Pune, Bangalore, Mumbai, and Hyderabad have emerged as the most favoured cities for NRI investments into the real estate sector when it comes to the preferences of UAE-based non-resident Indians. The conclusion has arrived during Indian Real Estate Show 2018 which was held recently at the Crowne Plaza, Dubai.
The event was attended by several real estate head honchos and experts. Almost every one of them agreed that Pune, Bangalore, Mumbai, and Hyderabad seem to attract most of the NRI interest, followed by North and extreme South Indian cities. Cities with IT companies seem to attract maximum eyeballs.
“If you look at the price index and capital appreciation, Bangalore and Pune have been highly-promising cities,” Khaleej Times quoted Vinay Kumar, head of international marketing at Sobha, as saying. “In terms of demand also, both are seeing a good response from NRIs because of the growth potential in terms of job prospects.”
Owing to the weakening of the rupee against dollar, NRIs have been showing renewed interest in the Indian real estate investment avenues. Since the developers are offering heavy discounts and lucrative deals to attract the buyer as during the festive season, the diminished value of rupee has given NRIs an upper hand and it seems to be a good time to buy.
The experts also declared that due to the introduction of RERA, GST and demonitisation, now “we have a standard procedure.” It was also claimed that RERA has made the market more consumer-centric. Bangalore and Hyderabad are ideal locations because IT companies are moving there and the government is being very supportive.
Most of the NRI enquiries at the event reportedly came for the affordable segment as people apparently want to invest to make a good rental income. It was reiterated at the event that NRIs should do their homework and due diligence before buying property.