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Real Estate becomes NRI cake

WATCH OUT! The city is in for a real-time boom in the real estate as flocks of Non Resident Indians (NRIs) are here to invest in various apartment house projects.

india Updated: Aug 19, 2006 00:14 IST

WATCH OUT! The city is in for a real-time boom in the real estate as flocks of Non Resident Indians (NRIs) are here to invest in various apartment house projects.

For them Rs 30 lakh doesn’t matter for them, but the common man it does. So, their easy buy is give real estate a good boom.

But, what are they looking for? The NRIs prefer Singapore-Dubai level luxury in apartments and that’s is what is shaping builders’ design and shooting up the costs. Consider this advertisement flashed on the mobile phones across the city by a prominent city-based builder—“Book a flat in Gomti Nagar with free modular kitchen, four air conditoners and fiber reinforced swimming pool in just Rs 2.75 lakhs— pay rest in easy installments”. 

The apartment house projects in the city are no longer being built with just the Indian High Networth Investors (HNIs) in mind. The builders have found a preference for “self-contained apartments projects” among the NRIs which means providing world-class amenities they consider as given in apartments built abroad.

The other projects such as the Sahara City Homes and the Ansal API’s Hi-tech City being planned for the city promise world-class infrastructure in self-contained townships having malls, clubs and recreational centres found only in the developed world.

“If you focus on quality of construction NRIs automatically come into the picture. However, as far as we are concerned, there is an uncompromising emphasis on quality of construction which can permeate into even the most modest of our housing projects”, Onkar Nath Singh, Vice President (PR), Omaxe Ltd told HT Lucknow Live.

“The NRIs investing in a property in the city would like to relate to an environment which is similar to what they had experienced abroad beginning with the quality of construction and ending with the security aspect which they expect to be of  global standards”, Sudhir Halwasiya,  a prominent city-based builder and General Secretary of the Uttar Pradesh Real Estate Developers Council told HT Lucknow Live.

He said that quite a few NRIs have been booking flats in Lucknow with the ultimate intention of settling down in India. “They (NRIs) are no longer merely investors in the real estate market. In fact, a number of them have plans to be end-users on the property they are buying in the city”, he said.

On the price front, Halwasiya said that the apartments coming up on the outskirts of the city are costing on an average between Rs 12 to 15 lakhs while  prices are getting almost doubled for apartments coming up in prime locations within the city. “It’s obvious for the price of flats to double in localities which are centrally located”, he added.