The analysts said property investments in India are believed to be the smartest move as chances of loss are negligible. The growth graph of the real estate sector is observed to be escalating day by day. Rupee depreciation against the dollar is a great attraction for NRIs, who remitted record money this year amid expecting on average up to 30 per cent return on their investments.
They said due to sharp fluctuations in the rupee-dollar parity, NRIs have certainly gained an upper hand over domestic buyers as the value of property has decreased by up to 10-15 per cent for them and this provides a very healthy environment for investors looking to invest in Indian real estate.
Sudhir Kumar Shetty, chief operating officer (global operations) at UAE Exchange, said remittances volume has gone up significantly this year. Recently World Bank reported that the remittances to India touched $70 billion in 2012 compared to $64 billion last year.
“Now for India remittances have gone up because of rupee depreciation against dollar. There was almost 14-15 per cent depreciation we seen in rupee during the year.”
“This year, there was a 10 to 12 per cent growth in remittances from Gulf countries to India. There will be further growth next year, but 2012 was exception because of heavy depreciation in rupee against the US dollar. The rupee will remain under pressure next year as elections in India are coming in 2014,” he added.
He said in Gulf scenario, mostly NRIs send remittance to maintain family back home. Since expenses have gone up considerably in India, remittances per volume have also gone up and this is one of the main factors in remitting more money to India.
He said NRIs belong to middle and upper class usually remitted money for investment in real estate and stock market.
“Banks are also offering very attractive rate on NRE account, which touched 9.75 per cent in the year and now around 9.5 per cent. For upper class, real estate market is very attractive as it provides very good return on investment. Blue-collar workforce is sending more remittances to support their families.”
Adeeb Ahamed, chief executive of LuLu International Exchange, also noted steady growth in remittances to India this year and attributed this to weakening rupee value against the US dollar.
“With the expatriates taking advantage of depreciating rupee value, we have noticed a recent spurt in the volume of remittances by about 20 per cent especially after June 2012. However, the number of remittances to India almost remains the same,” he said, and adding that both the volume and number of remittances to India witnesses a sharp surge during various festivals such as Eid, Onam, Divali and Christmas.
Any Content material offence , contact me freely on kuberbshiva06@gmail.com.. this content rewrites or copied from Top level web-source - [http://goo.gl/dcQT5], khaleejtimes
Thank you
Prabhakar [ vampseo]
Indian SEO blogger
No comments:
Post a Comment