Noida
News: Amidst a surging demand from NRIs for luxury
housing in their home country, an Indian realtor firm
has opened its office here to facilitate such
investments in India. "Property Affaire's, based in
Mississauga that represents 12 developers with 60
under-construction properties, provides total packages
to the customers, including property management,
financial and legal services, and warranties against
fraud," Managing Director Sandeep Kapoor said today.
Although India's home-grown market is huge, developers
believe international sales raise the cachet of their
projects and the company "brand"-- an advantage for
those who hope to undertake projects abroad, Kapoor
said.
"A number of Indians and others have shown interest.
We want them to make investing in real estate easy,"
he said adding, he would arrange for prospective
buyers' relatives back home in India to meet with
developers if need be.
India's property boom took off in 2005, with prices
rising as much as 40 per cent in some cities. Last
year, prices soared by 60 to 70 per cent. In some
overheated markets, including Mumbai, Bangalore,
Kolkata and Chandigarh, and satellite townships such
as Noida, Gurgaon and Ghaziabad around Delhi, the
value of high-end properties had already doubled.
While non-resident Indians can repatriate the sum they
initially invest in property, Indian law forbids them
taking any resale profits out of the country, he said.
"The biggest challenge will be to change the mindset
about India. People who left the country 15, 20, 30
years ago still feel it is the same in terms of
corruption, bribery. But things are totally changing.
It's much more transparent now, so property is a very
safe investment," Kapoor said.
