More number of Non-Resident Indians (NRIs) are buying properties here - a trend that has fueled realty prices in the past year, say real estate agents.
Twenty-five-year-old Manish Vinchukar has no time for himself these days. The deals are waiting to be struck, and the property dealer is on the bandwagon to make money. Nagpur’s realty market is hot with prices shooting through the roof.
Next month, Manish is set to fly to Dubai to make a presentation on Nagpur realty - and he’s sure to get a good response from the Indians working there. "They are among the preferred customers," he says. Next, he plans to land in the US to woo the Indians working there.
The realty frenzy is crossing the seven seas in Nagpur. More number of Non-Resident Indians (NRIs) are buying properties here - a trend that has fueled realty prices in the past year, say real estate agents. The developers and real estate brokers are also on the move to tap a large base of NRIs, who’ve their roots in the city or region.
Thousands of deals are struck every day, and vast stretches of agriculture and non-agriculture developed land are changing hands, say the city’s property dealers. "About 20 per cent of our clientele is from outside India," says Sanjay Kaikade, one of the directors of city-based Vastu Vihar Developers Private Limited. "Most of the NRI customers are originally from Nagpur, but others are also buying," adds Kaikade.
"Currently, the NRI investment in the city real estate is quite robust, which contributes to the price rise," says another well-known builder Mahesh Dabholkar. Many real estate brokers and agents make trips abroad to hold marketing fairs to attract the NRI investors from Middle-east, UK and even the US.
Thousands of buyers allured by the city’s growth potential are queuing up to buy land, house or a flat in and around Nagpur. The ambitious international cargo hub project is also fueling the interest of investors. The real estate agents say, "Many software companies are also setting shops in the town, which would bring in a new work force of professionals. That’s another factor for a surge in property demand."
Developers and real estate brokers feel affordable prices; land availability, better appreciation and lesser bottlenecks are among the crucial factors for the NRIs to invest heavily. "An improved air-connectivity is an added advantage," say the developers.
"The publicity spreads by the word of mouth. Much of it is speculative buying, but some NRIs are buying land with future considerations," says Kaikade.
"Almost 25 per cent of our bookings are by NRIs," says Satish Bais, a managing partner in Rudra Real Estate. Bais, an old timer in the construction business, adds, "Internet is proving to be a tool in facilitating the deals. Many of us advertise on the realty-websites and get good clients from abroad, who give power of attorney to their relatives here for the registration of deeds,"
"In one of my row-houses and bungalow schemes, customers from the US went for bookings together. All of them are originally from Nagpur," says Bais.
Obviously, the stamp duty collections on registration of sale deeds in rural areas of the district have also shot up. The duty collected from Nagpur-rural area was about Rs25 crore in the 2005-06 as against Rs18.6 crore collected during 2004-05. The figures for the 2006-07 are not available yet, but rough estimates suggest a phenomenal 40 per cent rise.
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