Declining Rupee : NRI investors eye real estate in Ludhiana
With the real-estate sector in Punjab continuing with its downslide, non-resident Indians (NRIs) are showing interest in investing in townships in and around Ludhiana. The number of NRI investments in townships in the district are at least 25% and had increased after the Indian Rupee started declining.punjab Updated: Dec 25, 2013 19:01 IST
With the real-estate sector in Punjab continuing with its downslide, non-resident Indians (NRIs) are showing interest in investing in townships in and around Ludhiana.
The number of NRI investments in townships in the district are at least 25% and had increased after the Indian Rupee started declining.
Ludhiana being the largest industrial city of the state has several residents who are settled abroad and are now buying properties in the city.
The state government had invited township-developers for investments after the Progressive Punjab Investors' Summit, which was held in SAS Nagar on December 9 and 10. “The increasing value of the US Dollar has made NRIs invest in real estate in Ludhiana. They are buying properties in townships and hope to gain from them,” said Himanshu Pant, the head of sales and marketing at Imperial Golf Township on Ferozepur Road.
Nearly 30% people who invest in townships are NRIs, especially from Australia and the US and UK. “There is a reason why NRIs are investing in our township. We have an 18-hole golf course,” said Pant, adding that living in a golf course was an international experience altogether.
On the other hand, Vipul Arcade, another township on Ferozepur Road that offers flats and plots, has many NRI investors. An official of the township claimed that a large number of NRIs were buying plots. “NRIs are more interested in constructing bungalows,” said the official.
Facilities like 24-hour power supply, clubs, gyms and market places, too, are another reason why NRIs prefer townships.
Rohit Puniani, director of GK Estate that has many projects in the city, said NRIs were now opening up and had started investing in Ludhiana.
“Complete solar lighting and other facilities at our estates are attracting NRIs,” said Puniani. At least 20% customers are NRIs at Puniani's estate. Parminder Singh, a Ludhiana-based realtor, said NRIs were not spending in buying houses in the city, but were buying properties in townships. “Declining value of ` has made NRIs invest in the city.” said Parminder Singh.