With Gujarat’s realty market showing signs of a slowdown, the Gujarat Institute of Housing and Estate Developers (GIHED) has its fingers crossed that the just concluded 3-day property show at World Gujarati Conference (WGC) will help keep the market afloat by raking in NRI business of around Rs 1,000 crore by March 2009.
The 50-odd Gujarat-based realtors , who displayed nearly 150 projects , are hoping that after having a peek at properties on offer , NRGs winging their way during winter break will buy into Gujarat realty .
While high-end apartments and bungalows were sought after and realtors claimed to have booked 15-20 units, GIHED vice-president Suresh Patel said the basic objective was not just to sell realty but promote Gujarat an investment destination . “Properties are not bought on impulse. It’s just a way to connect with NRGs , who usually get friends and relatives to check out property before they fly down ,” explained Ahmedabad-based Sangath group ‘s Nephal Shah, who claims to have distributed nearly 5,000 brochures .
Added Ahmedabad-based Parshwanath Realty Pvt Ltd director Rushabh N Patel, “There are many NRGs who haven ‘t been to Gujarat in years and are not aware of the rapid development .”
And despite a huge crash in property prices due to the sub-prime crisis and the fact that visitors found property prices at the show ‘inflated’, many showed keenness in buying property in Gujarat thanks to prospects of higher appreciation.
“I am sure prices are negotiable,” said conference participant Sanat Desai hopefully , even as Princeton (NJ) based architect Ramesh Patel was excited about the ‘phenomenal’ appreciation . “If I buy a house worth $ 1 million here, I will get twice the returns in 10 years, while in Gujarat I can expect it to appreciate 10 times,” he said. “Investment is the basic objective. We have a house here and don’t plan to move to India permanently even later,” said businessman Dhiraj Shah.
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2 Comments
Marwari business community from across the globe is investing heavily in their hometown. Marwaris may run their business anywhere in the world but they don’t leave their roots. They prefer to have a base in their home town. This has created a big demand for prime properties in the city which is expanding horizontally on all sides. Apart from that, a large expatriate population working with the armed forces, railways and corporates form the biggest customer base. The simplicity and easy-life of the city never let them off post-retirement. Driven by the local residents’ wish to live outside the congested walled city, the periphery of Jodhpur is witnessing a real estate boom. Even old residents of the main city prefer a house on the outskirts for open space and better infrastructure in terms of water, road, electricity and parking facility. In fact, retail and commercial rates are riding on corporate demand for retail and office space within city limits and the outskirts too. Changing consumption patterns, shopping centres, cineplexes and malls are replacing the old structures which were once the identity of this heritage city.For more view- realtydigest.blogspot.com
Out of your mind!!!!
It’s really foolish to even think that some small bunglow is worth 1 million $. In USA the average income per person is around 40000$ while in india it is still at 700$. The only thing supporting this realestate bubble is the unavailability of infrastructure. Once you will see good infrastructure in place, you can see all the prices falling like nine pins.
In a way, if you really want to buy a house at 1 million $, please buy my house, I will happily sell it to you at 800000$ and buy a mention in Texas with 4 times as much land.