Abu Dhabi: Over 5,000 footfalls at India Property Fest
 
Media Release

Abu Dhabi, Sep 8: With the falling value of the Indian rupee, investing in real estate is proving to be a more viable option for many Indian residents here.

Just on the first day of the India Property Fest on Friday September 6, nearly 3,000 and second day nearly 2,000 Indian residents from across the UAE trooped to the Emirates Palace to look at a number of properties being offered by 35 builders / developers across India. This was one of the biggest Indian Property expo ever happened in Abu Dhabi with such a huge footfalls. ‘India Property Fest’ is organised by Adsync Advertising LLC (A Manipal Group Company) under the leadership of Pradeep Pinto.

A two-day property exhibition “India Property Fest” at the Emirates Palace was inaugurated by the Indian Ambassador to the UAE, M K Lokesh,
 
“The rupee is getting weaker and this is the best time for all the NRIs to invest in properties. You know these days even if you have deposit in the bank you won’t get much interest rate (while) the hike in real estate market in India, that itself is very high,” said Pradeep Pinto, vice-president of Adsync and show organiser.

More than 300 projects across India are being featured at the exhibition. They include apartments, lands, and house and lots.

Parinee, a developer in Mumbai for 16 years is featuring its nine projects that range from low-range, mid-range to luxury. Prices start from Dh1 million for a one-bedroom in the low-range category upto Dh10 million for a six-bedroom luxury apartment.

“Many investors (here) are actually investing in India, people are lining-up for projects in best locations,” said Yash Sheth, general manager of sales and marketing at Parinee. He expects to sell a minimum of 10-12 apartments at the end of the show.

According to him, what makes Mumbai an attractive investment location is the between 200-400 per cent “appreciation” of the property’s resell value.

“In Mumbai, it doesnt’ depreciate, that’s the best part of Mumbai,” he pointed out.

H A Joshi, an operations manager from Dubai, was looking to buy a two-three bedroom apartment in Mumbai. He said the economic growth and stability there is “definitely the right place to put your money in compared to other cities in India.” He’s capped a Dh1million budget for his project.

Alok Anchan, sales manager at Rajesh LifeSpaces said that in addition to value for money, having “the same luxury option” in one’s property in India similar to what one has here is a good selling factor.

“An NRI who’s living in Dubai, Abu Dhabi or anywhere in the UAE has a certain lifestyle, he does not want to compromise on his lifestyle,” he pointed out. Many luxury apartments on offer include clubhouse with gymnasium and swimming pool facilities.

The two-acre project of Suvilas in Jalahalli, Bangalore is designed for a very niche market, according to Santhosh Raman, vice president of business development and customer relations at Suvilas.

With only 72 homes, a clubhouse and spa, the project is “not an investment option” rather a place where buyers can actually stay.

Dorothy Pais, works for an oil company in Abu Dhabi and is looking at buying a two-bedroom apartment in Bangalore. She and her husband already own a coffee plantation estate in Mangalore but want a separate retirement home where they can staty two-three months a year.

“I am looking at a property with trees, not within town but with club facilities so I don’t need to go into the city,” she said.

According to latest figures from the Indian government, for the April-to-June quarter, the country’s economy grew at a rate of 4.4 per cent, compared with the same period in the previous year. In the last fiscal year, the Indian economy grew at 5 per cent, the slowest rate of growth in nearly a decade. The fiscal second quarter growth was weaker than the first quarter this year when the growth was 4.8 per cent.

To compound India’s problems, the rupee plunged to a record low late last week of 68.85 per dollar, for a drop of 20 per cent this year. The rupee has been one of the worst affected by the turmoil in emerging markets since May, when the US Federal Reserve hinted it may rein in its $85 billion a month stimulus programme. Investors are bracing for the end of ultra-easy monetary conditions that had driven many emerging markets to record highs. The rupee’s plunge means increased buying power in India for those who have disposable income in the UAE, and that’s the segment the builders are out to tap.