Indian expatriates from UAE keen on buying property in india

More than 79 per cent of the Non-Resident Indians (NRIs) based in the UAE are looking to buy an apartment in India rather than investing in plot or land or in villas (commercial or retail), commercial or retail, said a report.

Among the major cities, Bangalore tops the chart for NRI property investments and shares the spot with Mumbai, followed by Chennai, Pune, Cochin, Delhi, Hyderabad, Navi Mumbai, Goa and Ahmedabad, stated the report released by Sumansa Exhibitions, the organisers of the upcoming Indian Property Show in Dubai.

Of this, the highest number of buyers are in the age group of 31 to 50 years at 67 per cent.

"Apartments are preferred choice of investment for most NRIs as one of the key advantages of an apartment is security," stated the report.

Facilities such as power and water backup, uninterrupted supply of cooking gas is also some of the key factors going in favour of apartment purchases, said the report.

An apartment which is part of a large development comes with a number of benefits, for instance- well maintained garden and landscaping, club facilities, maintenance and provision of hassle free services, ease of renting, easy availability of convenience within the complex amongst many other facilities, it added.

The other key findings from the survey include:

 *Majority (about 55 per cent) are buying the property for their own use, while for the others it is an additional investment.
 *Residential apartments are preferred for investment with 79 per cent voting in favor, followed by villas and land.  *Of this, commercial properties are least preferred for investment.
 *Over 65 per cent property buyers approach financial institutions to fund their purchase.
 *About 72 per cent buyers are aiming for immediate purchase within the next six months, while 11 per cent are not sure of the time frame for purchase and rest would consider buying within the next two years.

The survey found that about 17 per cent were keen on buying high-end properties (worth over Rs1 crore) in Bangalore, which emerged the popular hub for luxury home investments.

About 15,000 NRIs across UAE participated in the survey which was conducted to better understand the reason for buying property in India, preferred cities for investments, type of property, time frame, budget and finances planned.

Sunil Jaiswal, the president of Sumansa Exhibitions, said 2015 was expected to be a happening year for the real estate sector.
"Bangalore is an end user-driven market. The city has managed to survive the onslaught of the slowdown which gripped the country a few years back. The “City of Gardens” was able to keep the sales ticking and also emerged as the territory with the highest number of new projects unveiled in 2014," he noted.

According to him, India’s Silicon Valley – Bangalore – is the fastest-growing metropolis in the Asian continent.

"For decades, the city has been widely known all over the world for its cosmopolitan outlook, salubrious climate, and innate desire to respect different cultures. Today, it is a much sought-after city with NRIs returning to India," stated Jaiswal ahead of Indian Property Show, a major showcase of leading Indian projects to be held in Dubai, UAE, from June 11 to 13.

"Many are keen on making the city their home. The city has evinced so much interest among NRIs of late that even those who have not had the occasion to visit the city have plunged into investments in real estate here. It is most popular among techies and skilled professionals," he added.