NRIs to keep their business
going during the global slowdown
NRIs hold hope for real estate
11 Mar 2009, Anand Bodh,
MOHALI: TNN
Realtors in Mohali district have seen a ray of hope among NRIs to
keep their business going during the global slowdown
While the local buyers are hesitating from buying houses coming
up in large number in the district, it is the interest of NRIs from
Canada, US, England and middle-east countries that has given a new
lease of life to real estate sector.
With thousands of NRIs inquiring about the availability
of houses, flats and villas, real estate sector has all of a sudden
got fresh lease of life that otherwise was witnessing a low business
for the last four-five months. A visit to Zirakpur and surrounding
areas revealed that number of inquiries from NRIs for housing properties
in Mohali have gone beyond 3,000 during last few months.
Such is the response that one of the real estate
development Royal Estate has already decided to come up with a NRI
tower in Zirakpur due to rising demand for houses from NRIs.
Krishan Goyal, managing director, Royal Estate Zirakpur,
said during last two months he had received over 500 inquiries from
NRIs and had already sold 4-5 flats to them. ??We have now decided
to come up with NRI tower at Royal Estate as demand is great,??
he added.
Satish Jindal, managing director, Maya Garden Zirakpur,
too is smiling with the expectation of good business ahead as after
receiving over 600 inquiries for houses during last two months,
he has sold 6-7 flats to them. Response from NRIs is amazing and
it shows that good days for real estate sector are lying ahead,
he added.
Many of the builders attribute the sudden interest
among NRIs for houses in Zirakpur and surrounding areas to the fact
that from June onwards international flights are scheduled to take
off from upcoming international airport.
Interestingly, while Indians residing abroad are
showing great interest in buying property in Mohali district, domestic
buyers are not coming forward to buy while inquiries in hundreds
are being received. Realtors are expecting market to improve on
local front also.
Subash Chand, partner, Swastic Vihar Zirakpur, said
that while there was good response from the NRIs, local buyers are
waiting for the property prices to be slashed further. They expect
good business from April 1 onwards, as service tax would be completely
withdrawn and interest rates are expected to be lowered further.
Vijay Arora, president, Peermuchalla Builders Association,
said that around 100 inquiries are coming on a single day while
sales are not picking up. All expectations are resting on new financial
year. With NRIs buying property it seems that market would improve
further he added.
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