Delhi sees NRI rush to sell properties

Compiled by: Our Bureau

(Our Bureau, May 17) Amid a rise in Covid cases, NRIs are selling their upscale properties in posh areas of New Delhi even at discounted rates. 30-40% of the recent deals were in locations such as Sunder Nagar, Golf Links, Jor Bagh and Vasant Vihar. Properties between ₹10-80 crore have been sold in these areas from September 2020 to March 2021, reports Moneycontrol. Property prices are almost 25% down from 2016 rates. The primary reasons for the selling rush are the fall in rental yield, high maintenance costs and rupee depreciation. Also, NRIs are finding it lucrative to park their funds in NRE fixed deposits that yield 5.5% interest and are tax exempt.

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