New Delhi, Aug 30, 2004
IANS
Vidhya Bhaskar was miserable when her software programmer husband declared
they would be giving up their plush lodgings in Silicon Valley in California
and returning to India.
"The moment my husband declared that we would move to India after
having lived in the US for nine years, the first thing that hit me was
we would have to leave our luxury house in Silicon Valley," reminisces
Bhaskar, 34.
In the end, there were no regrets as the Bhaskars joined a growing
breed of hi-tech professionals who have returned home to India in recent
times, drawn by a booming economy and assurance of a lifestyle that
people take for granted in the West.
"I thought probably we would have to live in one of those hole-in-the-wall
kind of flats in a crummy apartment complex that I had seen during our
last visit couple of years' back. They just didn't interest me,"
Bhaskar told reporters.
Today, she finds little reason to complain about leaving the US after
buying a house in an apartment complex in Gurgaon, on the outskirts
of New Delhi, which has a golf course, a swimming pool and a shopping
centre.
"When I first saw this place I couldn't believe this was India.
It's no less than the one we were staying in the States," said
Bhaskar, as she kept an eye on her seven-year-old son wandering around
the lush green lawn.
Bhaskar's complex, which draws inspiration from the skylines of high-rise
condominiums in advanced economies, is just one of a slew of self-contained
enclaves that dot cities and suburbs like Mumbai, Bangalore, Noida and
Gurgaon.
They're indicative of a major push India's real estate sector has launched
to woo overseas Indians. And as investment in the Indian real estate
market fast catches the imagination of non-resident Indians (NRIs),
it has triggered a mad scramble among builders to come up with plush
villas and housing complexes especially for overseas clientele.
Industry analysts say availability of loans at attractively lower rates,
abundant choices in different parts of the country and revised government
policies are luring more and more overseas Indians.
"The time was never so right for NRIs to invest in real estate
in India," said Kunal Banerjee, senior vice president of Omaxe
Construction Ltd., one of India's leading residential and commercial
builders.
"Many NRIs are coming back to India because of the vibrancy in
the economy. For them, buying real estate here is not just an investment
option but also a matter of emotion," Banerjee said.
"But once they are back in India, they certainly don't want to
compromise on their living standards. They want to live in the same
environment they were used to in the West
This has triggered a boom in the construction industry. We are just
seeing the early days of demand for quality houses by overseas Indians."
Omaxe Construction is setting up an exclusive NRI City at Noida near
Delhi. The company has also launched a Rs.1.1-billion ($24.22 million)
project for high net worth Indians, both resident and non-resident.
Named "The Forest" and adjoining a 325-acre green belt, the
project is already under development.
Omaxe is setting up 105 ultra luxury apartments costing between Rs.15
million and Rs.24 million, complete with features such as a personal
health club for each apartment, hi-tech security and glitzy façades
in glass and metal.
The Forest" will also have amenities such as a conference room
with broadband connectivity, a multi-cuisine restaurant, swimming pool,
gymnasium, snooker, pool and squash rooms, a tennis court and children's
play area.
The Royal Indian Raj International Corporation (RIRIC), a consortium
of overseas Indians, is building a "Royal Garden City" in
Bangalore. It is being projected as Asia's largest single completely
web-enabled housing enclave.
The project comprises 35,000 residential units, a central business
district, industrial units, entertainment centres, parks, restaurants,
shopping, educational facilities and civic amenities.
"We are witnessing a growing interest in housing from the NRI community,"
said Anurag Munshi, head of research for real estate consultancy major
Jones Lang LaSalle.
"The surge in demand follows changes in investment laws that allow
NRIs to freely move their investments in and out of the country,"
Munshi said.
To put it another way, this is yet another spin-off from the liberalisation
process in the economy that was set in motion over a decade ago.