The Hyderabad real estate market has become the top choice for NRIs living in the United States, Canada, the Gulf, Europe, and elsewhere.
According to the Confederation of Indian Industry (CII) and Anarock, 66 percent of respondents prefer housing units in Delhi-NCR, Hyderabad, and Bengaluru.
Hyderabad is preferred by 22 percent, while Delhi-NCR and Bengaluru are preferred by 20 percent and 18 percent, respectively.
Mumbai Metropolitan Region (MMR) is not one of NRIs’ top three choices when it comes to buying a home.
Is Hyderabad’s real estate market of interest to NRIs?
NRIs are choosing to buy homes in top cities like Hyderabad, Bengaluru, and Delhi-NCR despite stock and mutual fund returns being superior.
Their experience during COVID-19 explains this. In the midst of the pandemic, many of them, especially those working in Gulf countries, lost their jobs, forcing them to return home.
Another reason why NRIs prefer the real estate market is the depreciating rupee. When the dollar becomes stronger against the rupee, it becomes less expensive for NRIs to buy a house in India.
As per the survey, 71 percent of NRIs believe that investing in real estate is the best option. The percentage went up when compared to last year’s findings.
Out of the total NRI respondents, over 77 percent prefer bigger houses. Around 54 percent prefer 3BHKs whereas 23 percent and 22 percent prefer 4BHKs and 2BHKs respectively.
The exchange rate between dollars and rupees
There was an exchange rate of 82.77 rupees to the dollar on Thursday.
Due to the US Federal Reserve’s decision to raise interest rates again, the rupee is likely to depreciate further.
It is not just the rupee that has depreciated against the US dollar, almost all currencies barring a few like the Swiss franc, Singapore dollar, Russian ruble, and Indonesian rupiah have done so.