Ever since the Indian rupee has been on a slide vis-à-vis the US dollar – and AED – in the past few months, real estate in India has emerged as an attractive investment option – not only due to the near-15 per cent discount for the NRI buyer on account of drop in the value of rupee, but also the prospect of netting appreciation when the rupee firms up in the months to come once the Indian economy is back on fast track growth.
While the four metros of Mumbai, Delhi, Kolkata and Chennai continue to attract most of the NRI buyers, savvy investors are looking beyond the obvious options and identifying newer opportunities in areas that have specific local factors driving their prospects and the potential for relatively higher scope for appreciation. “Over the past few months, we have noted that NRIs are investing across the spectrum – not only in residential premises, but also in retail and commercial,” says Santhosh Kumar, CEO – Operations, Jones Lang LaSalle India, adding that NRIs are increasingly looking at real estate away from the metros that involve lower capital investment and have higher potential for appreciation.
KERALA
For the Keralite diaspora in UAE, investing back home in Kerala continues to be an attractive proposition. Even as the big city of Kochi is reaching saturation point – and its real estate price touching new highs – new projects nearby are offering better choices at lesser prices. For instance, the Sobha City at Thrissur, Kerala’s first integrated township being developed by Sobha Developers. Spread over 55 acres, Sobha City is a world class township built around a man-made 6.5 acre lake - the first of its kind in the country for harvesting rainwater and providing potable water. Living options in Sobha City include 25 villas and over 600 apartments with 3-bedroom and 4-bedroom configurations, overlooking the lake. “Sobha City’s mall will house a six screen multiplex, a spacious food court, a hypermarket and the best of branded outlets. The club house offers best in class facilities for sporting, relaxation and entertainment,” said Unnikrishnan S, Area Head – Kerala for Sobha Developers, adding that the fact that all the villas were sold out within a week of the launch is testimony to the project’s attraction for NRI buyers.
Nearer to Cochin is Alwaye, another location that’s fast developing. “Thanks to proximity to the international airport and the upcoming metro rail, Alwaye has immense potential for appreciation,” says M C Sunny of National Builders, who has a 15-storye tower – National Puzhayoram - bang on the river, with apartments on higher floors offering a fantastic view of the flowing river.
Price: 2-BHK Apartments in Thrissur and Alwaye priced upwards of Rs30 lakh
PUNE
Pune is a city with a great history and a great future. Given the economic growth and high levels of entrepreneurship, the city is well on course to becoming one of the most prominent economic hubs in the country. According to Knight Frank’s Investment Advisory Report on India’s Residential Destinations, Pune is one of India’s preferred cities to invest in with the North-West Hinjewadi–Ravet belt being one of the top investment destinations in India ranked in order of investor return over the next five years (20% per annum). Destinations along the route to Hinjewadi along the Mumbai-Pune Bypass Road are set to emerge as preferred residential locations. Lodha Belmondo, a 5-star resort style residential development is situated at the junction of the Mumbai-Pune Bypass Road with the Mumbai-Pune Expressway. “Each home combines style and cutting-edge technology with finest materials to provide residents with a world-class living experience unparalleled in Pune,” says R Karthik, Chief Marketing Officer of Lodha Group, about the 100-acre project along the river Pavana, of which 90 acres are open spaces with landscapes, water bodies, leafy pathways and all attendant amenities - and a Greg Norman designed golf course.
Price: From Rs 44 lakh for a studio apartment to Rs16-crore golf villas
RAICHAK, KOLKATA
For long perceived as a slow-growing market, Kolkata has gained good momentum in the past few years, and real estate values across the metropolis have appreciated manifold. While residential demand has been stable, it promises to take off in the near future with large-scale IT projects nearing completion in Salt Lake area. Just last month, Infinity IT Lagoon and Ecostation commenced operations and the IT-boom is driving Kolkata’s realty sector – office, retail and residential.
For NRIs keen on investing in real estate in Kolkata, the Ganga Awas, which is 51-km from Kolkata and part of the Raichak on Ganges modeled after the French Riviera, is a unique opportunity. The promoter offers lease back schemes on select properties, which serves as a good option for NRIs. “This scheme would not only help the owners earn a handsome return on investment but also enjoy a cost-free and hassle-free maintenance of their properties,” says Harsh Neotia, Chairman, Ambuja Neotia Group, adding that they have received overwhelming response from the NRI community for Ganga Awas since the time of its inception.
Price: Independent villas from Rs 40 lakh
JODHPUR, RAJASTHAN
The sun-city of Rajasthan is among the fastest growing tier-3 cities of India. Buoyed largely by the setting up huge petroleum refineries and new industries on the outskirts of the city, Jodhpur’s urban sprawl is expanding by the year and the peripheral areas of the Rajasthani city make for a good investment opportunity. While buying a plot of land and developing it independently promises maximum appreciation, it also has the attendant pitfalls of land deals going bad and improper documentation. A relatively secure option is to buy an apartment in one of the housing complexes being developed on the outskirts in areas like Pal Road and Barmer Road. One such project is Arihant Adita, a 1000-apartment gated township of high rises, with all the amenities and luxuries of metro living at tier-3 city prices. “Jodhpur is fast developing into a cosmopolitan city and just as the right time to invest in a city is when it is just developing, the time to invest in Jodhpur is now,” said Ashok Chhajer, Chairman, Arihant Superstructures.
Price: 2BHK apartment upwards of Rs30 lakh
NAVI MUMBAI
Besides the benefits of a planned city like wide roads, open spaces and systematic development of facilities, Vashi – the premier node of the satellite city of Navi Mumbai – has the advantage of good connectivity to Mumbai and good infrastructure that make it a successful commercial hub. Even as developers have built millions of square feet of retail space to make Navi Mumbai the city of malls, there has been a simultaneous boom in the creation of office space. These offices are being absorbed by new entrepreneurs and corporations shifting base from Mumbai in search of more cost-efficient space, and the trend is likely to continue in the years to come with projects like the new airport, sea-link and SEZs on the anvil.
For NRIs looking at coming back and setting up their own outfits back home, buying an office is a good idea. “Be it a new economy service outfit or a start-up, buying an office in Navi Mumbai makes great sense instead of bearing huge costs on office space in Mumbai,” says Suresh Haware of Haware Group, who offers offices for as less as Rs16 lakh at his Fantasia Business Park in Vashi, located bang opposite the railway station. With prices appreciating with each passing year, investing in office space in Vashi makes for a win-win situation; one can either set up their own office a few years down the line or sell it and book the profit on the real estate investment.
Price: Offices start from Rs16 lakh for a 100-sq-feet unit
