The free fall of the Indian currency may be giving a splitting headache to the economists, but it is also bringing smiles in the face of tens of thousands of builders. The real estate sector is facing a bad phase in India. This is due to high interest costs and growing inflation rate and amidst al this, a slew of new projects have been launched by the real estate companies in the country.
In the past three weeks 16 new projects totaling a minimum of a thousand apartments have been launched indicating robust demand and stepped up activity in the construction sector here.
President, Mangalore Chapter of the Confederation of Real Estate Developers' Associations of India (CREDAI), PMA Razak, said the falling rupee has made investment in real estate an attractive proposition for NRIs. Razak said an NRI who wanted to buy property here had indicated that NRIs were averse to buying property in the Middle East due to the uncertain climate. So their obvious choice is Indian real estate market. They want to invest here as rupee had depreciated by 30% which made investment here attractive. Due to rupee depreciation, a Rs 60 lakh worth of property here now costs United Arab Emirates Dirham (AED) 3.75 lakh, which was costing AED 4.44 lakh just a month back.
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