Hyderabad: The president of the Confederation of Real Estate Developers’ Associations of India (CREDAI) Hyderabad, Rajashekar Reddy revealed the reasons behind Non-Resident Indians (NRIs) preferring Hyderabad for investment.
In an interview with Siasat.com, he said that the real estate market in the city has flourished because of NRIs.
NRIs focusing on villas in Hyderabad’s real estate market
Giving details of the investment patterns of NRIs, he said that earlier, they invested in lands and realized huge profits in the past 4-5 years due to the boom.
Now, they are focusing on villas and premium segments in Hyderabad, he added.
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Speaking on the reasons for NRIs’ interest in Hyderabad, he said that factors such as the dollar-to-INR conversion rates and developments in the city make the real estate market lucrative for them.
Dollar-to-rupee exchange rate
On Friday, the dollar-to-rupee exchange rate reached 86.60.
Meanwhile, India’s forex reserves dropped by USD 8.714 billion to USD 625.871 billion in the week ended January 10, the Reserve Bank of India (RBI) said on Friday.
Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said the rupee weakened due to a negative tone in domestic markets and a surge in crude oil prices.
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“Importer demand may also pressure the rupee. However, any selling of dollars by the Reserve Bank of India (RBI) may support the rupee at lower levels. Traders may take cues from industrial production and housing market data from the US,” he said and projected the USD-INR spot price to trade in the range of 86.55 to 86.95.
In view of the declining rupee against the US dollar, NRIs are finding the real estate market in Hyderabad lucrative for investment.
