Real estate experts believe that shaky NRIs will invest in city properties to keep their money safe
Real estate experts believe that shaky NRIs will invest in city properties to keep their money safeThe shaky Dubai economy is helping out the real estate market in India, say Mumbai realtors. In spite of news filtering in that the Dubai market has collapsed and many real estate firms have gone bankrupt, there are two exhibitions organised in December in Dubai. The one by the Maharashtra Chambers of Housing and Industries will be held in the second week of the month and the other, by Sumansa events named Indian Property exhibition, the following week.
Mumbai developers participating in these exhibitions are sure that they will be able to get buyers. According to J Augustine, co-chairman, International Exhibitions, MCHI,u00a0 "Buyer sentiments are down in Dubai, so NRIs will surely invest in India and Mumbai. The Indian economy is strong at this point and buyers will surely turn this side."
A market expert is of the same opinion. "Builders will cash in on the panic. During crises, people tend to invest in homes. Those disillusioned by the scenario in Dubai will buy projects in Mumbai," predicts Ajay Chaturvedi, a real estate expert.
However, developers also believe that the Dubai market will get back on its feet soon, with external support.
"The international market won't let Dubai collapse. There is nothing to panic about. Besides, Indians tend to save a lot and will re-invest that amount," adds Augustine.
Manohar Shroff, a real estate broker also participating in the exhibition in Dubai, feels shaky NRIs will transfer their money to India and invest in property here.
