With the world battling a pandemic and majority of the countries under a lockdown, economy is at its worst phase at the moment. The rupee is plummeting against dollar, people are being laid off from their jobs in the US and Europe and the realtors are relying on NRIs for their sales.
Multiple builders and real estate experts have suggested that they believe now is the time to buy further real estate assets in India, especially around the National Capital region.
The depreciation of the rupee is one of the primary factors that has led the realtors rely on the spark of interest among the NRIs for a possible investment in the real estate. They believe now is the best time for a sensible investment, especially during such volatile times.
360 Realtors, who are based out of the NCR region reported that they have already sold 112 units worth INR 105 crore in the last month since the lockdown. They reported that majority of the investment have come in from the NRIs.
“Many expats are trying to leverage the dip in the value of the rupee. The closure of the financial year has also helped in pushing ahead sales,” Ankit Kansal, MD of 360 Realtors said.
Some of the Delhi-based realtors also said that majority of the US-based NRIs who were laid off or were in a shaky position because of the new imposed immigration laws were now actively looking for properties around the Delhi-NCR region.
Some of the experts from this field said that the NRIs now find this the ideal time for investment. With the crash in the equity market and the real estate prices quite stagnant, the NRIs are now on the lookout for properties that they could invest on.
Many of the builders also believe that the sales would be regained once the lockdown is lifted. They also believe that the latent demand is likely going to be fulfilled as well.
The potential buyers, including the NRIs are now utilising this time to do their research and find a property that they could invest in as an asset. This is what the realtors believe will help increase the sales in such a robust pipeline.
One of the most common issues that majority of the builders are facing is the liquidity problem. The lack of cash is posing as a problem at the moment.
The clients know the kind of crisis that the builders are in at the moment and they are taking that to their advantage to further drive more bargains.
