Mumbai still top spot for Indian property buyers
Dubai, November 26, 2013
Mumbai has retained its top spot as an all-time favourite among UAE non-resident Indians (NRIs) for their real estate investment, with 33.7 per cent voting for the city, said a survey.
The survey was conducted by Sumansa Exhibitions, the organisers of the Indian Property Show, to take place from December 19 to 21 at the Dubai World Trade Centre.
Bangalore grabbed the second spot with 22.6 per cent, up 5 per cent from last time, said the survey.
Pune took the third place with 17.5 per cent, while Chennai came fourth with 16 per cent and Delhi at fifth position with only 8.6 per cent interest in investments in the capital city.
While Navi Mumbai, Cochin and Gurgaon still remained popular, Hyderabad and Coimbatore lost to Ahmedabad and Goa as hot destination cities for property purchase.
“The real estate sector in India continues to attract investors despite the health of the economy. Known for its upmarket locations and nodes of premium residential colonies, Mumbai stands aloft as one of the most preferred destinations for habitation in India,” said Sunil Jaiswal, CEO.
“However, owing to the scarcity of fresh land available for construction, Navi Mumbai and other planned townships have effectively evolved as an alternative to Mumbai city. IT-centric cities like Bangalore, Pune - and to an extent Chennai - are emerging as whole new real estate propositions. Our survey actually points out that Mumbai is looked for quick capital appreciation whereas Bangalore is more for ownership and better lifestyle,” he said.
“In the current scenario, the Indian property market is definitely not geared up for property 'flipping' within short investment periods, mid-to-long term investment options with four to five years window would be ideal, such an investment horizon is a safe hedge against risk related to market variations, and ensures that the property gains healthy appreciation regardless of market dynamics,” added Sunil.
More than 17,500 NRIs across UAE participated in the survey which was conducted to understand the reason of buying property in India, preferred cities for investments, type of property, time frame, budget and finances planned. - TradeArabia News Service