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Old 06-27-2008, 09:43 PM
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Talking Catering to the NRI palate

The impact of incentives combined with the existing bouquet of sops for investors like tax benefits, affordable home loans, a flourishing economy and an ever-increasing array of projects to choose from, is already being felt with a growing number of NRI investors making a beeline for projects by reputed developers. NRI funds/ investors have expressed interest for investing in the projects and Builders Kochi are looking at the options on a case-to-case basis.

For a project to have life we need a mix of people – who live there all year round and people who visit during their sojourns to India. Even Thane is now very much a preferred destination due to its connectivity to most places in Mumbai as well as Navi Mumbai and its well-planned nature coupled with quality developments on offer from most of the leading developers of Mumbai. Actually, if you see Mumbai –Thane region, Thane is the only place where almost all the reputed developers have the best of the projects in terms of quality, product, pricing, proximity and locales, so naturally now it’s looking up more than ever. For example at Andheri, we have Mayfair Meridian which is an exclusive lifestyle complex offering luxurious homes with premium amenities. The township project has also been a witness to a lot of NRI bookings by people whose families are staying here while they work abroad.

While factors such as the cost, reputation of the developer and amenities do play an important role in the overall buying process, it’s the expected returns that top the list of priorities for an NRI looking to invest in property here. While the yields for residential and commercial projects range around 6-8 per cent and 10-12 per cent respectively, it is the capital appreciation that attracts investors. For investors in commercial properties, the other drivers that could be listed are high or rising occupancies, on-the-rise rentals and pricing, higher growth in demand vis-à-vis supply. Of course, factors like location, infrastructure, connectivity, facilities and amenities which also play a major role.

Safety is one of the first things they look for. There are too many instances and even more stories where they have been duped of their money invested in real estate. It is a classic case of once bitten twice shy. But with the bank loans and project approvals in place, buyers get a huge level of comfort in their dealings. Once they have a comfort level, it more or less depends on the location and the price.
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