Punjab News Money Sent by NRIs to Punjab Increase by 10%

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Money Sent by NRIs to Punjab Increase by 10% on Week Rupee

rupee took a hit against currencies of these countries as well. "Maximum remittances are coming from USA, Canada, UK, Europe and some Middle East countries," industry insiders said.

Maximum people of Punjab origin belonging to Jalandhar, Kapurthala, Nawanshahar and Hoshiarpur districts shifted to other countries for greener pastures.

The drop in rupee has also rekindled the hopes of Punjab's sluggish real estate sector which now has started seeing growing interest among NRIs for investing in housing and commercial properties.

"The inquiries by NRIs about real estate sector have started growing in the wake of fall in rupee against US dollar," Chairman of CREDAI (Punjab), Anil Chopra said.

"People are still waiting for some stabilisation in rupee value against dollar. Once it happens, NRIs investment will flow in Punjab's property market which will further boost the overall sentiments in real estate sector," he said.

Investment by NRIs in real estate is a major growth driver of Punjab's property market especially in Jalandhar, Kapurthala, Nawanshahar and Ludhiana districts.