New Delhi: Property developers are expecting a 35 per cent surge in real estate enquiries from NRIs, with Bangalore turning out to be the hot favourite, says an Assocham survey.
To tap the growing interest which comes at a time when the global economy is stabilising and India is showing strong signs of revival, real estate companies are pulling out all stops by conducting property shows, exhibitions and opening overseas representative offices. Developers are also expanding their existing distribution chains and entering into strategic partnerships to encourage investors from this cash-rich segment, it said. The survey was conducted among nearly 850 real estate developers in Delhi-NCR, Chandigarh, Mumbai, Kolkata, Bangalore, Hyderabad, Ahmedabad, Pune, Dehradun and Chennai etc. Bangalore is the most favourite property investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa, Delhi and Dehradun, it added.
The enquiries are primarily coming from NRIs residing in UAE, the US, Singapore, Australia, the UK, Canada and South Africa.
This year, the demand is more for the high-end property and commercial buildings, according to developers.