Dinesh Kamath's news item 'UAE-based NRIs prefer Navi Mumbai to buy properties' that was published in Newsband

UAE-based NRIs prefer Navi Mumbai to buy properties

By Dinesh Kamath

NAVI MUMBAI: Though property prices in Navi Mumbai has risen considerably in the past four years, UAE-based non-resident Indians (NRIs) are still favouring investing in the city’s real estate market over other places in India.

The upward swing in Mumbai property prices is based on its location, proximity to places of work and upcoming projects.

In a survey that was conducted, Navi Mumbai was amongst cities voted for property purchase.

When Mumbai’s residential property appreciated by about 66 per cent during the last four years, Navi Mumbai witnessed steeper increase in property prices as compared to Mumbai, growing by 74 per cent.

Existing infrastructure readiness; execution/implementation timelines for new infrastructure initiatives; demand for commercial space in the market (leading to job creation); social infrastructure and price trends – these are the factors which are influencing these NRIs to consider investing in following six cities in India: 1. Hyderabad 2. Bangalore 3. Chennai 4. Pune 5. Noida, 6. Navi Mumbai.