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.
Recently an acquaintance – a fund manager by profession – relocated to India to set-up a domestic PE fund here. He had invested in a Mumbai residential property strategically located close to the primary business district and an international school for his kid.
Though a depreciating rupee has its fall out on all other economic activity, it is rather helping the Indian property market.
About 49 per cent of non-resident Indians, or NRIs, are looking to buy property in India purely for investment purposes, according to a study.
Real estate developers have called upon potential buyers in Doha to take advantage of recessionary trends in the global economy and make investments in the real estate sector of growing economies like India.
An increasing number of Indian nationals working in Singapore are investing in properties in India and other countries, like Malaysia, London, Australia, Thailand and Singapore, according to a local media report.
Developer of a golf-themed integrated township is luring Muscat-based Non-Resident Indians (NRIs) for selling its villas and ultra-luxury plug-and-play plots in Coimbatore.
The Maharashtra Chamber of Housing Industry’s (MCHI) 14th India Realty Expo 2010 has expressed satisfaction over the non resident Indians (NRIs) keen interest. The MCHI said in a statement that many NRI couples were looking up and evaluating options and the Participating developers and banks have reported receiving “solid enquiries” and many expect deals to be closed.
A study by Assocham last year on the real estate scene in India indicated that the large Malayali and Punjabi NRIs are buying the houses of their liking. The study was based on the fact that Malyalis and Punjabis have migrated in hordes over the years. Some of them are also buying commercial space, it claimed.
Naturally, the IT industry is not comfortable with seeing the STPI scheme go. It was slated for expiry in 2009, but the industry managed to wangle two extensions for it. The Government has provided an alternative in the form of Special Economic Zones.