Bengaluru, Mumbai top choices among NRI buyers in UAE

A recent survey conducted among NRIs in the UAE has ranked Bengaluru and Mumbai as the preferred choices among a vast majority of NRI buyers looking to invest in property back home. Approx 80 percent of the NRIs who participated in the survey expressed a desire to invest in an apartment in India, with the country's IT hub and financial capital topping list of preferred destinations.

The poll, conducted by Sumansa Exhibitions further revealed that a whopping 79 percent were more keen on buying an apartment as opposed to other realty investment options like plots, commercial space and luxury villas. Of this a huge 72 percent acknowledged that they were firming plans to buy property in India sometime in the next six month period.

According to industry experts, Bengaluru with its vast IT base, well-developed infrastructure and ample property options is one of the prime realty investment destinations among NRI buyers and investors. With property rates a lot lower than other metros like Mumbai and Delhi, the city has evoked a lot of interest among techies and other skilled professionals looking at investing in property that promise good returns going forward.

Mumbai, the entertainment and financial capital of the country is now witnessing a renewed interest among NRI buyer's keen to leverage the demand slump in the property market and the huge inventory of unsold units. While the city has seen fewer launches in recent times, developers have announced a flurry of discount offers and subvention schemes to woo NRI buyers, which have worked to some extent.

While Bengaluru and Mumbai emerged as the top choices in the survey, some of the other Indian cities also on the list of NRI investors in the UAE included: Chennai, Pune, Cochin, Delhi, Hyderabad, Navi Mumbai, Goa and Ahmedabad.

As per latest estimates the UAE, a popular tourist and work destination among Indians, currently hosts approx 2.6mn expatriate Indians.

...UAE realty firm joins Smart City bid
Tasweek Real Estate Development, an Abu Dhabi-based real estate company has entered into a strategic partnership with India's MAMS Holdings Group, an international development and construction firm, to mutually pursue business and investment prospects in India and the GCC region, beginning with India's Smart Cities initiative.

Under the terms of their agreement, the two partners will target residential, commercial and mixed-use urban development projects enabled with 'smart' technologies in India. They will also focus on investment opportunities in the fast growing affordable housing sector.

Towards this end, a joint delegation of officials from Tasweek and MAMS Holdings Group recently held a meeting with the UP CM Akhilesh Yadav to detail the various emerging opportunities for investment related to the Smart Cities programme and ways to promote urban housing facilities in the state.

In his reply, the CM is said to have expressed a keen desire to provide a wide range of affordable housing solutions in addition to developing approx 200,000 homes targeting the low-income category in his state going forward.

The country's 2015 Union budget has made allocations for smart practices and smart living, with approx US$1bn earmarked for the government's Urban Rejuvenation Mission programme and about US$ 84mn allocated for the development of 100 Smart Cities across the country.

Describing their partnership with MAMS Holdings as timely and strategic, a Tasweek spokesperson further revealed that in addition to Uttar Pradesh, the joint initiative will also focus on other Indian states including Jammu & Kashmir, Telangana, Andhra Pradesh, and Kolkata (West Bengal).

The company further hopes to jointly discuss opportunities with their new Indian partner in alignment with the country's long-term development agenda that attempts to boost investments into infrastructure, tourism, renewable energy, innovation, and liveability in line with its sharper focus on smart cities.

As per the government's agenda, all states will eventually have at least one 'Smart City', while each city selected under the scheme would get central assistance of INR 100 cr per year for a period of five years.