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With real estate being investment-driven business, NRIs are definitely scaling up the expectations of Gujarat realty.
Ahmedabad and Vadodara figure in the list of preferred cities for the NRIs of the state who are looking to buy residential properties. Many NRIs have put in a lot of money in all asset classes like residential as well as plotted and commercial real estate with a sole purpose of investment returns. Buying a property in one’s home country always has its own advantages.
On occasions like wedding, anniversary or a misfortune, they may want to visit their homeland to keep the Indian connection alive.
Another thing that dominates Non-Resident Indian’s (NRI) mind is that they might want to return to their home town after some years, and the very next thought after that is the purchase of a property here.
Thus, NRI investments in all the realty sectors are growing fast in Gujarat.
“For an NRI, Indian property was at least 30 percent cheaper last year because of a combination of low prices and appreciating dollar against the rupee. It wasn’t just NRGs who invested in the state last year (like it has been traditionally),” says Pawan Shah, a leading builder in the state.
Gujarat is quickly moving towards becoming a knowledge hub, as IT, biotech, government and NRIs combine to push Gujarat into the limelight. As a result, Gujarat along with its growing realty sector has become a hotspot for NRI investment.
Besides, the state is well connected with both, Mumbai and Delhi by air, rail and road. With its cosmopolitan feel and amalgamation of cultures, Gujarat appears to be an ideal city for NRIs to settle here. “Gujarat is one place I would like to settle in, if I decide to come to India. It’s because, here, one can find ample opportunities for employment, good education for children, suitable climatic conditions and of course, the presence of family members nearby,” avers Devang Patel, an engineer working in New Jersey. Real estate developers of Gujarat agree that they are witnessing a surge in the number of NRI inquiries on projects this year as compared to last year.
To sum up, a large number of NRI investors are looking at options in Gujarat both, for personal use as well as for investment purposes. Good schemes and offers await them, this season. If investing in metropolitan cities was the success formula a decade ago, satellite towns and tier-2 and tier-3 cities of Gujarat are now leading the scene.
Dipika Rathi, Times Property, The Times of India, Ahmedabad