Real Estate prices in Mumbai sustain, despite of slowdown in economy: Thanks to NRIs investing

With the rupee falling against the dollar,  Indians living abroad have increased their investment in the country and especially in Mumbai, meaning that the expected fall in property rates following the recent dry period in the real estate market has not materialized.

 

According to a real estate source, the real estate prices in Mumbai for a person staying in the Middle East are 25-30 per cent less than what an Indian would pay. A real estate agent from Khar shares, “I know about clients from the Middle East and other western countries who were earlier ready to shell out Rs. 1 crore but have now hiked it to Rs. 1.30 crore. Some don’t even mind going as high as up to Rs. 1.60 crore. NRIs are investing heavily in Mumbai.”

 

“Just a few months ago, builders were chasing clients to buy property, and everyone was expecting the property prices to come down, but the uncontrollable inflation means that most builders are now getting calls from NRIs who want to invest. Why will builders reduce the prices when they are making their share of money anyway?” explained a broker.

 

Realty expert say, “There’s a slowdown in many western countries, but their currency is still stronger than ours. The falling rupee is making it easy for NRIs to invest here. They all plan to return toIndiasomeday, so why not invest in Indian properties,” he said.

 

2 Responses to Real Estate prices in Mumbai sustain, despite of slowdown in economy: Thanks to NRIs investing

  1. Mumbai real estate is abuzz with Lodha Bluemoon Worli, South Mumbai Project. Excellent investment opportunity for NRIs.

  2. With the current economy downturn profit can be garnered by purchasing real estate while property values are lowered. In a sense, homes, commercial space and land are one of the few investments that one can be guaranteed will not remain diminished in value long term. The reality is there is only so much land to purchase. If you buy some now, someone will have to buy it from you in the future.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: