Self ownership ‘top reason’ to buy property
Dubai, May 25, 2011
Sixty-two per cent of the Indians residing in UAE plan to own their home in India and consider self ownership as the main reason to buy, said a report.
A little under one-third (32 per cent) of the Indians plan to buy in less than month’s time, according to the property survey conducted by Sumansa Events, organisers of a leading Indian property event in Dubai.
The Indian Property Show, which will be a biannual event this year, will be held from June 16 to 18 at World Trade Centre, Dubai.
The survey was conducted amongst 15000 Indians spread across UAE to understand the reason to buy property in India, type of property, time frame to buy, budget and finances planned.
“These Indians, who plan to own their home for the first time, are the young population in the age bracket of 30-35 years,” said Sunil Jaiswal, CEO, Sumansa Events.
“They had migrated to UAE at an early age with lots of dreams and aspirations. Now is the time for them to translate their dreams into reality by owning their own houses in their home land in spite of having ancestral property.”
“The time is also right as Indian property market is now much more matured and organised, home loans are available easily at competitive interest rates and developers are more customer centric,” he added.
Anuj Malik, sales head, GCC for Unitech, sponsors and one of the top exhibitors at Indian Property Show, said: “The survey figures are interesting but not surprising, global meltdown, unrest in few parts and job uncertainty may have also prompted the NRI’s in UAE to buy property in India.”
“Catching up on these trends Indian realtors are going that extra mile to make homes that fulfill individual’s aspirations and are still affordable. We are participating in the upcoming Indian Property Show with aggressive pricing of INR1.7 million ($37,400) onwards and providing all options such as first time buy, second home, investment option, budget homes & holiday homes.”
The survey showed that more than 87 per cent of the buyers require finances from banks or other financial institutions.
Ajay Sachdewa, regional head-Dubai & GCC, HDFC, a leading India-based bank, said: “Through this exhibition we plan to meet potential customers and we foresee a strong demand as Indian property market has revived very quickly as compared to other markets in the world. This is due to strong RBI policies, government planning and healthy credit history.”
“HDFC has made it easier for the Gulf based NRI’s to apply for a loan to HDFC - India. HDFC through its office in Dubai and all the GCC countries through service associates, now offers advisory services in real estate finance to the Middle East based non-resident Indians who wish to acquire homes in India. These offices will coordinate the entire loan process in India” he added. – TradeArabia News Service