New Delhi: Property developers are expecting a 35 per cent surge in real estate enquiries from NRIs (non-resident Indians) with Bangalore turning out to be a favourite, according to a survey by the Associated Chambers of Commerce and Industry of India (Assocham).
To tap the growing interest, which comes at a time when the global economy is stabilising and India is showing strong signs of revival, real estate companies here are pulling out all the stops by conducting property shows, exhibitions and opening overseas representative offices.
Developers are also expanding their existing distribution chains and entering into strategic partnerships to encourage investors from this cash-rich segment, the industry body said.
The survey was conducted among nearly 850 real estate developers in Delhi-NCR, Chandigarh, Mumbai, Kolkata, Bangalore, Hyderabad, Ahmedabad, Pune, Dehradun, Chennai etc.
Bangalore was the most favourite property investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa, Delhi and Dehradun, the survey showed.
The enquiries are primarily coming from NRIs residing in the UAE, the US, Singapore, Australia, the UK, Canada and South Africa.
This year, demand is more for the high-end property and commercial buildings, developers say.
"With the revival in global economy, especially in the United States and Europe, people are more optimistic and looking for property to invest in."
"Both small and big developers are focusing on the NRI base in the US, the UK and Asia Pacific region this year," Assocham Secretary General D S Rawat said.
As per the findings of the survey, Ahemdabad (32 per cent) continued to be the most stable market in terms of demand and absorption of both residential and commercial spaces.
NRIs consider Ahmedabad as a safe place to invest in, with lenient government regulations for property investments. Pune was at the third position (30.5 per cent), as per the survey, whereas Chennai (28 per cent) was at the 4th spot and Goa (23 per cent) at the 5th place.
In Delhi, there has been a 21 per cent rise in enquiries this year as opposed to last year and a majority of them have been for the residential segment.
Catering to the growing demand in the high-end segment, Delhi has also emerged among the promising markets for real estate, the survey showed.
