News & Views on Indian Real Estate

Friday, July 11, 2008

Gujarat real estate heating up

When Chicago-based businessman Jack Patel came to Ahmedabad recently on a business trip, the first thing he did was book himself a 1,000-sq-yd plot of prime land on a golf course linked project in Aapnu Amdavad. For, though a local would have thought twice before coughing up Rs 5,000 per sq yd for the plot, Patel knew he was getting a prime piece of realty for just around $13 per sq ft, a fraction of what it would have cost him back home in the US. Like Patel, there is an increasing number of NRGs who are putting their money where the greens are. So much so that realtors point out that golf-linked realty is being lapped up by NRGs settled in US, UK and Africa. NRGs realize that owning a golf course estate in the US is a dream only millionaires can afford. Here, they can own a sprawling bungalow attached to a golf course for as cheap as Rs 60 lakh. Golf is always a star attraction which is why golf realty sells even in a slump phase. As land is very limited in India, it always appreciates quicker than realty in the US, which is why despite the sub-prime crisis sending property prices tumbling by nearly 40% in the US, NRGs are lapping up property in Ahmedabad that is still more affordable than other metros.

Anonymous said...

Just a stupid's calculation !!!

What a jinx saying 'Land is limited'. Buddy... Land is limited across the world and so as every resource in the world. With your calculation the Oil should keep increasing even above 300$.

Please stop this junk of statements and come in to reality.

Anonymous said...

I really like your blog it’s excellent…

Plz share more about India real estate growth in this ression