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UAE: 'High time to buy property in India', say NRIs
Buyers keen to invest in commercial, residential projects in home country
Non-resident Indians (NRIs) in the UAE are looking at investing in both residential and commercial projects to secure their future and for a sustained passive income.
Property buyers who visited the India Real Estate Show 2022 on Sunday told Khaleej Times that this is high time for NRIs who will return to India in the next few years to settle down in their home country to ensure a sustained income.
The third edition of the two-day India Real Estate Show 2022 saw major Indian developers showcasing over a hundred projects of various kinds in different Tier 1,2, and 3 cities.
Sendhil, who has been a Dubai resident over the last seven years, visited the exhibition for investment opportunities in commercial projects or a plot.
"I am looking to invest in the commercial segment. India's real estate sector is a bit slow at this point but will boom because the population is going to grow, and the corporate world is also expanding very fast. I think both segments – commercial and residential – will grow," added Sendhil, who is looking for investment opportunities close to his home city of Chennai.
He recommends that UAE-based NRIs who want to settle in India in a few years should invest in real estate in the country now.
"Owning a commercial real estate is much better because it gives monthly rental. If you have a plot as an investment, it is a dead investment until you sell it or build something on it and rent it out. Owning a commercial piece or shop is better than the residential unit in terms of returns because residential units offer hardly two to three per cent profit while commercial investments give five to six per cent returns," he added.
Jhanvi from Pune visited India Real Estate Show 2022 with her mother on Sunday to cash in on on-site deals for one to two-bedroom apartments.
"This will be my first property. While my mother, who has been residing in the UAE for 30 years, is looking to buy property for investment. We think it's high time to buy property in India," she added.
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Srinivas and his wife Kavita are looking to buy a villa in a gated community.
"Having lived in Dubai for a long time, we would like to have an independent house with a gated community with facilities such as a play area for kids, a swimming pool and a gym. We are looking for a property where we can relax, and the property is not necessarily in the middle of the city," said Srinivas.
He believes that the community house offers an opportunity for social gatherings.
"Gated community brings its own advantages such as social networking with like-minded people and sharing the amenities, which you'll not have in an independent house," he added.
The couple will use the house as an investment as long as they live in Dubai but will use it for personal accommodation when they return to India.
- waheedabbas@khaleejtimes.com
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