Last year, the Indian economy moved in confusion. Although valuation of the dollar may have been a problem for many, construction developers, of course, did not complain.
According to one report by one of the country's leading newspapers, since the rupee has depreciated by 12% against the dollar; Indians working abroad show a keen interest in buying property in Mumbai.
The falling rupee allowed an average NRI to invest in some of the metropolitan bonus seats. An apartment that can be bought for $ 1 million in May 2013 will cost almost $ 900,000 in July 2013. Although the savings are significant, the property trend is more prone to changes in properties that fluctuate between Rs.1-3 crores rather than luxury homes.
Growing investor interest NRI
The NRI community is one of the top five investors in the country, accounting for almost 15% of residential investors in the city. Of all the annual sales of apartments in Rs50,000 crore, NRI investors contribute about 8,000 rupees. Mumbai is still a community favorite, as real estate in the city provides investor-friendly options.
This, in turn, led to a sharp increase in the number of foreign investors. Other factors contributing to this increase are higher economic growth, constant globalization, infrastructure development, positive demography, rising income levels, increasing demand for social infrastructure, and getting closer to commercial work spaces. The overwhelming majority of this population is interested in investing in housing options, which in the near future will provide immediate rental income, as well as high valuation.
Popular investment areas
Although almost all localities in and around the financial capital of the country are widely estimated, there are three areas, in particular, that are preferred by NRIs. These include properties in Thane, East Mumbai Kandali and Hargar-Navi Mumbai.
Over the past three years, the area of the Gobbunder road in Thane has witnessed a 55 percent increase in the cost of capital, and rental income has grown by 33%. Thanks to the purchase of Kandivali East on the Western Express Highway, the capital value of the apartments increased by 42%, while the rental price increased by 25% over the same period. The third favorite place to live in Hargar was a 37% increase in the value of its capital and a 23% increase in the cost of rent in the same year.
While unit 1BHK stands between Rs. 45-60 lakhs in Thane will generate a monthly income of Rs. 8000-12000; the same will cost about Rs. 35-90 lakhs on Kandivali East, and its rental price will be approximately Rs. 8,500-20,000. In Hargar, you can buy 1 BHK apartment for Rs. 35-55 lakhs and will receive a rent of Rs. 6,500-10,000.
Mumbai is the most popular choice of Indian investors from the United States and the United Arab Emirates, while Bangalore ranks second. Peru and Chennai together occupy the third position; followed by Delhi, Cochin, Gurgaon and Hyderabad. Most of them prefer residential apartments compared to villas or commercial real estate.
