Rupee depreciation attracts NRIs to Mangalore real estate market
The depreciating rupee may be a concern for the economy, but it has become a disguised boon for builders in Mangalore.
In the past three weeks 16 new projects totalling a minimum of thousand apartments have been launched indicating robust demand and stepped up activity in the construction sector in Mangalore.
Mangalore chapter of the Confederation of Real Estate Developers’ Associations of India (CREDAI) states that the falling rupee has made investment in real estate an attractive proposition for NRIs. As NRIs were averse to buying property in the Middle East due to the uncertain climate, they wanted to invest here as rupee had depreciated by 30 per cent.
Due to rupee depreciation, a Rs 60 lakh worth of property in Mangalore now costs United Arab Emirates Dirham (AED) 3.75 lakh, which was costing AED 4.44 lakh just a month back.
Confederation of Real Estate Developers' Associations of India (CREDAI), Construction sectors, Indian real estate, managalore real estate, Mangalore, Mangalore real estate, NRI investment in India, Real estate in India, Real estate in Mangalore, Real Estate India, Real Estate Sector, Real-estate market, Realty News, Rupee depreciation
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