Rise in UAE-based NRIs buying property in India Rajesh Lifespaces reports 35% growth in NRI business Rajesh Lifespaces, a premium developer in Mumbai, has witnessed 35 per cent growth only through UAE-based NRI investments since last December.Alok Anchan, Manager Sales at Rajesh Lifespaces, says: “We have got an excellent response from UAE market and while we continue serving our clientele here, our aim is to make inroads into the other Middle Eastern markets by serving to NRI demands of good projects offering premium lifestyle at affordable prices.“Other than buying in homes for own use, more and more NRIs are capitalizing the current scenario of depreciated rupees to strengthen their investment portfolio. In demand configurations are two or three bedroom apartments within a price range of Dh1.5 million at cities such as Mumbai and Delhi with good appreciation potential”.He adds the company will unveil four new projects which will be showcased at the upcoming Indian Property Show scheduled to take place in Dubai from June 20-22 at Dubai World Trade Center.A recent report by Jones Lang LaSalle India said that Mumbai residential property appreciated by about 66 per cent during the last four years. Thane and Navi Mumbai districts saw steeper increase in property prices compared to Mumbai, growing by 70 per cent and 74 per cent respectively."Residential property prices in Mumbai have increased steadily after the correction seen after the Lehman debacle. In the period from the second quarter of 2009 to the same quarter in 2013, residential real estate prices in Mumbai have increased by 66 per cent,” JLLM said.In December, Om Ahuja, Chief Executive Officer – Residential Services, Jones Lang LaSalle India, told Emirates 24/7: “One has to look at the key market triggers to identify the right markets.”And these critical triggers are: Existing infrastructure readiness; execution/implementation timelines for new infrastructure initiatives; demand for commercial space in the market (leading to job creation); social infrastructure and price trends.After factoring all these five aspects and considering them against the current market environment, the top six cities for property investment were then:1. Hyderabad 2. Bangalore 3. Chennai 4. Pune 5. Noida, 6. Navi Mumbai.
Posted on: Mon, 17 Jun 2013 15:35:03 +0000
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