Hyderabad’s real estate market emerges as top choice for NRIs
Hyderabad: Real estate market in Hyderabad has emerged as the top choice for Non-Resident Indians (NRIs) residing in the US, Canada, Gulf, Europe, etc.
A joint survey conducted by the Confederation of Indian Industry (CII) and real estate consultant and developer Anarock found that 66 percent of the respondents prefer housing units in Delhi-NCR, Hyderabad, and Bengaluru.
Most of the respondents i.e., 22 percent are picking Hyderabad whereas, 20 percent and 18 percent prefer Delhi-NCR and Bengaluru respectively.
Surprisingly, Mumbai Metropolitan Region (MMR) is not on the top three picks by NRIs when it comes to buying home.
Why NRIs are preferring to invest in real estate market in Hyderabad?
Despite the fact that stock and mutual funds give good returns when compared to investment in the real estate market, NRIs are preferring to buy home in top cities like Hyderabad, Bengaluru, and Delhi-NCR.
One of the reasons behind it is their experience during COVID-19. During the pandemic, many of them especially those who were working in gulf countries lost their jobs forcing them to return to India.
Apart from it, the depreciating rupee is also another motivation behind NRIs preferring the real estate market. When the dollar becomes strong against the rupee, it becomes less expensive for NRIs to buy a house in India.
As per the survey, 71 percent of NRIs believe that investing in real estate is the best option. The percentage went up when compared to last year’s finding.
Out of the total NRI respondents, over 77 percent prefer bigger houses. Around 54 percent prefer 3BHKs whereas, 23 percent and 22 percent prefer 4BHKs and 2BHKs respectively.
Dollar to rupee exchange rate
On Thursday, the dollar-to-rupee exchange rate reached 82.77.
As US Federal Reserve has announced another interest hike to cool curb inflation, it is likely that the rupee will depreciate further.
Not just the rupee, in a financial year, all most all currencies barring a few like the Swiss franc, the Singapore dollar, the Russian rubble, and the Indonesian rupiah have depreciated against the US dollar by more than the rupee.
