(MENAFN- Khaleej Times) Properties worth Rs10b are being showcased at Dubai event.
Dubai — Indian property developers have thrown open opportunities for the Gulf NRIs to take advantage of the favourable economic conditions in India and make investments in realty sector said the industry experts on sidelines of the 10th edition of Realty India Expo 2015 which opened in Dubai on Friday.
“Currently with rupee depreciation it will convince more Gulf NRIs to channelise funds for productive assets and fence sitters who are not able to take a firm decision so far the time is just appropriate to plunge into investment” said M.I.Sait CMD-Mindscape ME organisers of Realty India Expo 2015.
“The government of Narendra Modi will be spending Rs700 billion for infrastructure project alone this year. One can visualise the massive development en-route. Major countries are investing in infrastructure and industrial projects so the economy is poised for a major turnaround and economic conditions favour investors.This year the show is 60 per cent extra in size with over 160 developers from several cities across India.This is the biggest show ever organised in the emirate.”
The event which concludes today is estimated to have showcased Rs10 billion of value of properties with a combination of product categories starting in value from Rs6 lakh onwards. The show covers varied categories such as budget apartments luxury apartments penthouses developed plots villas and row houses.
“Investing in Indian properties is growing popular for the NRIs based in the UAE and GCC because of the guaranteed returns every year by a minimum of 15 per cent. For the six million Gulf NRIs in the GCC countries owning a home back home is one of the investment objectives. For some it is a life time opportunity. Even though local investments have changed in some countries still a majority of the Gulf NRIs cannot afford to invest abroad. This is one reason they invariably look at India for investments in the real estate industry” said Sait. The key cities that attract Gulf NRIs in the south are Bengaluru Chennai Hyderabad Kochi Calicut Coimbatore Mangalore and Mysore. In the North Mumbai Pune Nagpur Ahmedabad Delhi Lucknow Jaipur Kolkata Chandigarh and some hill stations. These metro cities ensure safe life and good returns for the investors in the realty market.
Rahul Nahar chairman of Xrbia Developers — a major exhibitor at Realty India Expo 2015 — said: “Xrbia focuses on building world-class cities that offers futuristic and sustainable housing solutions to every aspiring Indian. By 2030 India will have a housing shortage of 100 million homes. By building 100 new cities Xrbia hopes to meet one per cent of this need. India needs cities that are smarter efficient and sustainable to offer a higher quality of life to its people. Aimed at building ‘Cities of the Future’ Xrbia is building cities across 18 locations in India.”
This year the developer will launch 40000 houses spread across Maharashtra. Xrbia is embarking on a new journey that lays the benchmark for quality and modern urban development in the country. The developer is showcasing a total of 10000 studio flats with Rs15 lakh for each flat in the cities of Pune and Mumbai. It also offers lands/plots at the lowest cost with Rs6 lakh for each plot for setting up homes within Gated Communities in Mumbai and Pune.
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