Appreciated Rupee and the market is on a high
Citizens in the nation or outside the country, there is good news for everyone. Buying property in India (residential only) is possible, and one doesn’t need the Reserve Bank of India’s permission for the same. Sources from Foreign Exchange Management Act (FEMA) clearly states Indian citizens within the country or non-residents are now allowed to buy residential property, which doesn’t include;
- Commercial property
- Plantation property
- Agricultural property, and
- Farmhouses, which now gives NRI’s a chance to have privileges at par with the resident citizens of the nation to buy property wherever they want in the country.
The rupee has suffered major setbacks over the past few years against many foreign currencies, namely the US Dollar. This is what made NRI’s very interested in investing and buying property in the country, since homes now became thirty percent cheaper for the pockets of many Indians who lived abroad. In the last few days, appreciation of the rupee has been on an all time high and very considerate which many financial experts say would stay for long. Taking a cue with the trends of the rupee going strong past six months, and especially with the trend of the rupee-dollar, the making of the new stable government and more, most look at the rupee shining away and gaining more appreciation in the days to come.
As the rupee appreciated in value, there has been a rise in the foreign exchange inflow into the country, especially from foreign and NRI investors. This is one of the reasons the property markets for NRI’s and foreign investors is being looked at as hot cake freshly baked!!
Source - The Times of India
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