Mumbai top spot for NRIs
Dubai, June 3, 2013
Mumbai has remained a favourite among non-resident Indian (NRI) property buyers with 31 per cent of the UAE based NRIs choosing to invest in the city, according to a survey.
The survey was conducted by Sumansa Exhibitions, organisers of the Indian Property Show, scheduled to be held from June 20 to 22 at Dubai World Trade Center.
In second spot is Bangalore with 22.63 per cent (up by 5 per cent from last time) preferring to invest in the coming three to six months. Chennai takes the third place with 17.92 per cent, whereas Pune at 15.35 per cent takes fourth position and Delhi goes down to fifth at 10.23 per cent.
Navi Mumbai, Cochin, Gurgaon, Hyderabad and Coimbatore are among other preferred cities for property purchase.
NRIs are interested in buying residential apartments, both for own use as well as for investment purpose, the survey said.
“Despite being the 'highly un-affordable' place, even for the upper middle income group back home, Mumbai has become a top choice for NRIs in the UAE for investment in the real estate sector. The expansion of cities and the development of new areas such as Wadala and Chembur are revising the price appreciation for Mumbai in a range of 125 per cent -133 per cent between 2013 -2017," said Sunil Jaiswal, CEO.
"This huge upward swing of Mumbai property price appreciation is based on its primary location, proximity to workplaces and upcoming key projects like Eastern Freeway project and Monorail. Also, Navi Mumbai is enthralling with lots of opportunities for new homebuyers. Localities like Ulwe and Kalamboli are promising with immense benefit from the upcoming rail network in the region. Our survey actually points out that Mumbai is looked for quick Capital appreciation whereas Bangalore is more for ownership and better lifestyle," he added.
Around 14,000 NRIs across UAE participated in the survey which was conducted to understand the reason of buying property in India, preferred cities for investment, type of property, time frame to buy, budget and finances planned. - TradeArabia News Service