Despite high property prices UAE based Indians vote for Mumbai as the most preferred city for property purchases
Nov 18, 2014, Dubai, UAE……Despite high property prices, India’s commercial capital Mumbai has time and again emerged as the most popular and attractive property investment hotspot in India as 35% UAE based expats voted for the city in a recently conducted survey. In the report, published by Sumansa Exhibitions, the organizers of the renowned Indian Property Show to be held in Dubai this December from 11th -13th at Dubai World Trade Center, Bangalore grabbed the 2nd spot with 24.13% votes going for it as the most favorite city for NRI property investments. Bangalore catches the fancy of NRI investors due to its multi directional growth in recent years plus potential of giving significant return on investment.
“In spite of the present economic conditions, property investment in India will never lose its sheen. The real estate sector in India continues to attract investors despite the health of the economy as the sector presents huge investment opportunities for individuals. In earlier times, most of the people purchased property for their own use but now it has also became an investment option for life time. Known for its up market locations and nodes of premium residential colonies, Mumbai stands aloft as one of the most preferred destinations for habitation in India. 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”, said Mr. Sunil Jaiswal, President, Sumansa Exhibitions, organizers of Indian Property Show.
“Bangalore is one of the upcoming residential and commercial market in India. It has seen a multi directional growth in recent years. Those planning to invest in Bangalore, this might be the perfect time. There are numerous properties available in the city and majority of them are purely for investment purpose promising good returns in the future. Bangalore being a hub of information technology has been attracting real estate investors over the years. There are few areas in and around the city that offer affordable plots with potential of giving significant returns on investment. It is the third-largest real estate investment hub for High Net worth Individuals (HNIs) and tops the list in terms of investments from Non Resident Indians (NRIs) looking at settling down in India in the future”, further added Jaiswal.
Key facts from the Survey:
About 22,300 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 etc.
Indian Cities are also in the top 25 real estate destinations of the Asia Pacific region for real estate investment destinations. Mumbai and Bangalore are on the 23rd and 20th positions respectively, in the list of investment destinations covered by the ‘Emerging Trends in Real Estate Asia Pacific 2014’, published jointly by the Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC).