Bangalore : Now a day, the real estate market in the Bangalore city is propped up by investments from NRI’s as it has turned into a standout amongst the most favorite investment destinations. Recent report by ASSOCHAM (Associated Chambers of Commerce and Industry in India) revealed that “Bangalore is in the foremost position as a favorite property investment destination for NRI’s where as Ahmadabad is in 2nd position, Pune in 3rd, Chennai to 4th, Goa to 5th, Delhi in 6th and Dehradun is in 7th position”.
As per the report, Rupee value depreciation against the US dollar since August 2011 is the prime reason for the NRI’s to buy property and the sluggish realty market proved enchantment for NRI’s. This has attracted many non resident Indians for investment and many Indian property realtors are predicting an increase of 35 percent in real estate inquiries as compared to last year about 18 percent. The arbitrary survey report was piled up based on 1,250 real estate developers in Delhi-NCR, Chandigarh, Kolkata, Mumbai, Hyderabad, Bangalore, Pune, Ahmadabad, Chennai and Dehradun.
The survey adds “NRI’s feel optimistic about new government and waiting for an investment cordial market in various fields. The majority of property developers expanding their existing dissemination chains, entering into partnerships and conducting stalls, shows and exhibitions, these attract the investors and grabs the maximum demand from high end property segment and commercial building. Real estate companies revealed that most of the traffic is coming up from NRI’ dwelling in U.S., UAE/West Asia region, UK, Canada, Europe, Singapore, Australia, South Africa etc.
D.S Rawat – ASSOCHAM Secretary General stated that, this is the great time for non Indian residents (NRI’s) looking to invest; they can save at least 20 percent of their property value. This year, both the small and large developers are focusing on NRI’s residing in regions like US, Asia Pacific Region and UK.
As per the analysis, Ahmadabad continued to be stable at 32 percent in terms of demand and inclusion of commercial and residential property, in the impending year the NRI sales are likely to increase from 18 percent to 30-35 percent. NRI’s who are planning to settle down in India, prefer Bangalore Metropolitan city as a safe place for property investment due to its favorable exchange rates. Exponential growth of physical and social infrastructure, booming IT sector, establishment of IT/ITES and many multinational companies and lucrative job opportunities for professionals are the major factors that drives NRI’s to invest in Bangalore city.