The implementation of the Real Estate (Regulation and Development) Act (Rera) and the Goods and Services Tax (GST) NRIs has inspired more Indian expats in the UAE to invest in a property back home.
A survey conducted by the Indian Property Show reveals an increased urgency among UAE Indian expats to purchase a property back home, showing a rise of 59 per cent compared to June this year. The survey found that 13 per cent want to buy a home immediately as opposed to only 8.15 per cent in June; whereas 35 per cent are keen on buying within the next three months, compared to 16.23 per cent earlier - indicating a steep rise of 115 per cent.
In all, 70 per cent NRIs have shown interest in buying their dream home in India within the next six months, up by 44 per cent 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 per cent compared to 53 per cent last time around. Moreover, a large number of young Indian expats, mainly millennials, are eager to buy their dream home in India.
The younger age group between 18 to 35 years accounts for a significant chunk of people willing to buy properties in India. This age group has seen a greater increase of 46.73 per cent from 24.7 per cent last time.
Mumbai (21.71 per cent), Bengaluru (11.06 per cent) and Chennai (9.39 per cent) retain their top positions as the most popular property destinations, while Kolkata and Cochin enter the top 10.
There was a 10.87 per cent increase in people's preferences to buy apartments whereas villas and commercial properties have seen a slight decline in buying intent.
More expats are eager to buy property for their own use at 65 per cent compared to 45 per cent a few months ago. The number of people looking to buy for investment purposes has reduced considerably.
Around 41 per cent Indian expats in the UAE are looking to buy within the budget range of Rs500,000 to Rs5 million.
"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," said R. Srividya, general manager, Credai Indian Property Show.
The Indian Property Show has partnered with Credai (Confederation of Real Estate Developers' Associations of India) for its 21st Dubai edition. The three-day exhibition will be held on December 7, 8 and 9 at the Dubai World Trade Center from 12pm to 8pm. The exhibition will have 14 state pavilions presenting over 60 Indian cities.