When real estate in India is booming, NRIs (Non-resident
Indians) are investing in real estate in India due
to more relax rules adopted by the government. Five
star hotels and malls with huge corporate retail outlets
are already making their presence felt in the major
cities of India.
Investors are still coming in the real estate market.
Investing heavily in the under construction projects
is the trend. NRIs and local investors are game for
the movement. As a recent India Retail Review Report
by Knight Frank India points out, the success of large
malls has encouraged a number of developers to join
the retail bandwagon
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NEW DELHI, JULY 31, 2005
TIMES NEWS NETWORK
RAJA AWASTHI
After a long lull India’s again hot property
for NRIs literally speaking. It’s not just the
Gulfee, but even second generation Indians in the
UK, US and Germany who are now enthusiastically investing
in the land of their origin. It is estimated that
over 20% of all properties worth over Rs 1 crore are
bought or funded by NRIs. NRI investments doubled
in the last couple of years due to more relax rules
adopted by the government.
Says Rothas Goel CMD, Omaxe Group: “Many people
of Indian origin, even second generation NRIs are
buying vacation homes where their relatives live.
That gives them independence during their stay in
India. The NRIs are a different market very choosy.
The trend is pushing up demand for flats in Mumbai,
Gujarat, Delhi and Chandigarh.”
Developers too are striking while the iron’s
hot by participating in exhibitions across the world.
CREDAI’s India Property 2005 exhibition this
year saw larger participation with over 35 property
developers and three banks wooing London’s NRIs
at London and as many as 60 exhibitors and five banks
offering their services in Dubai. The UK and US is
proving to be a particularly exciting market with
an eager working class generating much of the demand.
Says Anuj Puri, MD, Chesterton Meghraj Property Consultants
Pvt Ltd: “Over 50% of the NRIs, both in Dubai
and London, seek housing loans, which are now available
on easy terms. They go for residential flats worth
Rs 25 lakh as well as commercial flats and bungalows
costing Rs 3 crore and above.”
