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29 March 2024

Revealed: Where UAE NRIs are buying property

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By Staff

The city of dreams “Mumbai” yet again comes up as an undisputed winner and an all-time favorite amongst UAE-based Non Resident Indians (NRIs) for their real estate investments as 33.7 per cent voted for it , reveals a new survey.

Inching closer and grabbing 2nd spot is Bangalore with 22.60 per cent (up by 5 per cent from last time) preferring to invest in coming 3-6months.

Pune takes the 3rd place with 17.5 per cent, whereas Chennai at 16 per cent assumes 4th position and Delhi is at 5th position with only 8.6  per cent NRIs interested in investing in the capital city. While Navi Mumbai, Cochin and Gurgaon still remain popular, Hyderabad and Coimbatore lose out to Ahmedabad and Goa as hot destination cities for property purchase, said the survey, which was conducted by Sumansa Exhibitions, organisers of the Indian Property Show, scheduled to be held on December 19- 21, 2013, at Dubai World Trade Center.

“The real estate sector in India continues to attract investors despite the health of the economy. Known for its upmarket locations and nodes of premium residential colonies, Mumbai stands aloft as one of the most preferred destinations for habitation in India.

"However, owing to the scarcity of fresh land available for construction, Navi Mumbai and other planned townships have effectively evolved as an alternative to Mumbai city. IT-centric cities like Bangalore, Pune - and to an extent Chennai - are emerging as whole new real estate propositions.

"Our survey actually points out that Mumbai is looked for quick capital appreciation whereas Bangalore is more for ownership and better lifestyle”, said Sunil Jaiswal, CEO of Sumansa Exhibitions.

“In the current scenario, the Indian property market is definitely not geared up for property 'flipping' within short investment periods, mid-to-long term investment options with 4-5 years window would be ideal, such an investment horizon is a safe hedge against risk related to market variations, and ensures that the property gains healthy appreciation regardless of market dynamics”, added Sunil.

More than 17,500 NRIs across UAE participated in the survey which was conducted to understand the reason of buying property in India, preferred cities for investments, type of property, time frame, budget and finances planned etc.