The fall of the rupee to new depths may have cast a pall of gloom in economic circles in India, but for several categories of people, it spells windfall gains. Among those who have benefitted from the fall in the rupee are service providers who have foreign clients and senior citizens with families working abroad. Another segment of people who are also rejoicing are the NRIs. This is because; the fall of the rupee has put more purchasing power in their hands. With a stronger dollar, they can purchase more in India.
A recent survey by the Associated Chamber of Commerce and Industry of India has found that NRIs are parking their surplus funds in Real Estate back home. Gurgaon is one location where they are looking at. The main reason why NRIs based in the UAE are investing back home is due to them not getting citizenship of that country. So it is primarily the NRIs who are based in the Gulf, who are looking at investment options in Real Estate. They are primarily looking at tier 2 destinations where they can get see more returns. Gurgaon is one such location.
This IT hub of the north, with its tremendous infrastructure, proximity to Delhi and the proliferation of new MNCs who are setting up their head offices here is seeing a tremendous increase in demand for both residential and commercial properties. In fact, a recent survey conducted shows that as compared to the cities like Chennai, Mumbai and Bengaluru, the growth in the property prices was the most at 6% in Gurgaon. Therefore, all those NRIs who are seeking to invest their surplus funds in the country are looking at Gurgaon with renewed interest. This newly developed urban region is slated to become the next hub of all real estate activity taking place in the country.