Rupee slide: Should NRIs buy houses in India now?

Rupee slide Should NRIs buy houses in India now

With the rupee touching all time lows against the dollar, it appears to be a great time for Non Resident Indians (NRIs) to remit funds to India for investment. And for most NRIs, the preferred asset class continues to be real estate. But with the India story looking a little bleak, is property a good investment right now?
So if you are ready to take that challenging road, here are a few tips to help you along the way.

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Mumbai top property choice for Indian expats based in UAE

Rustomjee Summit at Borivali (E)

Rustomjee Summit at Borivali (E)

Mumbai has been revealed as the favourite spot for Indian expats in the UAE to buy property, despite the city’s soaring home prices, according to a new survey.

Thirty one per cent of Indians in the UAE said that Mumbai was their preferred destination for property investment in India, the results of the Indian Property Show survey released yesterday revealed. About 14,000 Indian expats in the UAE participated in the survey.

“Despite being the ‘highly unaffordable’ place, even for the upper middle income group back home, Mumbai has become a top choice for non-resident Indians [NRIs] in the UAE for investment in the real estate sector,” said Sunil Jaiswal, the chief executive of Sumansa Exhibitions, which organises the Indian Property Show, to be held in Dubai this month. Home prices in Mumbai have increased by 66 per cent over the past four years, according to a recent report by Jones Lang LaSalle.

Read more: Mumbai top property choice for Indian expats based in UAE

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NDTV Profit: NRI guide to property investment in India

Rustomjee Paramount

Rustomjee Paramount

NRIs have always been opportunistic in terms of investment avenues and returns. The government regularly comes up with new schemes to attract more and more investments from abroad. Real estate is one of the sectors which always grabs the attention of non-residents.

The Reserve Bank of India has also given permission to all non-residents who possess Indian passports as well as people of Indian origin to put their money in the real estate sector (residential as well as commercial property). The number of NRIs investing in real estate is increasing fast as the value of the rupee is depreciating and real estate offers better returns. A place in the homeland usually gives a sentimental support and sense of security, which is the other reason of investment in real estate by NRIs.

Read more: NRI guide to property investment in India

Moneycontrol.com: Essential guide for NRIs investing in Indian real estate

Rustomjee Athena, a part of the 127 acre self sufficient township Rustomjee Urbania, Thane

Rustomjee Athena, a part of the 127 acre self sufficient township Rustomjee Urbania, Thane

In the aftermath of the Sub Prime crisis in the US and the sinking real estate segment in the EU nations, NRIs have been looking homewards for investing in real estate in past couple of years. Additionally the depreciation of the rupee in the last year has further fuelled the demand for real investment by NRIs in India. In some of the Middle East nations as well as places like Malaysia and Singapore the domicile restrictions are forcing NRIs working there to secure a home back in India when the going is good. But before investing in real estate in India the NRI must be clear about the actual benefits, the options available, the procedure involved and pitfalls that may accompany such a financial decision.

Read more: Essential guide for NRIs investing in Indian real estate