Residential housing is the most-sought-after investment by rich Indians, with 40 percent of them likely to invest in housing in India over the next two years, a survey showed.
Nearly 25 percent are expected to buy residential property outside India, a report by property consultant Knight Frank India released on Wednesday said.
The UHNWIs (ultra-high networth individuals) in India prefer countries like Singapore, U.K., UAE, U.S. and Hong Kong for owning a home. However, the global wealthy give more preference to European countries.Knight Frank India Report
UHNWIs include individuals with $30 million or more in net assets, according to data provided by New World Wealth for the Knight Frank Wealth Report.
India ranks sixth in terms of growth rate of UHNWIs for 2016. With the current pace, the country is expected to move up to the third spot over the next decade, according to the report.
Among the Indian cities that saw a rise in the number of UHNWIs are Pune (18 percent), Hyderabad and Bangalore (15 percent each) and Mumbai (12 percent).
Bengaluru is among the top seven hotspots around the world that present exciting opportunities for private property investors in 2017 and beyond.Knight Frank India Report
Also Read: 6,000 Indian Millionaires Shifted Overseas In 2016
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