Amid Covid-19 lockdown, realtors depend on NRIs for sales

A number of NRIs are showing their interest to buy real estate assets in India, as the rupee went down against dollar and reports of mass job cuts came from the US and Europe. The rupee’s depreciation has been a factor of considerable interest for NRIs looking at Indian real estate as a sensible investment option during these volatile times, according to property consultant Anarock. Since the start of the lockdown, NCR-based property consultant 360 Realtors has sold more than 112 units worth Rs 105 crore and a large number of the buyers were NRIs.

Talking about the situation, 360 Realtors managing director Ankit Kansal said, “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.” NRIs who had lost jobs or were in a shaky position due to changes in US immigration laws were now actively looking for properties in the NCR, as per Delhi-based developers. Manoj Gaur, the MD of the Noida-based Gaurs group said, “NRIs see the current situation as a good opportunity to invest. With the equity market in the dumps, and real estate prices benign, they are looking for the right property at a right price by the right developer.”

Many builders feel that post lockdown sales would rebound and latent demand would catch up. On the other hand, many experts believe this might be a right time to start conversations with builder, given the cash crunch that the developers are facing. As per the consumer survey of Anarock, the second half of 2019 had indicated 68 per cent NRI participants considering real estate as the best asset class for investment, even better than stocks at 16 per cent.