Indian Real Estate: Nris Fuel the Realty Boom

By: Propertiesmls

What is the first thing non-resident Gujaratis (NRG), whether UK or USA-based non-resident doing when they set foot in Gujarat? Like Prakash Patel, who after he setting foot in Bardoli, barely a fortnight ago, invested Rs. 35-lakhs in a Radha Baug plot of land.

Ditto goes for New Jersey, USA-based Bhagubhai Patel, who couldn't resist the temptation of picking up a residential plot at Bardoli's Sona Park, during a recent visit.

This unprecedented interest shown by NRGs in realty back home, has many a real estate developer, even in dusty Saurashtra towns of Rajkot and Jamnagar, not just designing exclusive schemes, but also setting up overseas marketing offices to woo the deep-pocketed Diaspora.

'Given the large number of queries we have been receiving from NRGs, we decided to launch exclusive housing schemes in upmarket areas,' explains Kishore Kotecha of Rajkot-based DK Group, who has conceptualised 'NRGs Only' schemes in Jamnagar and Rajkot.

While Kotecha, who has marketing offices in Middlesex and Leicester, claims the Rajkot scheme is already 'house full', the Jamnagar one is 50% booked up.
Atul Sheth of Sheth Builders, Rajkot explains the sudden NRG interest, not just in residential, but commercial property as well, as such: 'While, investment in realty overseas provides barely around 5% returns, Indian realty returns touch the 25-30% mark. And, if the location of the property is good, the investment can even double within two years.'

Mega-city Ahmedabad too, is seeing its share of action with NRGs investments ranging anywhere from 10 to 20% in residential schemes.

'Their first preference is luxury apartments followed by land and shopping complexes,' explains Rajesh Brahmbhatt of Safal group, adding, 'NRGs stay away from bungalows as they are difficult to maintain.' Harshad Patel of Dhara Group with 10% of its client list made up of NRGs says: 'Having their own property also gives them a home away from home for the two months they visit Gujarat every year. NRG queries and bookings have almost doubled in the past couple of years.'

Recently, UK-based Jagdish Patel purchased a 3,000-sq. ft. plot in Vadodara's Race Course area, not just because, he wanted to set up a base in his hometown, but also because the ongoing boom had him excited about the possible appreciation.

Whatever, the reasons for NRG investments in Gujarat real estate, the fact is that Indian real estate has come of age. It is the new gold standard for Indians dotted all over the globe. As India's economy boom, boomerangs, it is not just the West that has woken up to the potential of Indian real estate, it is also India's scattered Diaspora. The world and they are beginning to realise, while the 19th-century was the British century, the 20th an American century, the 21st-century is India's century, and once again all things Indian, as well as, being Indian is in fabulous ishtyle. And, that includes owning a second home in India.

As the West flocks to India, whether for off-shoring / outsourcing or for business purposes, the world spread of Indians is shedding their colonial hangover and reverence for all things western. The colour of money i.e. the booming Indian economy has ensured they have overcome their distaste for all things Indian and the colonial stigma attached to being a brownie from India.

It is the Discovery of India by of all things, (Non-Resident) Indians, themselves! Welcome back to the homeland! This is the only land; even a NRI can call home, while many westerners once again, including Israelis, like the Brits during the British Raj, once here, do not want to go back to their home countries! This is the magic that only India can weave, both on Indian or non-Indian alike! This ancient and fabled land has everyone in its thrall!

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Source:

India Properties
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