Dubai: The slide in the Indian rupee seems to be encouraging non-resident Indians (NRIs) living in the UAE to further invest in their homeland with lesser dependence on finance, reveals the latest figures of a survey conducted by the Indian Property Show organisers. Based on feedback of about 15,000 NRIs, the figures showed a difference of almost 9 per cent with 42.34 per cent of respondents declining requirement for financeto buy property – up from 33.66 per cent a few months ago.
The research also highlighted investors’ increasing interest in buying property for investment purpose rather for own use, a rise of about 17% was observed from 34.98 per cent to 40.87 per cent now looking to buy property in India either as their first investment or for an additional investment to build their property portfolio.
In terms of popular property investment destinations, Mumbai (16.60 per cent), Bangalore (10.15 per cent) and Chennai (8.72 per cent) retained the top 3 slots, with Cochin and Hyderabad gaining further popularity. Other cities that made it to top 10 included Pune, Delhi, Coimbatore, Ahmedabad and Goa.
“Further decline in Indian rupee combined with a spate of regulatory reforms seems to be encouraging NRIs to invest in their favourite asset class. We see the interests bouncing back as expat Indians are not only keen on purchasing a home in their homeland but have also shown an increased interest in purchasing purely for investment purposes,” commented Kowshik Mukherjee, Head of Indian Property Show and Chief Operating Officer Sumansa Exhibitions, organisers of the popular exhibition, scheduled to be held for three days from June 21-23, 2018 at Sheikh Rashid Hall, Dubai World Trade Centre.