Bangalore: Non-Resident Indians (NRIs) have started taking keeninterest in the real estate sector back home following significant appreciationof the dollar vis-a-vis the rupee, a top official of housing finance company saidtoday.
"NRIs have started taking keen interest due to the appreciationof the dollar. They have started converting the dollar into rupee",Director and Chioef Executive Officer ofLife Insurance Corporation(LIC) Housing Finance Ltd, Vijay Kumar Sharma, toldreporters here.
NRI interest is "perceptible and visible", hesaid, adding LIC Housing Finance Limited's Dubai and Kuwait offices (cateringto NRIs investing back home) have "lot of enquiries and log-in" and"comparedto last year, the growth (there) is 50-60 per cent".
Sharma also said the Bangalore metro rail projectwould transform the real estate sector in this city in three years, similar towhat happened in Delhi.
"Metro completely transformed the entire (real estate) profile.This is going to happen in Bangalore also in the next three years. I am sureabout it"", he added.
Referring to a just-released study, Sharma said the Bangalorereal estate market is looking up again after two years, and demand has gone up.
LIC Housing Finance Limited today kicked off a three-dayproperty expo here, with participation of more than 50 builders who areshowcasing more than 250 projects.
The maximum processing fee for the visitors at the exhibition- NIMMA MANE 2012 - is Rs 5,000 plus service tax, a"high rebate" asSharma put it, adding, "normally, processing fee is one per cent of thetotal amount".