With the implementation of RERA and GST that promotes further transparency, NRIs seem to be putting more trust in Indian property with a potential surge in investments. A survey conducted by Indian Property Show reveals an increased urgency among UAE Indian expats to purchase a property back home, showing a rise of 59% compared to June this year.
According to the survey, 13% want to buy immediately as opposed to only 8.15% in June; whereas 35% are keen on buying within next 3 months, compared to 16.23% earlier – indicating a steep rise of 115%. In all, 70% NRIs have shown interest in buying their dream home in India within next 6 months, up by a mere 44% a few months ago.
The study also reflects a sharp increase in the number of NRI buyers looking to finance their property purchase at 67% compared to 53% last time around; this indicates a leap of almost 26%. Moreover, it was intriguing to note that a large number of young Indian expats, mainly the millennials are eager to buy their dream home in India.
The survey aims to reveal many facets of NRI buying and purchase patterns pertaining to properties in India. The report gives insights into the kind of properties they prefer, to the purpose of buying, budget considerations to if they are actually looking to finance the purchase, etc.
“Interestingly so many fascinating and positive trends have emerged through this survey and I think we can easily attribute all this to the renewed NRI confidence in Indian properties. The implementation of RERA has surely given a boost to the mood as the sector is transformed and more transparent now with only credible players. Buyers are feeling more secure and assured and want to park their money in their favorite asset class”, said R. Srividya, General Manager, CREDAI Indian Property Show.
The popular Indian real estate exhibition, the Indian Property Show has partnered with CREDAI (The Confederation of Real Estate Developers’ Associations of India) for its 21st Dubai edition. The 3-day exhibition will be held on 7th, 8th and 9th December at Dubai World Trade Center, Halls 7 and 8 from 12:00 noon to 8:00 pm on all three days. The exhibition will have 14 exclusive state pavilions presenting over 60 Indian cities.
Key findings from the survey are as below:
• A 10.87% increase was noted in people’s preferences to buy apartments from 46.9% six months ago to 52% now. Whereas homes, villas and commercial properties have shown a slight decline in the intent.
• More number of expat buyers are eager to buy property for their own use at 65% compared to 45% few months back. Whereas the number of people looking to buy for investment purposes have reduced considerably within the additional investment group and marginally in first investment category.
• 41% Indian expats are looking to buy within the budget range of 5 – 50 lakhs this time compare to 36.24% last time – a clear 13.13% jump in this budget category.
• Younger age group between 18-35 years form a significant group of people willing to buy properties in India. This age group has seen a greater increase of 46.73% from only a 24.77% last time.
• Mumbai (21.71%), Bangalore (11.06%) and Chennai (9.39%) retain their top positions as the most popular property destinations, while Kolkata and Cochin enter the top ten.