Demand of NRIs for ready to move Chennai Properties

Properties in Chennai are getting attention of the NRI buyers. The volatile condition of rupee against US dollar is taken advantage by the Indians residing in the US. Chennai real estate market is pulling the NRI investors and they are investing the market like never before. The realty market of the city is becoming 20% more affordable for the NRIs due to fall in rupee price. Leading property developers of the city is saying that they have witnessed a jump in enquiries.

According to many sources from the real estate market, the NRIs are looking for residential units in the city. Many prefer to buy ready to move residential apartments in Chennai. The NRIs buy these flats for their relatives or parents. These residential purchases will help them get periodical return on investment.  To buy ready to move residential properties in Chennai they are willing to buy at extra premium. Mostly prefer projects located in and around the city. Price range of residential units mostly in demand is from Rs 30 lakh to Rs 1 crore. This price bracket is for apartments in Chennai. Some NRIs also prefer to buy villas and plots in and around the city.

Many realty experts feel that the preferred locations for investment in the city are ECR, OMR and some parts of Velachery. Besides the falling rupee, other factors that contribute to the rising demand of properties in Chennai are competitive lending rates of overseas financial companies and favorable exchange rates. Majority of demands are from NRIs settled in USA. These NRIs have good credit history and sometimes get loans at zero percent interest rates.