Indian Housing Minister says that depreciating value of Indian rupee could affect Indian investment into the UAE market
RELATED ARTICLES: New Delhi to build gigantic park in heart of the city | Dubai Holding’s SmartCity Kochi receives permission to begin construction of first building onsite | India looks to Kuwait for infrastructure investment The falling value of the Indian rupee and its impact on Indian investments into the UAE real estate market is a matter of concern, the Indian Housing Minister has said. In an interview with Gulf News, Dr Girija Vyas said that although Indians are the second-top investors into the UAE real estate market, after Emiratis, there are concerns that the depreciating value of the rupee would affect these investments. However, she insisted that the impact would only be in the short term as the difficulties facing the Indian currency and economy were merely passing through a ‘temporary phase’. Pointing the devaluation of rupee and the current economic situation, she said: “It is a time being issue as Indian step in to do changes.” Sanjay Verma, the Consul General of India, added that the Indian government had set up a fiscal committee that will look at the current economic deficiency and currency drop and try to limit it to a short phase. “To manage these issues and improve the economic and financial situation the government is working on reducing imports and increasing exports,” he added. Dr Girija Vyas was in the UAE on a two day trade mission, which was organised by the New Delhi based National Real Estate Development Council and the Indian Business Professional Council. Vyas also met with members of the UAE government, to discuss ways to explore opportunities in both countries. “The aim of this trade mission is to enhance co-operation between India and UAE especially in the real estate sector,” she said. “(The) reality market is booming and UAE based companies should make use of these opportunities. Seven main developers from the UAE show their willingness to invest in India,” she added. Amitabh Dhawan, vice-president and head of International Sales at Emaar MGF in India, told the newspaper that with the current value of the Indian rupee at a low, it would be the best time for Indian expatriates to go back and invest in the Indian real estate market. “The drop in the value of Rupee is expected to attract a lot of investors to the real estate market in India,” he added. However, he warned that this situation wouldn’t remain for too long, as the cost of construction would be inflated when compared to the dollar value.