Real estate in Mangalore is attracting more foreign investment
The real estate builders in Mangalore see more foreign investment for the projects in Mangalore.
The foreign investors are showing their interest in investing into Indian realty business as the price of Rupees is falling compared to US dollar.
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.
The builders of Mangalore have seen a strong demand from Mumbai-based Mangaloreans who want a second home in the city. Making investment attractive is the pre-launch rates which are Rs 100 to Rs 50 less per sq ft.
At present the going rates for properties in the city range from Rs 4,000 to Rs 4,500 per sq ft and in the outskirts it is Rs 2,700 to Rs 3,500 per sq ft.
At present the inflow of funds into property sector has increased by 25% from the earlier due to rupee depreciation.
To read more real estate stories:
Mangalore booming with property sales
Mangalore remarks positive realty growth
Source: Times of India
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