- Bangalore, Chennai, Pune and Delhi amid top 5 favorite cities for investment in India, reveals “Sumansa Exhibitions” survey.
- Apartments score high with 78% choosing to invest compared to land or villas
- 50:50 split between “own use” and “investment”
Dubai, UAE: June 2, 2013……………….. Traditionally Mumbai has remained a top favorite amongst property buyers and yet again it tops the charts amongst UAE based NRIs with 31% Non Resident Indians choosing to invest in the city of dreams, according to a survey conducted by Sumansa Exhibitions, organizers of popular Indian Property Show scheduled to be held from 20-22nd June, 2013 at Dubai World Trade Center.
Grabbing the 2nd spot is Bangalore with 22.63% (up by 5% from last time) preferring to invest in coming 3-6months. Chennai takes the 3rd place with 17.92%, whereas Pune at 15.35% assumes 4th position and Delhi goes down to 5th at 10.23%. (from 3rd to 5th position).
Navi Mumbai, Cochin, Gurgaon, Hyderabad and Coimbatore are amongst other hot destination cities for property purchase.
Residential apartments are what Indian expatriates fancy and are interested in buying both for own use as well as for investment purpose, surprisingly the split is actually 50:50, with many looking for 2nd or 3rd property investment.
“Despite being the 'highly un-affordable' place, even for the upper middle income group back home, Mumbai has become a top choice for non-resident Indians (NRIs) in the UAE for investment in the real estate sector. The expansion of cities and the development of new areas such as Wadala and Chembur are revising the price appreciation for Mumbai in a range of 125%-133% between 2013 -2017. This huge upward swing of Mumbai property price appreciation is based on its primary location, proximity to workplaces and upcoming key projects like Eastern Freeway project and Monorail. Also, Navi Mumbai is enthralling with lots of opportunities for new homebuyers. Localities like Ulwe and Kalamboli are promising with immense benefit from the upcoming rail network in the region. 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 Sumansa Exhibitions, organizers of Indian Property Show.
Around 14000 NRIs across UAE participated in the survey which was conducted to understand the reason of buying property in India, preferred cities for investment, type of property, time frame to buy, budget and finances planned etc.