At least 59 per cent more Indians in the United Arab Emirates want to buy a house in India as compared to June 2017, according to a recent survey.
A total of 70 per cent NRIs in the surveyed pool in the UAE wanted to buy a house in India in the next six months, showing a rise of 44 per cent over the last few months, the survey conducted by the Indian Property Show revealed. While 35 per cent want to buy a home in the next three months, compared to 16.23 per cent earlier, 13 per cent NRIS want to buy a home immediately as opposed to 8.15 per cent in June this year.
The top three destinations for buying property in India are Mumbai (21.71 per cent), Bengaluru (11.06 per cent) and Chennai (9.39 per cent). Meanwhile, Kolkata and Cochin have entered the top 10. People in the age group of 18 to 35 years have shown more interest in buying homes in India.
The survey also shows an increase in the number of prospective buyers who want to seek finance for their property, with a figure of 67 per cent as compared to 53 per cent during the last time. As many as 41 per cent Indians in the UAE are willing to spend between Rs 500,000 to Rs 5 million for a property.
There has been a slight decline in people’s interest in buying villas and commercial properties, with more people seeking to buy apartments and for their own use. At least 65 per cent NRIs in the UAE want to buy property for their own use while 19 per cent see it as their first investment and 16 per cent want to buy for an additional investment.
Industry experts feel that the implementation of the Real Estate (Regulation and Development) Act (Rera) and the Goods and Services Tax (GST) has inspired more Indian expats in the UAE to look at purchasing real estate in India. Rera act 2016, which came into effect from May 1, 2017, regulates the real estate market and requires all developers to register themselves with the central or state governments. The act is intended to be a safeguard for property buyers, who in the past have suffered because of late possession or have been duped of their money.
“The implementation of Rera has given a boost to the mood as the sector is more transparent now with only credible players. Buyers are feeling more secure and assured,” R. Srividya, general manager, Credai Indian Property Show, said.