{"id":20104,"date":"2013-07-12T11:55:14","date_gmt":"2013-07-12T06:25:14","guid":{"rendered":"http:\/\/www.bharatestates.com\/blog\/?p=20104"},"modified":"2020-06-15T03:57:57","modified_gmt":"2020-06-14T22:27:57","slug":"20104-mumbai-market-affordable-for-nris","status":"publish","type":"post","link":"https:\/\/www.bharatestates.com\/blog\/20104-mumbai-market-affordable-for-nris\/","title":{"rendered":"Mumbai Market Affordable for NRIs"},"content":{"rendered":"

\"mumbai-for-NRI\"Mumbai<\/strong>: Mumbai has been announced to be the most unaffordable real estate market. The economy is slowing down. The middle classes have long ago stopped buying houses in the Mumbai market because it went beyond their reach. As the economy is tapering, the upper middle class and even the rich are also feeling the pinch and sale of luxury houses in Mumbai has also diminished significantly.But just because it is bad market for Indians does not mean it is a bad market for the non resident Indians (NRIs). The rupee has depreciated significantly in the last few months. In fact it depreciated by 12% against the dollar. Enquiries into the Indian real estate market had already started long before the crash of the rupee. NRIs who speculated the coming fall of the rupee had flooded builders, developers, property consultants and online property portals with their enquiries about property and price trends in different cities and how to invest in the Indian real estate market.The rupee depreciation has made the Mumbai real estate market affordable for the NRIs. The managing director of the Lodha Group said that of the total Rs 50,000 crore annual apartment sale in Mumbai, about Rs 8,000 crore comes from NRI investments. The rupee depreciation is expected to raise the ratio even higher.According to Developer Parag Munot of Kalpataru Group the Mumbai-Pune markets have witnessed a good traction since the dollar has touched Rs 60. However just like Indians are preferring not to buy high end houses, NRIs are also investing in houses that come in the price bracket of Rs 1-3 crore and not the ultra expensive houses.However the NRIs are not jumping in just yet. According to some property consultants it is the greed factor that is holding them back. NRIs are waiting for the rupee to touch 65 against the dollar. Some other property consultants are of the opinion that the depreciation has happened over the last four weeks. Therefore it will take the NRIs a little longer to start investing.\u0437\u0430\u0439\u043c \u043d\u0430 \u043a\u0430\u0440\u0442\u0443 \u0431\u0435\u0437 \u043e\u0442\u043a\u0430\u0437\u043e\u0432 \u043a\u0440\u0443\u0433\u043b\u043e\u0441\u0443\u0442\u043e\u0447\u043d\u043e<\/a>\u0432\u0437\u044f\u0442\u044c \u043a\u0440\u0435\u0434\u0438\u0442 \u043e\u043d\u043b\u0430\u0439\u043d<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Mumbai: Mumbai has been announced to be the most unaffordable real estate market. The economy is slowing down. The middle classes have long ago stopped buying houses in the Mumbai market because it went beyond their reach. 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