Where in India are UAE NRIs buying properties?

The UAE-based non-resident Indians (NRIs) are showing keen interest in buying properties back home, primarily driven by a weakening rupee that makes property investment cheaper for them.

About 68.75 per cent of the 22,300 UAE-based NRIs who participated in a survey conducted by Sumansa Exhibitions, the organizers of the Indian Property Show, said they were “keen on making the purchase within next six months.”

In fact, a weakening rupee helps NRIs to buy a property in India at approximately 10 to 20 per cent (depending on the currency rate) cheaper. As of Wednesday (yesterday), one dirham was fetching Rs16.83.

Mumbai, once again, emerged as the most popular property investment destination with 35 per cent voting in favour of India’s financial capital, the report said.

Bangalore took the second spot with 24.13 per cent votes followed by Pune, which got 15.19 per cent votes. Chennai and Delhi took the fourth and fifth spot on the list with 12.77 per cent and 10.44 per cent votes.

“The real estate in India continues to attract investors 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,” Sunil Jaiswal, President, Sumansa Exhibitions, said in a statement.

About 54.42 per cent of the respondents said they were buying for personal use, with 45.57 per cent said they were buying as an investment.

Majority of the respondents, 67.53 per cent said they were looking for home loans to buy their property. Thirty-one per cent were looking for properties worth over Rs7.6 million, 51.35 per cent were looking for units in the Rs2.6 million to Rs7.5 million range, while only 17.49 per cent wanted units in the Rs500,000 to Rs2.5 million range.

Apartments were the favorite among the participants  followed by villas, commercial property and land.

Jaiswal told Emirates 24|7 earlier that NRIs have to be vigilant and must do their research before buying a property.

Read: NRI alert: Do research before buying property in India

The Indian Property Show will be held at Dubai World Trade Center from December 11 to 13.

(Image via Shutterstock)

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