Developers aim at reaping benefit from decline in rupee
The decline in Indian rupee has been seen as a benefit by developers of India. Developers have long targeted the non-resident Indians or NRIs, who are often tempted to buy property in their country of origin.
The rupee has fallen nearly 18 per cent over the last one year, to trade at around 55.48 rupees per US dollar. The developers are ready to rope in benefit from the rupee’s decline.
Dubai-based Sternon Group, is running television advertisements on Indian channels in Singapore, with captions like “Your dollar has never been this strong”. Experts state that NRIs seem to think this is an attractive time to buy property in India.
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