Wealthy Indians targeted by international property agents

International property agents are wooing the increasing number of Indian millionaires who they believe are interested in investing in the world of property.

They believe that India, which has the fastest growing number of dollar millionaires in the world, is the place to go to and there may be as much as $50 billion out there waiting to be invested.

Certainly official figures indicate that there has been a jump in overseas RBI figures which show that during just two months in April and May this year Indians invested over $15 million in the global property market.

Many international property consultants such as Jones Lang LaSalle Meghraj and Knight Frank are planning to organise property shows for affluent Indians while some UK agents like Berkley Homes are flying in senior executives to make direct contact with possible buyers in India to promote prime London addresses like Knightsbridge and Kensington.

'The Indians wants to spread their investment risk across the globe. Europe, Dubai, Singapore and the US are emerging as their favourite destinations to invest in homes. The home market in London is passing through a strong recession period and properties are now available at a low, attractive price,' said Prany Vakil, Knight Frank India chairman.

Also many upper middle class Indian families who send their children to the UK or US for further education feel that owing a property can work out cheaper than a rented one.

'Over 200 enquiries have come in, in the last few months. Many among them are potential buyers,' a Mumbai-based consultant said.

Consultants Jones Lang LaSalle Meharaj reckons that by 2025 nearly 600 million Indians will have sufficient financial means to invest in 20,000 to 30,000 homes worth as much as $15 billion.