BANGALORE: Property prices in the city continue to soar above the reach of ‘aam aadmi’ in the city. But Non Resident Indians have made the most of this, as their investment interests in real estate in Bangalore has risen in the last few years. Speaking after the inauguration of the State Bank of India (SBI) and Consortium of Real Estate Developers of India (CREDAI) realty expo in the city, organisers said that ‘outsiders’ were investing more and more into properties here, as it was a better option than many other cities in the country.
“United States and the Middle East investments here would amount to almost 80 per cent in the NRI category,” Secretary of CREDAI, Shankar Sastri said.
He added that Australia, New Zealand and Singapore were also emerging as lucrative markets for property investments in the city.
“Ten years ago the ratio was 40 per cent NRI and 60 per cent domestic. But now that has been reversed,” he added.
Adding to this, Chief General Manager (Bangalore) of SBI, Ashwini Mehra said that the city had a loan market outstanding in excess of `10,000 crore. He also said that two new Credit Processing Centres would be opened in Koramangala and Hebbal to ensure speedy clearance of home loans.
Mehra also said that the bank had launched online initiatives to showcase the various properties by the real estate body in the city and details were also available about the same.