The Gujarat Institute of Housing and Estate Developers (GIHED) recently
concluded a 3-day property show at World Gujarati Conference (WGC) and
hoped that it would help keep the market afloat by raking in NRI
investment 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 (Non Resident Gujratis)
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
Ahmedabad-based Parshwanath Realty Pvt Ltd director Rushabh N Patel
said, "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.