Indian property remains attractive to Gulf NRIs

Date : Nov 2, 2014

Dubai: Top Indian developers were in Dubai and were keen to attend the IndiaHome Property Exhibition, which concluded on a positive note on Saturday.

The two-day exhibition, in which the country’s most reputable developers participatedin, showcased a wide range of residential and commercial properties from cities across India. The event provided a platform to non-resident Indians, or NRIs, in the UAE to see the latest projects in the real estate sector and interact with developers’ representatives to decide and invest in their dream homes.

Leading real estate developers like Emaar Developers, L&T Realty, Sunteck Realty, Lotus Greens and Jaypee Greens, among many others, showcased their projects in major cities including Mumbai, Bangalore, Delhi, Pune and others. Visitors and prospective buyers also took advantage of an interactive session on investment opportunities and the latest real estate trends in India.

“Indian real estate continues to be a favoured investment option for NRIs in the Gulf. The Indian economy is in an upward trajectory with renewed confidence. This is a great time for real estate investments in the country,” said Bipin Pathak, managing director of Media Agency Middle East, the organisers of the exhibition.

A survey conducted at the exhibition reflected that about 89 per cent of UAE-based NRIs are looking at property investments of Rs10 million and above as demand for quality developments in both tier-one and tier-two cities is on the rise. NRIs at the event showed interest not only in projects in major cities; they were also keen to invest in Goa, Ahmedabad, Gurgaon and Cochin, among others.    

According to the developers at the exhibition, the recent move by the Indian government to relax foreign investment rules for the real estate sector generated a lot of interest among NRIs, as well as investors from the Gulf. The move is aimed at increasing overseas investment in real estate and boost the country’s construction sector — all part of the plans by Prime Minister Narendra Modi to boost economic growth, build every citizen a home by 2019 and develop 100 smart cities by 2020.

Emaar, one of the world’s leading property developer, has launched new luxury projects in the residential and commercial segments in Gurgaon. It offered Imperial Gardens, Gurgaon Greens, Palm Gardens and Marbella in residential category and Commerce Park and Capital Tower 1 in the commercial segment to NRIs at the exhibition.

Still the right time

“All the past [property exhibition] events have been very good, we’ve had a good experience and responce in the past, but now we’re looking for better prospects here, better and quality footfall at this event,” Arun Singh, manager of sales and marketing at Jaypee Greens, told Khaleej Times at the event.

As developers continue to proclaim that it is the “right” or “best” time to invest in Indian property, Singh gave an even firmer insight on it.

“It’s the right time to buy a property in India because it’s sort of a correction time; you’ll get a good discount and good payment plans,” he said, adding that investors will also realise the good appreciation of the property “by 30 per cent or so”.

Asked how long or until when this good chance will hold up, Singh says “12 months”.

Jaypee Greens showcased three major properties at the event — Jaypee Greens Greater Noida, Jaypee Greens Wish Town Noida and the 5,000-acre Jaypee Greens Sports City on Yamuna Expressway.

“We have a wide range and multiple options on these properties; we cater everyone as we have both affordable and premium segments,” Singh said.

On trends, he noted that local Indian investors are shifting towards acquiring higher-end properties.

“There was a market for the affordable and mid-range segment, but now there is also a [growing] market for the luxury segment... more and more people are willing to spend on more luxurious properties,” Singh said.

On expansion plans, he said that Jaypee Greens has plans to expand  in the UAE, especially in Dubai, as well as in the wider Middle East region; having a local channel partner here in the emirate and the company’s active participation in the different property exhibitions here will only help its cause further.

While Singh offered no time frame for the expansion, he said that Jaypee Greens is “looking at all its options”.

“Our property range is so wide; we have huge projects to come up with... and the size for these upcoming projects is for five years.”

Lotus Greens, on the other hand, is developing over one million sqft of space in the hospitality segment. The company has partnered with some of the most renowned hotel chains such as Four Seasons, Marriott and FairField to develop luxury hotels and premium serviced apartments.

The company, founded by Nirmal Singh, has already delivered 14 million sqft of real estate space, and has a current land bank of 925 acres. The targeted delivery of homes to 12,000 families in the next three years means that Lotus Greens is constantly working on creating sustainable community living.

Source And Courtsey By :- http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2014/November/uaebusiness_November19.xml&section=uaebusiness