South Indian cities favourite with gulf property investors…

Gurugram in Delhi’s national capital region (NCR) has slipped out of the favoured choices among Indian expats for investing in luxury property back home, with three of the Top 5 spots in a survey being cities in South India. Chennai, Bengaluru and Hyderabad figure prominently, as did Mumbai and Pune, in a survey conducted by Sumansa Exhibitions.

Also, while last year only 11 per cent were interested in buying a home in the range of Rs.7,600,000 to 10 million (Dh40,657 to Dh534,956), this year it has gone up to 16 per cent. Buyer interest in the budget range of Rs10 million to Rs20 million was also higher, from 10 per cent last year to 18 per cent wanting to purchase.

“Perhaps we can attribute the boost of interest in the luxury segment to the fall in Indian rupee and stronger government regulations such as the RERA bill,” said R. Srividya, General Manager — Corporate Sales & Brand Engagement, Indian Property Show. “Moreover, the recent demonetisation move by the Indian Government will also immensely benefit the real estate sector in creating a stronger, healthier and sustainable growth.”

In terms of time frame for buying properties in India, 63 per cent were interested in buying within six months compared to 61 per cent last year.

Credits Gulf News

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