Mumbai NRIs favourite Investment City

NRIs support Mumbai Investment at Large   

Mumbai has retained its top spot as an all-time favourite among UAE non-resident Indians (NRIs) for their real estate investment, according to the survey conducted with 40%  likes.

The survey was conducted for  all  major Indian Cities, during the Indian Property Show and  Exhibition conducted for 3 days in Dubai World Trade Centre also  received  a overwhelm support to know the India property investment destination.

Bangalore grabbed the second spot with 22.6 per cent, up by 5 per cent from last time, says the survey.

Pune  took the third place with 17.5 per cent, while Chennai came fourth with 16 per cent and Delhi at fifth position with only 8.6 per cent interest in investments in the capital city.

While Navi Mumbai, Cochin and Gurgaon still remained popular, Hyderabad and Coimbatore lost to Ahmedabad and Goa as hot destination cities for property purchase.

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”.  said Joe Varghese, CEO of Domydeal real estate services.

“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-Hub  cities like Bangalore, Pune,Cochin – and to an extent Chennai – are emerging as whole new real estate propositions. Recent studies  points out that Mumbai is looked for quick capital appreciation whereas Bangalore is more for ownership and better lifestyle,” he says.

“The present  scenario is different than the 5 years back, the Indian property market is definitely not geared up for property ‘value surprise’ within short investment periods, mid-to-long term investment options with four to five 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 Joe.

NRIs  to the tune of 7000 across UAE participated in the exhibition  which was conducted enquired and tried to understand the  future of buying property in Mumbai and in other cities, preferred cities for investments, type of property, time frame, budget and availability of finances support etc.

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