NRI Real Estate and Property Investment in India
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Real estate in India: role of eastern developers intensifying
Saturday, November 17, 2007

The Indian economy is taking pleasure in an exhilarating boom, nudging 10 per cent annually, and the demand for houses among its expanding young middle classes on higher incomes, courtesy to IT outsourcing and BPOs, has finally caught the eye of global developers.

Emaar Properties, the developers in charge for the impressive makeover of Dubai, are targeting India's transformed property market through its affiliation with India's MGF Developments. Emaar-MGF's Managing Director, Shravan Gupta said, "We plan on building 100,000 homes here over the next five years, making us India's largest developer,".

According to Paul Rogers, of Emaar's British subsidiary, Hamptons International, non-resident Indians are fervently opting for Emaar-MGF's developments. "This is a massive market in the UK,". According to him, there are 1.3 million NRIs here and they are buying 'back home' with the intention of use for holiday. Many have family there or are buying for investment. The economy is thriving, and it's easy to see why it is a strong investment."

Investors are chasing the "next city to boom" as property values across India soar by up to 100 per cent in hotspots such as Hyderabad and Gurgaon. With majority of the population under the age of 35, augmented exposure to western culture is producing a new Indian middle class not wanting to reside with their extended families. In Gurgaon, Emaar is building the 18-storey towers of Palm Drive on a 37-acre site.



 

 

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