Mumbai tops Indian expats' real estate list
Dubai, May 26, 2012
Mumbai is still the 'dream city for property investment' for majority of Non-Resident Indians (NRIs) in the UAE followed by the southern city of Bangalore, said a survey held ahead of a leading property show in Dubai.
The duo emerged out as hotspot cities followed by Delhi & National Capital Region (NCR), Pune and Chennai in the survey conducted by Sumansa Exhibitions, the organisers of Indian Property Show, to be held from June 21 to 23 at Dubai World Trade Centre.
Around 14,000 NRIs across the emirates took part in the survey which was conducted to understand the reason of buying property in India, type of property, time frame to buy, budget and finances planned, said the organisers.
About 27.03 per cent NRIs chose to invest in Mumbai, said the survey. Inching closer and grabbing the second spot was Bangalore with 17.10 per cent expats preferring to invest in coming 3 to 6 months.
Commenting on the results, Sunil Jaiswal, the CEO of Sumansa Exhibitions, said, 'In the recent times, there are more people looking at buying a second property purely from an investment point of view and in this case choosing the right city and location is very important.'
'Buyers focus is primarily on properties that have potential for assured rental yields and capital appreciation. Mumbai enjoys commercial prominence, location advantage and increasing wealth, hence it continues to remain investor’s favourite. Bangalore sales market witnessed increased demand levels both from end-users as well as the investor community,' he stated.
'The survey actually points out that Mumbai is looked for quick capital appreciation whereas Bangalore is more for ownership and better lifestyle,' revealed Jaiswal.
'Delhi NCR region and specially Gurgaon has registered substantial price appreciation in the range of 20-25 per cent whereas several locations in Delhi are expected to rise over next few months,' he noted.
The study further pointed out that most NRIs were looking at apartments as compared to land, villas or commercial properties.
The Indian Property Show, said Jaiswal, offers a snapshot of Indian property market as a whole.
With over 300 projects exhibited by 70 developers, buyers will be able to look at a spectrum of properties available, different investment options, financing sources, Vaastu consultations and sorting out legal queries, all under one roof, he added.-TradeArabia News Service