NRI Real Estate and Property Investment in India
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Nano driving NRI investors to Gujarat
Wednesday, Oct 8, 2008

Real-estate developers and land brokers expect the Nano project to give a boost to the real estate sector in Gujarat which has witnessed a slowdown in the past year. Sources in the industry said that land-sharks have started inquiring about the land prices in nearby areas where the Nano project plant is proposed to come up in a year's time. The announcement that Tatas will now manufacture their Rs one-lakh car in Gujarat has triggered a chain reaction. The former president of Gujarat Institute of Housing and Estate Developers (GIHED) Jaxay Shah said that they have received number of call from NRI investors who want to invest in Gujarat. Most of them want to invest in properties.

"Over the last couple of years the industry has been facing a slump, but arrival of Nano project in Ahmedabad has set the ball rolling for real-estate industry again," he said. According to Shah, major players in the real-estate industry including, Rahejas, DLF, Reliance, Sahara and Parshwanath, have already positioned themselves in Ahmedabad, and yesterday's announcement of the agreement between Tatas and Gujarat government is just like icing on the cake. "Tata being an Indian multinational with unblemished track record, its arrival in Gujarat will give a big boost to the auto industry in the state, which is also positive sign for the real estate industry," Shah added.

 

 

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