| What is the first thing non-resident Gujaratis | | | | them a home away from home for the two |
| (NRG), whether UK or USA-based non-resident | | | | months they visit Gujarat every year. NRG |
| doing when they set foot in Gujarat? Like | | | | queries and bookings have almost doubled in the |
| Prakash Patel, who after he setting foot in Bardoli, | | | | past couple of years." |
| barely a fortnight ago, invested Rs. 35-lakhs in a | | | | Recently, UK-based Jagdish Patel purchased a |
| Radha Baug plot of land. | | | | 3,000-sq. ft. plot in Vadodara's Race Course area, |
| Ditto goes for New Jersey, USA-based Bhagubhai | | | | not just because, he wanted to set up a base in |
| Patel, who couldn't resist the temptation of picking | | | | his hometown, but also because the ongoing |
| up a residential plot at Bardoli's Sona Park, during a | | | | boom had him excited about the possible |
| recent visit. | | | | appreciation. |
| This unprecedented interest shown by NRGs in | | | | Whatever, the reasons for NRG investments in |
| realty back home, has many a real estate | | | | Gujarat real estate, the fact is that Indian real |
| developer, even in dusty Saurashtra towns of | | | | estate has come of age. It is the new gold |
| Rajkot and Jamnagar, not just designing exclusive | | | | standard for Indians dotted all over the globe. As |
| schemes, but also setting up overseas marketing | | | | India's economy boom, boomerangs, it is not just |
| offices to woo the deep-pocketed Diaspora. | | | | the West that has woken up to the potential of |
| "Given the large number of queries we have been | | | | Indian real estate, it is also India's scattered |
| receiving from NRGs, we decided to launch | | | | Diaspora. The world and they are beginning to |
| exclusive housing schemes in upmarket areas," | | | | realise, while the 19th-century was the British |
| explains Kishore Kotecha of Rajkot-based DK | | | | century, the 20th an American century, the |
| Group, who has conceptualised 'NRGs Only' | | | | 21st-century is India's century, and once again all |
| schemes in Jamnagar and Rajkot. | | | | things Indian, as well as, being Indian is in fabulous |
| While Kotecha, who has marketing offices in | | | | ishtyle. And, that includes owning a second home |
| Middlesex and Leicester, claims the Rajkot | | | | in India. |
| scheme is already 'house full', the Jamnagar one is | | | | As the West flocks to India, whether for |
| 50% booked up. Atul Sheth of Sheth Builders, | | | | off-shoring / outsourcing or for business |
| Rajkot explains the sudden NRG interest, not just | | | | purposes, the world spread of Indians is shedding |
| in residential, but commercial property as well, as | | | | their colonial hangover and reverence for all things |
| such: "While, investment in realty overseas | | | | western. The colour of money i.e. the booming |
| provides barely around 5% returns, Indian realty | | | | Indian economy has ensured they have |
| returns touch the 25-30% mark. And, if the | | | | overcome their distaste for all things Indian and |
| location of the property is good, the investment | | | | the colonial stigma attached to being a brownie |
| can even double within two years." | | | | from India. |
| Mega-city Ahmedabad too, is seeing its share of | | | | It is the Discovery of India by of all things, |
| action with NRGs investments ranging anywhere | | | | (Non-Resident) Indians, themselves! Welcome back |
| from 10 to 20% in residential schemes. | | | | to the homeland! This is the only land; even a NRI |
| "Their first preference is luxury apartments | | | | can call home, while many westerners once again, |
| followed by land and shopping complexes," | | | | including Israelis, like the Brits during the British |
| explains Rajesh Brahmbhatt of Safal group, | | | | Raj, once here, do not want to go back to their |
| adding, "NRGs stay away from bungalows as | | | | home countries! This is the magic that only India |
| they are difficult to maintain." Harshad Patel of | | | | can weave, both on Indian or non-Indian alike! This |
| Dhara Group with 10% of its client list made up of | | | | ancient and fabled land has everyone in its thrall! |
| NRGs says: "Having their own property also gives | | | | |