15,000 expected at property show
Dubai, June 21, 2012
At least 15,000 visitors are expected to attend leading property exhibition, the Indian Property Show, which opens today at the Dubai World Trade Centre.
The three-day show which will open at 12pm is the biggest display of Indian properties in Dubai showcasing properties worth Dh15 billion ($4.08 billion) by over 70 developers exhibiting over 300 projects, a statement from Sumansa Exhibitions, organisers of the event said.
Some of the leading developers at the show include Mantri Developers, Nirmal Lifestyle, Nahar Group, Hiranandani, Ansal API, Ireo, Amrapali, Brigade Group and Investors Clinic-India’s leading real estate consultancy, Assetz Homes, Sobha Developers and leading banks.
Launched in 2006, the event brings together elite developers from India to NRIs abroad.
Dubai host two shows annually - the December 2011 exhibition received a great response from over 14,000 visitors, the statement said.
Sunil Jaiswal, CEO, Sumansa Exhibitions, said: “The depreciating rupee may be a concern for the Indian economy, but NRIs are the happier lot as they find the time is ideal for real estate investment in India. In flow of funds into property sector has increased by 25 per cent – 30 per cent due to rupee depreciation.”
“The NRIs are cashing in on this deprecation and are making a beeline to buy property in India. Due to rupee depreciation, a Rs60 lakh worth of property in India now costs UAE Dh3,75,000/- as against Dh4,44,000/- just few weeks back.”
“NRIs need to be cautious while buying real estate because it is difficult to monitor property while staying abroad. It is advisable to physically inspect the property before finalising a purchase,” said Ajit Jakhadi, advocate, Mumbai High Court. “To avoid getting a raw deal, make sure that you verify the title of the property. In any case, it’s advisable to appoint a local lawyer, who will study the project and provide a report called ‘Due Diligence Check’, based on which NRIs can decide on the investment.”
Kapil Goyal, head of international sales, Nirmal Lifestyle, Mumbai, said: “The game plan between NRIs and Indian developers is focused in higher down payments while investing to get more and more discounted rates.”
“This is benefitting NRIs to get better entry rates into their investment and also to shell out their dollars at the dream conversion rates. Developers are happy too as they are getting them good funding which they need most at the moment,” he added.
The Indian Property Show will end on June 23. – TradeArabia News Service