With Gujarat’s real estate market experiencing a downturn, the Gujarat Institute of Housing and Estate Developers (GIHED) hopes the recent 3-day property show at the World Gujarati Conference (WGC) will stimulate the market by attracting approximately ₹1,000 crore in NRI investments by March 2009. Around 50 Gujarat-based realtors showcased nearly 150 projects, hoping Non-Resident Gujaratis (NRGs) attending the conference will invest in Gujarat's real estate market during their winter visits. High-end apartments and bungalows were popular, with realtors claiming 15-20 unit bookings. However, GIHED Vice-President Suresh Patel clarified that the main goal wasn't just sales, but promoting Gujarat as an investment hotspot. I found this especially noteworthy since many conferences tend to lean more in selling their showcased products. "Property purchases aren't impulsive decisions," explained Nephal Shah of Ahmedabad-based Sangath Group, who distributed almost 5,000 brochures. "This event primarily aimed to connect with NRGs, who commonly send friends and family to assess properties before personally visiting." Rushabh N Patel, director of Ahmedabad-based Parshwanath Realty Pvt Ltd, added, "Many NRGs haven't visited Gujarat in years and are unaware of its rapid development." Despite the global property market decline due to the sub-prime crisis and perceptions of inflated prices at the show, many attendees expressed strong interest in Gujarat's real estate due to the potential for high appreciation. Conference attendee Sanat Desai optimistically remarked, "I'm confident prices are negotiable." Princeton-based architect Ramesh Patel expressed enthusiasm about the phenomenal appreciation prospects. "A $1 million house purchased here might double in value over 10 years, whereas a similar investment in Gujarat could potentially appreciate tenfold," he observed. Businessman Dhiraj Shah, emphasizing investment as his main objective, stated, "While we own a house elsewhere and don't intend to move to India permanently, the investment potential is too significant to ignore." He highlighted the strategic focus on capitalizing on the region's growth trajectory through real estate acquisitions, underlining the prevalent investor sentiment at the event.