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