(MENAFN- Khaleej Times) With the falling value of the Indian rupee, investing in real estate is proving to be a more viable option for many Indian residents here.
Just on the first day of the India Property Fest on Friday, nearly 3,000 Indian residents from across the UAE trooped to the Emirates Palace to look at a number of properties being offered by 35 exhibitors from India. The exhibition ends today.
"The rupee is getting weaker and this is the best time for all the NRIs to invest in properties. You know these days even if you have deposit in the bank you won't get much interest rate (while) the hike in real estate market in India, that itself is very high," said Pradeep Pinto, vice-president of Adsync and show organiser.
More than 300 projects across India are being featured at the exhibition. They include apartments, lands, and house and lots.
Parinee, a developer in Mumbai for 16 years is featuring its nine projects that range from low-range, mid-range to luxury. Prices start from Dh1 million for a one-bedroom in the low-range category upto Dh10 million for a six-bedroom luxury apartment.
"Many investors (here) are actually investing in India, people are lining-up for projects in best locations," said Yash Sheth, general manager of sales and marketing at Parinee. He expects to sell a minimum of 10-12 apartments at the end of the show.
According to him, what makes Mumbai an attractive investment location is the between 200-400 per cent "appreciation" of the property's resell value.
"In Mumbai, it doesnt' depreciate, that's the best part of Mumbai," he pointed out.
H.A Joshi, an operations manager from Dubai, was looking to buy a two-three bedroom apartment in Mumbai. He said the economic growth and stability there is "definitely the right place to put your money in compared to other cities in India." He's capped a Dh1million budget for his project.
Alok Anchan, sales manager at Rajesh LifeSpaces said that in addition to value for money, having "the same luxury option" in one's property in India similar to what one has here is a good selling factor.
"An NRI who's living in Dubai, Abu Dhabi or anywhere in the UAE has a certain lifestyle, he does not want to compromise on his lifestyle," he pointed out. Many luxury apartments on offer include clubhouse with gymnasium and swimming pool facilities.
The two-acre project of Suvilas in Jalahalli, Bangalore is designed for a very niche market, according to Santhosh Raman, vice president of business development and customer relations at Suvilas.
With only 72 homes, a clubhouse and spa, the project is "not an investment option" rather a place where buyers can actually stay.
Dorothy Pais, works for an oil company in Abu Dhabi and is looking at buying a two-bedroom apartment in Bangalore. She and her husband already own a coffee plantation estate in Mangalore but want a separate retirement home where they can staty two-three months a year.
"I am looking at a property with trees, not within town but with club facilities so I don't need to go into the city," she said. - olivia@khaleejtimes.com
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.