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.
"With the revival in global economy, especially in the United States and Europe, people are more optimistic and looking for property to invest in. Both small and big developers are focusing on the NRI base in the US, the UK and Asia Pacific region this year," said Assocham Secretary General D S Rawat.
As per the findings of the survey, Ahemdabad (32 per cent) continues to be the most stable market in terms of demand and absorption of both residential and commercial spaces.
NRIs consider Ahmedabad as a safe place to invest in, with lenient government regulations for property investments.
Pune takes the 3rd place (30.5 per cent), whereas Chennai (28 per cent) assumes 4th position and Goa (23 per cent) is at 5th position.
In Delhi, there has been a 21 per cent rise in enquiries this year as opposed to last year from this segment and the majority of them have been for the residential segment.
Catering to the growing demand among high-end segment, Delhi has also emerged among promising markets for real estate, the survey added.