Ahmedabad Attracting NRI

When a London-based real estate marketing firm recently held India property road shows in the US and UK, they were zapped to find Ahmedabad rubbing shoulders with Goa and Mumbai when it came to attracting the highest number of non-resident Indian (NRI) queries.
At a time when the appetite for Indian realty is growing in the US and UK with NRIs now accounting for nearly 15-30 % sales as against 5-15 % three years ago, Ahmedabad is emerging as a hot spot, says Rajeev Goenka, chairman and CEO, Axiom Estates, which focuses only on marketing Indian realty to NRIs and has been conducting such shows for the past five years.
“Of the nearly 300 property developments from 20 Indian cities being showcased, just half a dozen Ahmedabad properties were on offer. Yet, they observed the maximum response,” explains Goenka, who is all charged up about opening a full-fledged Ahmedabad office to cater to the soaring NRI demand.
That’s possibly why nearly 80 city realtors are headed to the US next month as part of Gujarat Institute of Housing and Estate Developers (GIHED)’s first international property shows in New Jersey and Chicago. “After the US sub-prime crisis NRIs have become more bullish on India, where they see better future appreciation. And with realty still going cheap in Ahmedabad, it is now catching their fancy,” says GIHED vice-president Suresh Patel, explaining that mainly high-end properties like bungalows , luxury apartments and golfing realty would be pitched to NRIs.
Meanwhile Rajni Ajmera, president, Credai feels that NRIs are also sold on Ahmedabad because of the good quality of life and superior infrastructure it provides in terms of roads, power, healthcare and retail.

2 Comments

  1. Posted August 5, 2008 at 3:53 am | Permalink

    Country’s real estate sector might be witnessing ebbs but the downturn is only making things attractive for foreign investors. The slowdown, in fact, has set in more realistic valuations and growth-oriented investment opportunities for biggies to close in on lucrative deals. The US slowdown and the fact that China is tightening its FDI policy is also aiding a remarkable shift in investment. Experts reckon that cities like Mumbai, Bangalore and the NCR region are hot investment destinations owing to their strategic importance. But Industry experts do feel that most investors have been cashing in on the domestic market over the last six months. Shobhit Agarwal, MD, Capital Markets of global real estate consultancy Jones Lang LaSalle Meghraj (JLLM) feels that most foreign finance institutions and funds sponsored by Wall Street banks are eyeing the Indian market at this time. Besides the slowdown, the US recession has made money move out into more suitable markets like India, while property valuations are amenable for investment at reasonable entry costs. In fact, government figures on the sectors attracting the highest FDI equity inflows further validate this claim. Till now, most of these investors were standing in the fence. Naturally so, as the earlier valuations were very high in terms of viability of projects…however, now they are much more feasible. There are some who view the slump in real estate as a necessary correction. Kanwar Deep Singh, Chairman, Alchemist Group sums up the trend: “All private equity firms that have invested in India in the last five years have made money at the rate of 30% per annum.For more view- realtydigest.blogspot.com

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    Posted February 16, 2009 at 6:30 am | Permalink

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