By: Ravi Sinha
Track2Realty Exclusive: When Prahlad Patel went on a property hunt in the city of Vadodara, the broker had a curious look at his face. Under the impression that Patel is one among the many NRIs looking to invest in the city property with the fall in the Indian currency he thought it is his duty to narrate how the property market is just ripe to enter for sizeable return.
However, the agent was taken aback when this UK-based NRI from Ahmedabad told him that he already has couple of properties in the city and he understands the local market much better. Prahlad Patel is not the only Gujarati NRI active in the property market in this part of the world. Rather he represents the pockets of affluence in the city where the expats interest in the property market here has been beyond the rupee depreciation.
While the NRI money has been much talked about and hyped about subject in the property markets across the country this year, for some of the cities of Gujarat, like Ahmedabad and Vadodara it has been old news. Much before the depreciation of the rupee generating interest among the NRIs with the lucrative options in the Indian property market, Gujarat has being witness to the NRI investment in general and particularly in the property market.
The expats from the state across the world find the market of Gujarat more stable than other speculative markets in the metro cities like Mumbai or Delhi.
Dhaval Ajmera, Director, Ajmera Realty & Infra who has seen the interest level of the NRIs in the city property agrees that NRIs consider Ahmedabad as a more stable market compared to other Indian cities. Over the decade, Ahmedabad has witnessed tremendous investment boost from the NRI market. Many developers hence are coming up with ultra luxurious projects to woo the NRI/ HNI segment.
“With the recent rupee fluctuation, Ahmedabad realty has fuelled a lot of interest and anticipation amongst the NRI’s to invest in this area. The scenario is a win-win situation and it is believed that the investment will fetch better returns, as the rupee is expected to appreciate in a couple of years’ time. Also specific locations like Vastrapur, old city of Shahibaug has seen a drastic transformation. The infrastructure has developed remarkably in these areas with supreme Commercial and residential properties making it a hotspot location for the NRI market,” says Ajmera.
The city of Ahmedabad and Vadodara is the home town to many expat Gujarati’s and with the recent wavering in the denomination of the rupee, they have additional interest in the property market. NRI Gujaratis with surplus wealth are yearning to buy good property in their hometowns. Analysts believe the rupee depreciation has made the homes cheaper for NRIs, compared to local buyers hence there is increase in the NRI transactions now.
…to be continued
