TIMES NEWS NETWORK[ SUNDAY, JULY 31, 2005 01:07:11 AM]
NEW DELHI: 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.”
After a successful offtake last year of properties in the Rs 1.5 crore-plus
bracket, several developers in Mumbai, Pune, Delhi, Gujarat and Kerala
have taken it as an encouraging sign to plan pricier projects. Besides,
this is a good time for investment in such projects as there has been a
10-15% price rise mainly due to higher construction costs with steel and
cement prices higher.
The changing market dynamics are also driving developers to take their
inspiration from the skylines of the highrise condominiums in advanced
economies and offer the NRIs matching quality. There’s also quite a mad
scramble to come up with plush villas and housing complexes, all aimed
at the overseas clientele.
“Availability of loans at attractively lower rates, abundant choices in
different parts of the country, and revised government policies are
luring more and more overseas Indians. The surge in demand follows
changes in investment laws that allow NRIs to freely move their
investments in and out of the country,” says Shravan Gupta, MD, MGF
Developments Ltd.
Top People
become really quite remarkable when they start thinking that they can do things.
When they believe in themselves they have the first secret of success.
Our Brokerage: Rent: Equivalent to one month's rent : Sale: Equal to 2% of
the deal value. Service tax extra (10.2%) Short term let: 15% of the gross.
TDS on brokerage - 5.61% TDS on rent - 16.83%
Lease, sale, franchise, collaborations etc. Residential, Office, Industry,
Retail, School etc. Delhi, Gurgaon, Noida, Faridabad, Ghaziabad.
Email:
swagatamwebsite@gmail.comDisclaimer
