Tuesday, October 25, 2011

Wealthy Indians eyeing property abroad

Buying a sea facing house is everyone's dream, and if you are the one who is living this reality this festive season, then you might want to look at buying opportunities overseas.

And it is not that only tycoons can afford to buy houses at exotic locations.

Wealthy investors like Shashi Dubey have already set their sails westwards. He is looking at Dubai for this 3 BHK luxury apartment at the famous Marina Beach for just Rs. 40 lakh.

“It is better to buy property in Dubai as at the same price I get a better property and foreign investment than South Mumbai's cramped apartments,” said Shashi Dubey, MD of EMS Export.

Central bank allows investment of up to $200,000 abroad per person per year, and with global slowdown in property prices, there is a lot to pick and choose.

According to a recent report by KnightFrank India, in the June to August quarter of 2011, there is a global slowdown in the realty space by 1.8 per cent, but India bucks the trend with property prices up by around 7 per cent.

“We are seeing as more demand from regular middle class and not only the elite class – a typical family of 4 can put in $200,000 each per annum and buy a holiday home,” said Anand Narayanan, National Director – Residential Agency at Knightfrank.

But experts also have a word of caution. “Do your due diligence, paperwork and know the builder through reputed firms. Don’t put your money in ponzi schemes,” said Hem Taneja, CEO of grouphomebuyers.Com.

So, even as property prices heat up back home, global realty world calls the Indian investor, and he is ready to sail right away.