Nris Look To Buy Property In Mumbai
Super sale time for NRI's, with the present scenario of Indian Real Estate offering brighter prospects to NRI's in terms of investments
. Today the Indian economy is relatively stable and reaching to skies day-by-day when compared to other economies in the West. Today's scenario witnessing instability in market conditions in UK and Europe offers an exceptional opportunity for NRI's to invest in property of Mumbai market as said by experts.As in past the rupee has weakened dramatically. Mayur Shah, Managing Director of Marathon Group says, In the last six months the value of the rupee has depreciated by 20% which translates into 20% discount in property prices for NRI's. For NRI's the Indian real estate market will fetch better value as of now if compared with residential property in West and even good amount of appreciation in the future interestingly buying a residential property in Mumbai also gives tax benefits, of course in certain conditions.
With the rupee depreciating compared to the dollar by 15-20% in the recent past, investment in real estate properties in India has automatically become economical for NRI's. If one considers value wise for a 2BHK in suburbs they can save up to Rs. 30 to 40 Lakh which is a big amount.
Mumbai being the most buzzing cities in the world, the commercial capital of India and is gearing itself to become one of the global financial centers. Mumbai city offers huge opportunities for entrepreneurs, professionals and businessmen. The city has some of the premier educational and research institutions, most sophisticated and specialty hospitals and one of the best public transportation facilities in the country. These and many other features set Mumbai apart from other cities making it a hot pick for NRI's for fulfilling their aspirations of settling down and of course earning good returns on their investment.
Mumbai offers several options in the real estate front that matches global standards as enjoyed by NR I's in the countries where they are currently based. Residential complexes, commercial buildings and retail structures in the city are excellent in terms of quality, earth-quake resistant structure, design and architectural excellence and landscaping , on par with best worldwide.
The depreciating rupee has influenced the demand for residential properties in Mumbai from the NRI segment. Reason is simple as real estate in Mumbai has now become cheaper for NRI's. It is certainly a good time for NR I's to look at purchasing properties in Mumbai since developers are willing to offer good deals.
The preference of NR I's varies from segments that include affordable, premium and luxury housing properties that provide all the facilities and amenities under one roof. They favor locations in the vicinity of business districts, airports, educational and healthcare institutions and yet have their residence amongst serene, green and pollution-free environment. Mumbai's suburban areas offer such locations that too at a price acceptable to NR I's.
However being away from the property the NRI in his best interest should be cautious in choosing a developer. It is best that he carries out Dur diligence in regard including developer's reputation, land title, project approvals etc. Last but not the least this is the right time for NRI's to invest when the dollar and other currencies are strong enabling them to reap sizable appreciation on their investment.
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