Sunday July 15, 03:28 AM
Targeting the homing instinct
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By Varun Soni
Non-Resident Indian (NRI), Gurdeep Singh, who has been living in Canada for the last 11 years, recently bought a property in a fully integrated township being developed by a leading builder in Amritsar. Costing Rs 44 lakh, for Singh the primary reason for booking the property in his home state of Punjab was sentimental. "The lure to come home is always there and with the realty boom that is sweeping India at the moment, it was only prudent that NRIs like us invest in property in the country," he says. While NRIs form 10-20% of the total number of buyers of any particular project (mostly residential) across India, in states like Punjab, Kerala and Gujarat, the percentage is as high as 30-40%. Coupled with Hyderabad, these states account for the maximum number of NRIs and many builders in these areas are focusing on developing townships specifically for people of Indian origin living abroad. As per estimates, around $600 million came from NRI investors into India last year, a figure that is likely to increase rapidly every year. "Most of the NRIs are following a trend of returning to their homeland after retirement or sending their children to India for studies, with the result that they are always looking for a second home in India, preferably located in their hometown" says Kamal Taneja, MD, TDI. Which is why developers are coming up with township projects targeting NRIs in the states of Punjab, Haryana and Kerala. With the IT boom, there are IT professionals who want to settle in a place which will offer them IT opportunities. So places like Bangalore, Hyderabad, Ahmedabad, Pune, Indore, etc. too are becoming popular with them. Such township projects can also come up in areas that are witnessing a real estate boom and major developers are coming up with their projects in cities like Agra, Sonepat, Panipat and Moradabad. But why are builders specifically targeting NRIs? Is it advantageous to build townships that are catering to NRIs needs and requirements? Says Rajit Kakar, MD, Silver City Group, "Builders are specifically targeting NRIs mainly on account of two factors-money inflow from NRIs is much easier and payments are received on time." According to Suryavir Singh, official spokesperson, Sahara Infrastructure and Housing, some of the other reasons why builders are targeting NRIs are: * Many NRIs are getting professionally attached to India because of vibrancy in the economy and a chance to earn handsome returns. * The government is promoting NRI investors because it is a very good source to earn foreign exchange. * NRIs are emotionally routed to their motherland and their intense desire of owning a house 'back home' drives them to invest in real estate. Agrees Jackbastian Nazareth, Executive Director, Sobha Developers Ltd, "Most townships offer a lifestyle which is more in tune with the lifestyle the NRIs have been used to abroad and it is natural that they would prefer to have an extension of that kind of a lifestyle when they relocate to India. Further, they are not averse to investing in something which has a greater value eventually - even if it costs a bit more than the run of the mill apartments." Also, NRIs are allowed to make real estate investments in India without any cap on the quantity or the number of investments. Returns from real estate investments in India have consistently performed well and even out performed the other investment options and easy home loan availability from financial institutions in India, NRI remittances and repatriation procedures has emerged as the best of all the available prospects for NRIs looking forward to return to India. "To an NRI, a base in the homeland also brings with it a sense of security. The number of NRIs who are investing in property for sentimental reasons and for better investment returns is quickly multiplying. What has also made NRIs flock to India has been the initiative by builders and real estate dealers to ensure transparency about the projects on offer and fairness in dealings. NRIs consider their investments to be safe and rewarding when they park their money in real estate," says Rohit Malhotra, CEO, Realtech Group. The specifications of these projects too are customised to cater to NRI needs. So, there are premium air-conditioned apartments with wooden flooring in the bedrooms, Italian marble, modular kitchens etc. Some of the other salient features include: * Redefining elegant and healthy living with 82% open exquisitely green landscaped spaces and water bodies, with meticulous architectural planning. * Modern construction with straight-line designing. Earthquake resistant RCC construction conforming to Zone-V seismic compliance. * Surface and basement parking. * Rain water harvesting. * Environment friendly with all conceivable facilities like a state-of-the-art club with a swimming pool, tennis courts, gymnasium, jogging tracks, golf putting green, convenience stores, amphitheatre, children's play areas, indoor and outdoor games, banquet and community halls, party lawns and entertainment hub. * Other features that can find mention in townships targeting NRIs include club house, estate drive, party lawns, entry lake and fountain, meditation park, tennis court, table tennis room, card room, basketball court, badminton court, kids pool, steam room, hot water jacuzzi, steam and sauna. A package that is bound to floor the NRIs.
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