NRI investments in real estate rise

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

Published: 26th February 2012 06:19 AM  |   Last Updated: 16th May 2012 06:03 PM   |  A+A-

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.

Stay up to date on all the latest Bengaluru news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp