Wondering what’s behind the real estate boom in Gujarat? The credit goes to the huge Non- Resident Gujarati (NRG) population settled in various parts of the world. They certainly have played a vital role in building a sound economic base in Gujarat.
Time flies – this cliché couldn’t be truer when you’re living a fast-paced life abroad. Being an NRI, do you still need a reason to visit your hometown? Apart from investing in real estate in Gujarat, there are a number of philanthropic and social service activities you can involve yourself in. You can even be a part of the numerous organizations set up by Gujarati NRIs, which support a number of social and environmental causes.
Be a part of the realty boom in Gujarat! Real estate developers in various parts of Gujarat, including the dusty towns of Rajkot and Jamnagar, are wooing NRIs with exclusive housing schemes. It’s not just the desire to return to their roots. The surging real estate prices, too, have encouraged NRIs to invest here – one good example being that of UK-based Jagdish Patel. He purchased a 3,000-square feet plot in Race Course area of Vadodara just like a number of NRIs who are showing unprecedented interest in realty back home!
It’s not just residential property that’s a hot favorite among NRIs. They’ve set their sights on commercial property as well. Gujarat has managed to garner a good growth rate in industrial and agriculture sectors and is dotted with 11 SEZs already making it a favorable investment sector.
Want to invest in Gujarat? As an NRI, you can raise finance from Housing Development and Finance Corporation (HDFC) and a number of financial institutions in India. Rates of property tax may slightly differ from what the Indian residents pay. However, you’ll enjoy the same status as a property owner. With rules and regulations for property investment being relaxed by the Indian government, you’re free to repatriate in foreign currency your earnings in the form of rent, interest, pension, etc. The great news is that you can use the services of online NRI banking services for faster and effective transactions.
Have you invested in Gujarat? What do you think is the impact of NRIs on Gujarat? Have they fuelled the real estate boom here? Is it a positive sign? Do share your views with us and other readers.