NRI interest in Gurgaon realty up as touches historical low

GURGAON: The fall of Rupee has raised speculations of increased NRI investments in the reality sector. Gurgaon Builders and analysts say that Gurgaon continues to be a popular destination for NRIs buying property mainly for the purpose of investment.

The Indian Rupee (INR) has seen 12.0% depreciation against the US dollar since the start of May till June, thereby forcing its value go down against all other currencies pegged to US dollar, including the UAE Dirham (AED). As a result, the Rupee has also depreciated against the AED by 12.0% during the same period.

Builders maintain that this slip might prove a good opportunity to tap the potential offered by the NRIs.

According to Ravi Saund, COO, CHD Developers Ltd, most developers are taking cue from this situation and coming up with products primarily targeted at the NRI segment. "We, at the CHD, are coming up with high-end studio apartments in our upcoming commercial tower CHD Sky One. This will majorly be targeted at our NRI customers," he said.

Gurgaon Property has emerged to be one of the most lucrative investment options for NRIs since it ensures a good return on investment. The areas most preferred by the NRI segment are Golf Course Extension, Sohna Road and the upcoming Dwarka Expressway. "If the rupee maintains its current levels, real estate developers could see more NRI investments during the period. On the downside, cost of construction may marginally go up as we will have to pay more in rupee in order to procure raw materials," Saund added.      Source:http://timesofindia.indiatimes.com/city/gurgaon/NRI-interest-in-Gurgaon-realty-up-as-touches-historical-low/articleshow/21077562.cms