Indian Real Estate Forum - www.indianrealestateforum.com - View Single Post - NRI's : Is Nostalgia driving the markets ?

Pinnacle · 06-11-06

What are the possible reasons that the NRI's here are looking to invest ?
Capital Appreciation ?
A Back up home ?
An Asset to fall back on ?
Read on....

CASHING IN ON NOSTALGIA
S. Satyanarayanan
The Tribune

As the country’s economy booms and continues to maintain a steady 8 per cent GDP growth, non-resident Indians (NRIs) are looking towards India for investments. A home in the land of their birth or parents is always the first option for them.

Many real estate developers have come out with plans to meet this specific aspiration of the NRIs, who want to experience the living standards of Europe and US, yet feel the warmth and hospitality of their motherland.

The builders are focusing on Punjab and Haryana in North for setting up such projects as a large number of NRIs in this part of the country belong to these two states. Geographically, too, they are closer to the national Capital.

In Punjab, there is immense potential and a huge percentage of property is bought by the NRIs, who want to have a good and secure property after earning money in Europe or Gulf, says L N Goel, chairperson of Suncity Projects.

Suncity Projects, a leading real estate developer, in association with Santur Projects Private Limited is launching their luxury housing project in Panchkula with an investment of Rs 600 crore.

“Located in Sector 20, the housing project has been conceptualised to offer a global lifestyle environment,” Goel says.

Spread over 25 acres of lush greens, the project will offer flats and penthouses in varying sizes, ranging from 1,850 sq feet in non-AC and 2150 to 6,300 sq feet in AC options. It will also have an exclusive club, sports complexes, mini-gym, primary school etc., he says.

Goel feels that the response to this project from the NRIs is bound to be good as it is located just 6 km from the airport and 8 km from the railway station, 3 km from Panchkula IT Park and 9 km from Chandigarh IT Park.

“As the IT industry is shifting its focus to Punjab, top executives of MNCs want to set up their own base and hence a huge demand for high-end luxury apartments,” he said.

On the other hand, real estate developers like Parasvanath Developers Limited, are also trying to cash in on the sentiments of NRIs from the region.

“Every Punjabi NRI is keen to own flat or apartments in the state, so we are conceptualising properties which suit their requirements as well as have international standards,” P K Jain, adviser to Parasvanath Developers Limited said.

06-11-06	#1
Pinnacle Member Join Date: Nov 2006 Location: Mumbai, India Posts: 260 My Mood: Thanks: 0 Thanked 3 Times in 3 Posts	NRI's : Is Nostalgia driving the markets ? What are the possible reasons that the NRI's here are looking to invest ? Capital Appreciation ? A Back up home ? An Asset to fall back on ? Read on.... CASHING IN ON NOSTALGIA S. Satyanarayanan The Tribune As the country’s economy booms and continues to maintain a steady 8 per cent GDP growth, non-resident Indians (NRIs) are looking towards India for investments. A home in the land of their birth or parents is always the first option for them. Many real estate developers have come out with plans to meet this specific aspiration of the NRIs, who want to experience the living standards of Europe and US, yet feel the warmth and hospitality of their motherland. The builders are focusing on Punjab and Haryana in North for setting up such projects as a large number of NRIs in this part of the country belong to these two states. Geographically, too, they are closer to the national Capital. In Punjab, there is immense potential and a huge percentage of property is bought by the NRIs, who want to have a good and secure property after earning money in Europe or Gulf, says L N Goel, chairperson of Suncity Projects. Suncity Projects, a leading real estate developer, in association with Santur Projects Private Limited is launching their luxury housing project in Panchkula with an investment of Rs 600 crore. “Located in Sector 20, the housing project has been conceptualised to offer a global lifestyle environment,” Goel says. Spread over 25 acres of lush greens, the project will offer flats and penthouses in varying sizes, ranging from 1,850 sq feet in non-AC and 2150 to 6,300 sq feet in AC options. It will also have an exclusive club, sports complexes, mini-gym, primary school etc., he says. Goel feels that the response to this project from the NRIs is bound to be good as it is located just 6 km from the airport and 8 km from the railway station, 3 km from Panchkula IT Park and 9 km from Chandigarh IT Park. “As the IT industry is shifting its focus to Punjab, top executives of MNCs want to set up their own base and hence a huge demand for high-end luxury apartments,” he said. On the other hand, real estate developers like Parasvanath Developers Limited, are also trying to cash in on the sentiments of NRIs from the region. “Every Punjabi NRI is keen to own flat or apartments in the state, so we are conceptualising properties which suit their requirements as well as have international standards,” P K Jain, adviser to Parasvanath Developers Limited said.