NRI Real Estate and Property Investment in India
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NRIs- Major Contributors of the Real Estate Boom in India
Monday, January 21, 2008

The boom in real estate sector in India in the 21st century is expanding its wings even in remote towns. Leave aside metro cities, smaller towns have attracted construction activity from big developers. Shopping malls, skyscrapers and new infrastructures are shaping new India.

The whopping growth in the Real Estate Sector is directly connected to the return of the prodigal NRIs (flush with funds), foreign direct investments, multinationals entering every nook and corner of the country to set up base. Be it New Delhi, Noida, Mumbai, Hyderabad, Bangalore, Goa, Pune or even towns like Cochin, Udaipur, Jaipur the dynamites are paving new ways. Real estate industry is undergoing massive changes.

Things have really changed for the good in the sector, on one hand the disorganised industry has become professional and corporate and on the other hand biggies like Tatas, Wadias and Godrej have created new benchmarks for property deals all over India. The government, too, has taken steps, to change and modify policies to suit home buyers and developers. Some Indian developers like the Hiranandani Group have bagged prestigious projects overseas. This positive trend will help other Indian builders to seek genuine buyers and overseas projects.

While all construction activity in the country is on par with international standards, what is new in the industry? Some developers are providing lifestyle homes, constructing impressive shopping malls and commercial properties for new offices. They are becoming environmentally conscious too. The need for breathing space in metros is being enhanced by projects that bring residents close to nature. Some of the biggest developers like New Delhi based DLF group, Ansal, Omaxe and Vatika are emerging as trend setters with good properties.

Property prices have gone up and are stable. In Goa and Pune farmhouses and resorts have taken up space. People are buying second homes, farmhouses and getaways to escape the city life. Even low cost housing has sprung up in many places around the cities. SRA projects have given hope to many homeless people and those living in slums to have a roof over their heads.

The façade is changing faster, so are the lobbies and apartments and offices-They all have a modern look. The foreign returned architects, engineers and designers are creating new age buildings. Guess, it is time for the gargoyles and pillars of the British Raj colonies to disappear in the India property market. But will the sustainable development be possible without ruining the natural environment? The developers are cashing on the property boom. But they will have to take up the responsibility of taking care of not destroying the usual surroundings.

 

 

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