Wealthy Indians Prefer to Buy Home Overseas

Bangalore: Indian real estate industry is facing a challenge with the increase in construction cost and delays in project. Under construction residential developments have become a common issue in real estate sector and home buyers are getting trapped into this problem. In Mumbai Metropolitan Region (MMR), delays in projects are a serious cause of concern among potential home buyers.

This aforementioned scenario is prevalent in most of the Indian cities where developers are quoting high price for their projects despite inferior construction quality and late possessions, reports Samar Srivastava of Forbes.

Earlier, home buyers were left with very limited options but now the situation is not the same. The growth in income levels and the emerging concept of buying property abroad has some good possibilities which have led to the rise in more numbers of cash rich Indians seeking abroad properties. These Indians are investing in studio apartments, holiday homes, villas and also in chalets.

For Indians, London, Singapore and Dubai are the most popular property destinations. However, adventurous home buyers seek locations like ranch-style houses in far flung Nairobi in Kenya and beachfront house in Muscat, Oman.