Reforms inspire more UAE NRIs to buy homes in India

The implementation of the Real Estate (Regulation and Development) Act (Rera) and the Goods and Services Tax (GST) NRIs has inspired more Indian expats in the UAE to invest in a property back home.

A survey conducted by the Indian Property Show reveals an increased urgency among UAE Indian expats to purchase a property back home, showing a rise of 59 per cent compared to June this year. The survey found that 13 per cent want to buy a home immediately as opposed to only 8.15 per cent in June; whereas 35 per cent are keen on buying within the next three months, compared to 16.23 per cent earlier - indicating a steep rise of 115 per cent.

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In all, 70 per cent NRIs have shown interest in buying their dream home in India within the next six months, up by 44 per cent a few months ago.

The study also reflects a sharp increase in the number of NRI buyers looking to finance their property purchase at 67 per cent compared to 53 per cent last time around. Moreover, a large number of young Indian expats, mainly millennials, are eager to buy their dream home in India.

The younger age group between 18 to 35 years accounts for a significant chunk of people willing to buy properties in India. This age group has seen a greater increase of 46.73 per cent from 24.7 per cent last time.

Source: Khaleej Times