Indians urged to buy second homes

Goa beachIndians living in the UK have the highest rate of home ownership but this weekend have a special property fair dedicated to helping them buy property in India.

The Indian Homes Fair, at the Hilton London Metropole Hotel, is in its sixth year and is run by bank HDFC. It showcases leading developers and thousands of properties.

Indian pounds

The bank says: "The median total household wealth of Indians living in the UK is £229,000, reflecting their passion for buying and investing in property."

It claims India property investment by UK-based Non-Resident Indians (NRIs) is seeing a substantial increase. The low penetration of about 8%, coupled with a huge shortage of 26.53 million units in India's urban areas will fuel growth, the bank believes.

At the Fair, more than 30,000 properties are on display, ranging upwards in price from £22,000, and including single-family homes, and retirement properties.

Goa, Goa gone!

Developers provide information on all major states, including the national capital region around Delhi, and the expanding industrial areas, including Bengaluru, Chennai, Coimbatore, Goa, Gujarat, Hyderabad, Jaipur, Kerala, Kolkata, Mumbai, Pune, and Punjab.

HDFC's managing director Renu Sud Karnard said: "We know this is the best time for the diaspora to invest in India. There is increased demand for residential property in India and the unrivalled infrastructure in the expanding industrial towns is better than in some of India's major cities."

She added: "I would encourage everyone who is planning to buy a property in India to come and see the vast array of properties available right across India, and take advantage of the wealth of expertise on hand to help customers navigate through the process.

"One of the recurring questions at the Fair is whether it's easier to get a mortgage if you're actually in India. We can reassure people that the process will be far easier, and far faster, if it's started in the UK. HDFC has a base in London, and we can safely and securely facilitate the process right here."

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