Ever since the rupee value has been diminishing we have been seeing a sudden increase in the number of enquiries via bounzd from International countries. The depreciating rupee has positively influenced the demand from NRIs for residential properties in various cities across India, especially in Mumbai. The rupee has been touching new lows every day crossing 55 a dollar.
“A sharp plunge in rupee value to near Rs 55-56 levels against the dollar has definitely brought cheer to some including, NRIs remitting money from abroad and expats drawing salaries in dollars. The rupee has lost sheen not only against the US dollar but also against other currencies. One dollar gets a little over Rs 55 now, which is nearly 12.67 per cent more than what it did on March 1. Similarly, a British pound brings Rs 86.73, (up 10.62%), euro brings Rs 69.30 (up 5.83%) and Australian dollar Rs 54.02 (up 1.75%)” says Business Standard.
However our call reports say, the percentage increase in number of enquiries for our real estate customers, from outside India is beyond belief. All the countries have generated a great leap in the overall number of enquiries. The Realty majors like, Puravankara Projects, Mantri Builders and Heera Group have reported to be enjoying the benefits of this sudden burst in the enquiries from overseas Indians. Most of them are getting ready with their 24/7 support center to woo these potential calls.
“With our strong presence in the Middle east market, and getting prepared with effective support systems and new age communication technologies like Bounzd has helped us get the maximum out of this boom. The conversion cycle of these enquiries are also less, which helps us to focus our marketing activities towards NRIs. Based on the detailed call Analytics and call tracking solution implemented by Waybeo, we tracked and have analyzed the trend following the Rupee depreciation” says Dinesh Balakrishnan.
On the total calls and enquiries generated via Bounzd for our Realty companies across India during the month May, Bangalore and Kerala seems to dominate in the number of enquiries. But Mumbai based Real Estate developer, Nirmal Life Style who implemented, the inbound calling solution Bounzd a few days back in June also seem to witness a huge increase in the number of calls every day.
“Apart from the advantages they have due to the depreciating rupee, developers are more than willing to offer discounts today owing to their ongoing liquidity concerns,” says Om Ahuja, CEO – Residential Services, Jones Lang LaSalle India.
But this trend is only visible for the residential projects and not in the commercial real estate segment. In India NRIs have restrictions in purchasing land/plantations/farm houses, the only options available are purchasing apartments or villas. Even the option of commercial real estate is subject to a lot of regulations and long purchasing agreements.
Investing in real estate for shorter terms are not advisable as it is sensitive to the interest rates announced by the Government. NRIs interested in making long term investments for a period of 7-10 years are involving in this boom and they look for value building locations in metros and their suburban localities. In these locations, if big infrastructure investments are happening such as new airports, commercial spaces etc ensure good return on investment for NRIs.
While the Overseas Indians and Real Estate majors are jumping into the opportunity thrown by the weak rupee, we at Bounzd is all set to provide the perfect communication channels between them.