Pratap Bhattarjee is an engineer who works in Dubai. He has decided to take his annual holiday and mix business with pleasure.
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"I am visiting my family in Mumbai but I am also looking at properties. This would be my first investment, it seems to be the perfect time. We are looking at new developments in the Navi Mumbai area and beyond," Mr Bhattarjee said.
He is one of thousands of non-resident Indians (NRIs) who are poised to take advantage of the Indian currency's record falls by buying property.
The rupee has depreciated by more than 16 per cent against the dollar since July, and with the currency hitting an all-time low last week, plunging to 52.50 against the greenback. Before the slide began the rupee was trading at about 44.
As a result nearly half of NRIs living in the UAE are looking to buy property as an investment hedge against the rupee crisis, according to a survey by Sumansa Exhibitions.
"Developers are reporting a substantial increase of NRI property buyers across the country. Around 40 per cent of buyers are now non-resident, in comparison to the normal figure of about 10 per cent," says PMA Razak, the president of the Mangalore Chapter of the Confederation of Real Estate Developers' Associations of India.
The rupee's fall has made homes in India increasingly cheaper in dollar terms, creating opportunities for those living and earning overseas, particularly in the Gulf where currencies are pegged to the dollar.
The property market offers a mixed bag in the country with some places such as Chennai recording an 11 per cent year-on-year rise, whereas other areas of the southern parts of the country have seen prices slump by more than 20 per cent, according to NHB Residex, an index that tracks housing prices in 15 cities.
But overall it is a buyer's market. There are many projects under way to cater to the mid-priced segment, valuations are generally lower and real estate is often seen as a safer investment than equities, Mr Razak says.
"If you are getting paid in rials or dirhams, you could be buying a property up to 20 per cent cheaper than it was just two months ago. Valuations in the country have also stayed reasonable, with many areas even experiencing a dip due to global economic conditions."
Big cities such as Delhi and Mumbai are still offering good returns but smaller, satellite cities such as Pune, Gurgaon and Noida have emerged as key destinations for investments, Sumansa says.
So it seems Mr Bhattarjee is on the right track.
"Though the prime locations in Delhi or Mumbai are not affordable, the suburbs and the surrounding locations are very promising," says Sunil Jaiswal, the chief executive of Sumansa. "In Mumbai it may not be possible to invest in south Mumbai, but suburbs such as Borivali and Mulund are good options.
"Mumbai enjoys excellent connectivity through public transport and hence people don't mind investing in areas such as Navi Mumbai as well. Investment in suburbs and Navi Mumbai is expected to fetch 15 to 20 per cent returns over the long term," says Mr Jaiswal.
But Sanjay Dutt, the chief executive of business at Jones Lang LaSalle India, sounds a note of caution for people such as Mr Bhattarjee. He says small, modest value properties are those that will yield the highest returns in the long run. "New developments are risky. The earlier you get it, the riskier it gets. Suburban investments make sense for NRIs looking for long-term value.
"If you are thinking of buying your first investment property, it makes sense to invest in the market you are familiar with. If you are from Gujarat, you should buy in Gujarat."
But for those NRIs not wanting to invest in bricks and mortar, there are other options.
Gold has long been a popular asset for NRIs. Gnanasekar Thiagarajan, the director with Commtrendz Research, says those who still prefer the precious metal are not likely to lose out.
"It depends on the time frame. Some may consider buying it long term, even at current prices it makes sense. To prop up growth US and Europe may cut interest rates, which means in the near term gold could take a hit," he says. "Retail investors could buy futures if they are into high risk, but those who want a safer way should buy physical gold."
Anil Rego, the chief executive of Right Horizons, an investment and wealth advisory company, says there are a host of other attractive opportunities where NRIs can park their cash.
"Fixed-income instruments are at extremely attractive yields. Bonds and fixed deposits are offering yields of 9 to 12 per cent depending on the rating of the company."
"There are also bond funds that are open-ended. An investor who can wait six months or so for a return can invest into short-term income funds.
An investor with a long-term perspective of a year or more can deliver good returns. But if fixed-income instruments are not considered attractive, there are tax-efficient fixed-maturity plans that will provide returns in line with bank deposits," Mr Rego says.
Equities are currently seen as unstable and analysts are advising cautious behaviour with regard to buying shares.
"We suggest one to start investing in fundamentally strong names and specifically into large-cap names, which are relatively safe. Diversified equity mutual funds are the best option, especially through a systematic investment," he says.
Market watchers are reluctant to give precise predictions for the rupee's direction, but Arun Singh, an economist from Dun & Bradstreet, says there is light at the end of the tunnel for the battered currency.
"The rupee fall we have experienced is due to the fear of the 'global curse', he says.
"I don't expect the situation to improve in the short term because inflation, dollar and the global turmoil are creating a panic in the market," he says.
"Volatility will continue a further one and a half quarters but summer will bring some relief."
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The Dark Blue Winter Overcoat & Other Stories From the North
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Pushkin Press
The specs: 2018 Honda City
Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
The five pillars of Islam
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.