(MENAFN - Khaleej Times) Mumbai has proven to be an all time favorite amongst UAE based NRIs for their real estate investments, a recent survey conducted by Sumansa Exhibitions has revealed.
The organizers of the Indian Property Show, scheduled to be held from December 19-21, 2013 at the Dubai World Trade Center, revealed that 33.7 per cent of respondents marked Mumbai as their destination of choice. At the second spot was Bangalore with 22.6 per cent (up five per cent from last time), with Pune at third place with 17.5 per cent, Chennai with 16 per cent at the fourth position, and Delhi at fifth position with 8.6 per cent. While Navi Mumbai, Cochin and Gurgaon still remain popular, Hyderabad and Coimbatore lose out to Ahmadabad 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. 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-centric cities like Bangalore, Pune - and to an extent Chennai - are emerging as whole new real estate propositions," said Sunil Jaiswal, CEO Sumansa Exhibitions.
"In the current scenario, the Indian property market is definitely not geared up for property flipping within short investment periods, mid-to-long term investment options with 4-5 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 Sunil. More than 17,500 NRIs across UAE participated in the survey which was conducted to understand the reason of buying property in India, preferred cities for investments, type of property, time frame, budget and finances planned.