NRIs to blame for crazy real estate prices in India (?)
Are foreign remittances /USD/EUR inflows driving up the real estate market in India ? I see the trend in Hyderabad where atleast 50-60% of the newly constructed flats in many areas are owned by NRIs. First thing 20s kids who graduated in the US do is to remit 1000s of dollars every month to their NRO/E accounts and invest in local/regional Real estate market while giving power of attorney to their Indian parents.
How much these graduates are making right out of college in their 20s or even they go there for masters from India so that they are able to save and invest such amount of money , although it is possible but you will see most of them in their 30s and 40s doing this , don't know if the trend has shifted to 20s
Even 1000 dollars a month will translate to 10 lakh savings a year..in 3 years one can save upto 30l which can be put in as equity ..and avail a loan of atleast 70l
Ya man it has clear impact and sucks for everyone else
