Ahmedabad Attracts Significant NRI Real Estate Investment
A London-based real estate marketing firm recently conducted roadshows in the US and UK, showcasing Indian properties. Surprisingly, Ahmedabad emerged as a top contender alongside established markets like Goa and Mumbai, garnering substantial interest from Non-Resident Indians (NRIs).
Growing NRI Interest in Indian Real Estate
The appetite for Indian real estate is burgeoning among NRIs in the US and UK. NRI investments now constitute approximately 15-30% of sales, a significant jump from 5-15% just three years prior. Ahmedabad has become a hotspot, according to Rajeev Goenka, chairman and CEO of Axiom Estates. Axiom Estates, which specializes in marketing Indian properties to NRIs, has been organizing such shows for the past five years.
Ahmedabad Properties Draw Maximum Response
"Of the nearly 300 property developments from 20 Indian cities being showcased, just half a dozen Ahmedabad properties were on offer. Yet, they observed the maximum response,” explains Mr. Goenka. Encouraged by the surging NRI demand, he is enthusiastic about establishing a dedicated office in Ahmedabad.
Ahmedabad Realtors to Participate in US Property Shows
Around 80 realtors from Ahmedabad are slated to participate in the Gujarat Institute of Housing and Estate Developers (GIHED)’s first international property shows in New Jersey and Chicago next month. "After the US sub-prime crisis NRIs have become more bullish on India, where they see better future appreciation. And with realty still going cheap in Ahmedabad, it is now catching their fancy,” says GIHED vice-president Suresh Patel. He elaborated that the focus will be on showcasing high-end properties like bungalows, luxury apartments, and golfing realty to the NRI audience.
Ahmedabad's Quality of Life and Infrastructure Attract NRIs
Rajni Ajmera, president of Credai, believes Ahmedabad's appeal to NRIs extends beyond just affordability. The city's high quality of life and superior infrastructure, including well-developed roads, reliable power supply, advanced healthcare facilities, and extensive retail options, further enhance its attractiveness. These factors combine to make Ahmedabad a compelling investment destination for NRIs seeking both value and a desirable lifestyle.