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29 March 2024

One lucky NRI can win an apartment in India for free

Published
By Parag Deulgaonkar

One non-resident Indian (NRI) can win an apartment in Chennai by just visiting this exhibition in Dubai.

Yes, you don’t need to buy a property in India to enter the lucky draw. Just visiting the three-day Indian Property Show (IPS) at the Dubai World Trade Centre, starting December 19 qualifies you for the draw.

The prize will be a 1,500 square foot, two-bedroom apartment from Propshell, a Chennai-based developer.

Besides the apartment, Sumansa Exhibitions, organiser’s of the event, will be giving a cash prize of Rs1 million.

“There will be a cash prize worth Rs1 million through which we are is trying to make someone’s dream come true of owning a home in India,” Sunil Jaiswal, CEO, Sumansa Exhibitions, said.

“As many of the NRIs want to invest but drawn back because of the booking amount or the first initial payment… the cash prize we are giving away can fulfill their requirement,” Jaiswal added.

Moreover, 20 exclusive UAE weekend stay packages are also on offer.

Emirates24|7 reported earlier that Indian developers, who had participated in IPS last year, were offering luxury cars (BMWs), expensive bikes (Harley Davidson) and cash discounts going up to Rs1 million to NRI home buyers.

However, NRIs buying a property as an investment need to take this into account. 

A new Reuters poll revealed that house price rises in major Indian cities were expected to slow to just under eight per cent next year as a cooling economy and rising interest rates deter new buyers.

The survey of 11 property market analysts put prices to rise 7.8 per cent next year, well below the current rate of consumer inflation of around 10 per cent.