KOCHI: Anil Pillai and wife Remya, running a modest construction company in Dubai, had a long pending dream of owning a property or a house in their homeland, T'Puram. However, on account of one reason or the other, they couldn't cough up a huge sum until the rupee depreciation happened. Now that the rupee value has sunk to an all-time low, the couple sense that this was the right opportunity and were determined not to let it pass. They managed to avail a loan from a Dubai-based bank and right away brought a villa in T'Puram.Anil and Remya aren't the lone NRI couple who have promptly made use of the fall in rupee. Anand Ramesh, presently working as a software engineer in Singapore, has hastened his plans of investing in a flat either in Kochi, Pune or Bangalore.He says: "I was planning to invest in property since a while now, but now seeing that the dollar value has really risen against the rupee, I am extremely keen to invest right away. Such an opportunity may not come again". The rupee depreciation has had an effect so monumental that in the place of 4.20 lakh UAE Dirhams that was needed to buy a `50-lakh worth flat, now it takes only 3.60 lakh Dirhams. George E George, managing director, Infra Housing agrees. "It's true the sector was ailing during the initial months of 2011, but there has been a sudden buzz in the past two months. But, the money has only just started flowing in. Most of the funds are still in banks and hasn't fully reached the sector. The coming year is likely to be very beneficial," he adds.Asset Homes managing director Mohammed Salim shares the same opinion. "There was a positive energy in the sector this year-end. By March, we expect some real deals to be sealed. Since Malayalis take time to ponder over the demands and availability regarding the investment, the decision only comes after a few months. So, the final outcome of the trend will be visible only by the March-April months," he adds.The last two months also saw maximum hits on Swapnakoodu.com, the first-ever real estate web portal in Malayalam. "Things have changed for the better now. Most of the NRIs who have approached us are from Qatar, Saudi Arabia, Kuwait and US which have overcome the economic meltdown. There is also a considerable increase in property listing and real estate enquiry," says Anish P R, managing partner, Swapankoodu.com. [email protected]
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