The city of Mumbai has again emerged as the most popular and attractive property investment hotspot in India for non-resident Indian (NRI) property investors based in the UAE, according to a new survey.
The survey, conducted by Sumansa Exhibitions – the organisers of the Indian Property Show in Dubai – found that despite high property prices, 35 per cent of the respondents voted Mumbai as their top city for property investment.
Bangalore came second with 24.13 per cent votes, due to its ‘multi directional growth’ in recent years and the potential of giving significant return on investment, the report said.
A similar survey conducted by the company earlier this year found the same two cities leading the rankings.
“Bangalore is one of the upcoming residential and commercial market in India,” said Sunil Jaiswal, president, Sumansa Exhibitions. “There are numerous properties available in the city and majority of them are purely for investment purpose promising good returns in the future.
“It is the third-largest real estate investment hub for High Net worth Individuals (HNIs) and tops the list in terms of investments from Non Resident Indians (NRIs) looking at settling down in India in the future.”
In Mumbai, owing to the scarcity of fresh land available for construction, Navi Mumbai and other planned townships are now evolving as an alternative to Mumbai city, he added.
The survey, which spoke to 22,300 NRIs across UAE, also found that the main reason to purchase property is for own-use (54.42 per cent), however, up to 45.57 per cent of the respondents also said they were buying property for investment.
Up to 68.75 per cent are keen on making a purchase within the next six months, with 79.33 per cent interested in buying apartments, followed by houses and villas and then by commercial property and land.
The majority of the respondents (over 51 per cent), said they are looking to buy properties priced in the mid segment range of 26-75 lakh rupees, with 31 per cent seeking properties in the price range of 76 lakh rupees and above, and about 18 per cent looking for affordable property between the range of 5- 25 lakh rupees.
About 67.53 per cent of the NRIs also look to financial institutions to buy properties, the survey found.
“In spite of the present economic conditions, property investment in India will never lose its sheen,” said Jaiswal.
“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.”
TOP 10 CITIES FOR NRI PROPERTY INVESTMENT IN INDIA
1. Mumbai (35.01%)
2. Bangalore (24.13%)
3. Pune (15.19%)
4. Chennai (12.77%)
5. Delhi (10.44%)
6. Cochin (7.36%)
7. Ahmedabad (6.67%)
8. Navi Mumbai (6.59%)
9. Goa (5.63%)
10. Hyderabad (5.16%)