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Mumbai realtors score big among NRIs, wealthy
The Times of India  |  February 14, 2020

Avik Das TNN

NRIs and high networth individuals (HNIs) prefer to buy and invest in properties in Mumbai rather than Delhi NCR and Bengaluru, a report from property consultancy firm Track2Realty said. Out of the top 10 builders, five are from Mumbai, two from Delhi and three from Bengaluru.

 

This is opposite to public perception about these realtors where builders from Bengaluru have dominated the list due to their ability to complete projects faster.

 

Godrej Properties, Prestige Estates and Sobha are the top three choices for NRIs and HNIs, which score well on perception and visibility among investors. The study surveyed 500 NRIs and 1,000 HNIs.

 

“The rating is based on how much these people have heard about the brand and their perception. Most NRIs who buy properties here are above 50 and have an emotional attachment,” said CEO Ravi Sinha.

 

NRI investments in Indian real estate has doubled from $5 billion in 2014 to $10.2 billion in 2018, according to a report released in 2018 by 360 Realtors, a consultant firm, on the state of NRI investments in Indian real estate. Nearly 63% NRIs prefer real estate over other investments in India, shows data from Anarock’s consumer sentiment survey for H1 2019.

 

One reason why Mumbai scores above others is because these properties are used primarily for investment and not for end usage. The luxury properties available in the financial hub are top-end offerings which are more premium to those in Bengaluru, which would stretch up to Rs 5-6 crore.

 

Bengaluru’s market dynamics is opposite Experts said builders from Bengaluru are focused on product quality, which have set them apart, and they have consistently been voted as ones that also exhibit relatively better corporate practices.