward to many more in the years to come...
The Christmas party organised by Gera at Astoria this year was a great success with good participation from kids and parents. Our children Sia and Saish enjoyed the party to the fullest. Sia, in particular, had a gala time and reiterated her stand that Anita aunty's parties are THE BEST.... We as your customers take much pride in informing our friends that such goodwill gestures are one of the many differentiators Gera brings to us, which no other builder in Goa can boast of. Many thanks to you and your team for doing an excellent job in putting up this event. We look forward to the next one! A big thanks to the Gera Management for its efforts in community building...