NRIs look for the real(ty) investment
India Real Estate Show 2018, organised by Khaleej Times and Indiabulls Home Loans, attracts huge number of visitors.
India Real Estate Show 2018, organised by Khaleej Times and Indiabulls Home Loans, witnessed brisk activity in Dubai on Friday as hundreds of NRIs descended on the exhibition to check out attractive offers and discounts from leading Indian developers. With an attractive exchange rate favouring NRIs, the who's-who of Indian real estate were out in full force to attract a key client base.
The two-day exhibition was inaugurated by Vipul, Consul-General of India, along with senior executives from Khaleej Times and Indiabulls Home Loans.
"With such a large Indian population in the UAE, there is always a need to invest back home. Such exhibitions give options to NRIs in Dubai to consider where to invest. With the rupee depreciating and the Indian economy doing so well, NRIs must consider investing back home. You have developers from across the entire geography of India such as Noida, Ghaziabad, Gurgaon, Navi Mumbai, Mumbai area, Bangalore, Chennai, and more. It gives a good snapshot of what is happening in the Indian real estate market," Vipul told Khaleej Times.
There are attractive incentives, discounts and other sweeteners on offer for NRIs who are keen on snapping up Indian real estate. For instance, Indiabulls Home Loans is offering zero loan processing fees, loans up to 90 per cent, zero part payment charges and flexible repayment options. Almost 70 to 80 per cent of developers across India are registered with Indiabulls Home Loans, a senior executive said.
India's real estate bellwether Hiranandani Constructions is showcasing units at Hiranandani Estate in Thane, Mumbai. The developer is offering units on a 20:80 scheme where buyers can pay only 20 per cent now and 80 per cent at possession. For instance, for a studio priced at Rs53 lakh, you pay only Rs11.25 lakh now. Possession is in about 18 months. A one-bedroom apartment is priced from Rs73 lakh.
"The India market is looking good and the higher dollar will give NRIs benefits. It is more secure for buyers now. Developers have to honour all their commitments," said Goldie Gulati, assistant general manager for sales at Hiranandani Constructions.
Indiabulls Real Estate has both ready-to-move-in and under-construction properties for interested NRIs. The developer has subvention schemes for ready properties where buyers pay 5 per cent now, move in and interest is charged only after two years. For under-construction properties, the developer will bear the loan interest for five years until possession.
Said Rajiv Malhan, senior vice-president for sales and marketing at Indiabulls Real Estate: "NRIs in Dubai have always shown a keen interest towards buying property in India. With the dollar-rupee ratio at its advantageous best, it encourages NRIs to invest more in India."
Omaxe is offering 11 per cent assured returns for three commercial properties. This is backed by rental assurance until possession. These are for projects in Greater Noida, Chandigarh and Faridabad. All buyers at the exhibition will receive a gold coin for spot bookings, apart from flexible payment plans and subvention schemes.
"As the dollar and dirham are appreciating, buyers will get an instant three to four per cent difference in price benefit. Indian real estate is organised after the Real Estate [Regulation and Development] Act. Buyers are more inspired to invest in real estate. They feel more secure with their investment. Only good developers have sustained in this market post-Rera, GST and demonetisation," observed Rakhi Beriwal, additional vice-president for sales and marketing at Omaxe.
Kanakia is seeking NRI buyers for its newly-launched project in Powai, Mumbai. The developer is offering spot offers, good payment plans and sweeteners for buyers at the exhibition. Prices start from Rs2 crore for a two-bedroom and a one-bedrooms starts from Rs1.6 crore.
"Mumbai real estate offers good capital appreciation if you have a long-term vision. NRI demand is for affordable luxury. Investors opt for two-bedroom apartments and most NRIs seek payment flexibility [subvention scheme]," explained Shweta Chaudhary, deputy manager for sales residential at Kanakia.
Meanwhile, Embassy has announced a payment scheme for its Embassy Springs projects in Bangalore where customers pay 1 per cent of the agreement value to buy a property and 20 per cent can be paid in installments across three years.
Shangar C., relationship manager at Embassy, said: "Price for a one-bedroom starts at Rs36 lakhs. These are Alexa-enabled homes. Customers are getting a direct discount of 15 per cent owing to the currency exchange rate."
Artha Real Estate is also offering subvention schemes for its projects in Hoskote, Bangalore. "Pay 10 per cent today and nothing until possession in 2020. After handover, we will take the property for lease for two years and give assured rentals for two years," said Shaveen Nair, business manager for sales at Artha Real Estate. For its plots which are selling for Rs2,100 per sq ft in Hoskote, Bangalore, the developer has a discount of Rs100 per sqft for all bookings at the Dubai event. Prices range from Rs28 lakh to Rs32 lakh.
NRIs agree: It's the right time to buy
Visitors at India Real Estate Show 2018 were in for offers galore for properties across India. The show witnessed heavy footfall from NRIs looking to make a profit leveraging the fall in the Indian rupee.
"The best time to invest in your country is now. Subvention schemes are all the rage at the show. They are especially effective for under-construction properties," said Sonal, a visitor from Mumbai.
Mohammed Shafi and Farzana, a couple, are looking to invest in a villa in a gated community between ?50 lakh and ?1 crore in Hyderabad. "There is a good representation of developers from North India," said Shafi.
Meanwhile, Anoop V., an expat from Kerala, was doing the rounds at the exhibition to buy an apartment in Kochi. "It's a good time to buy since the Indian property market is still soft. All of us need a house to go back to. There are attractive incentives and discounts here."
Raman Iyer visited the show to buy a retirement home in Thane. "I prefer a ready-to-move-in apartment since I don't want to deal with developer delays. There's a never a good or bad time to invest in Indian property."
Nikhil, an expat from Kerala, is keen to purchase a property in Kottayam. "This is a great time to invest because of the rupee depreciation."
Actor Nivin Pauly feels at home in Dubai
Indian actor Nivin Pauly is on the lookout for an apartment for investment in Dubai, he told Khaleej Times while touring the India Real Estate Show in Dubai on Friday.
"Dubai is like a second home for all Malayalis. We feel at home here because there are so many Indians in the city and we can also get our Indian cuisine here. I would love to buy an apartment in Dubai," the actor said.
Pauly picked shopping, food and dune-bashing as his favourite activities in Dubai.
His recently-released Kayamkulam Kochunni is setting the cash registers ringing in India and around the world. "It is the proudest moment in my career so far. It has crossed ?50 crore in just 10 days. It's hard for a movie to regain the money invested in it so fast in the Malayalam movie industry," said the actor, who is all set to make his Bollywood debut soon.
The best deals, among many others
. Pay 10% now, 90% on possession (no bank involved) at Godrej Avenue, Bangalore
. Assured rental scheme for two years, ?1 lakh discount on basic sale price, no pre-EMI scheme at Emprasa Smart City by Artha Property
. 12% assured returns instead of 11% for commercial properties, gold coin on spot booking by Omaxe
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