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The culture city of Pune
is considered as the most wanted destination to all and sundry. It holds the
special value to the Non Resident Indian, who have a dream to reside in this
pensioner's paradise, for reasons of its own. To point a fact, the real estate
developers in the city, these days, are satisfied in a way their prime
properties both in the residential and commercial category are being booked
like hot cakes with enquiries from United States, United Kingdom, Gulf and
Middle East Countries, South-East Asian Countries, Australia and New Zealand.
So why is Pune considered as the hub of NRI's to purchase real estate? Replies
Anuradha Shah, a Chicago based college student at a reputed college, whose
parents settled here for higher education at Viman nagar. "Pune being
considered as the Oxfords of the East, the Student's life out here of
celebrated Scholars. Not only that, the admissions process out here is less
cumbersome, as compared to other parts of the city."
Joins in Girishchandra Das (Name changed on request), a UK based architect, who
was recently in town to choose his 1000 sq feet residential property at
mundhwa, "The climate in Pune is simply invigorating as the summers are warmer
and the winters are chilly, I usually spend my vacation break here every six
months, to de-stress from the hectic working lifestyle in London. With the
construction of the Expressway, the travelling times is just convenient with a
two and half hours drive, from Mumbai, compared to the five hours journey,
which I used to commute ten years back".
However, it is the close attachment that most of the NRI's have chosen to keep
their roots alive in this cultural and vibrant city. Particularly for Puneites
like Feroz Khan, now settled in San Francisco, who is on a lookout for a 3000
square feet commercial outright space in Koregaon Park, for starting BIkram
Yoga techniques. says he, "Since Pune is actually my first the class in Pune
itself. Not only that, the lifestyle in the city is changing with more and more
citizens becoming health conscious. Thus making it, in a way, a worthwhile
investment."
Despite the fact, that the best infrastructure international Airport is
situated in Mumbai, yet the so-called loving Indians prefer Pune to other
cities like Bangalore and Mumbai. Particular for Dubai based NRI like Kamlesh
Moorjani, who sold his property in the posh locality in Mumbai to Purchase his
premium property in Pune Reasoned he, "The city of Pune is considered as
the city of Professionals, unlike the Mumbai city which is considered as the
city is professionals, unlike the Mumbai city which is considered as the city
of trade and commerce.
Expressing the high sentiments of NRI's purchasing real estate in Pune is Rohit
Gera, Director-Operations Gera Developments, "Pune is a hot destination as the
city is fast changing from a retirement city to one with a vibrant youth
population. the inflow of the large number IT/ITES companies has changed the
outlook of the real market as a whole." The property rates have not appreciated
substantially."
He further adds, "With the result, the property market still offers attractive
bargains in specific segment. Today, a person can get a bungalow at Rs. 50
lakes in Pune (twin bungalows and row houses are available for less). This is
very attractive compared to real estate available in other cities in both the
country and across the world."
Quips in Rajesh Patill, Director, Kolte Patil Developers, "The business cycle
in the real estate industry is at it's high especially where the NRI's segment
of clients are concerned. These days, NRIS are seriously looking forwarded to
buy real social, medical, geographical, educational and economical
reasons. our exclusive bungalow plots and row houses project has got the
maximum number of enquiries and booking among the NRI's segment. Not only that,
Pune has a better outlook and standing at the international property
exhibitions organized by various multinational real estate agencies and
financial institutions."
However, Vinod Jessani, Propritor, Shalimar Real Estate, feels. "Currently,
there is a sudden boom in the real estate industry with the presence of NRI's
residing in sensitive underdeveloped countries are investing in real
estate-both" residentially and commercially only as a safety precautionary
measure. this is an ideal from of investment, where they get their return by
leasing out their properties to software companies for receiving attractive
rates on investments."
Meanwhile Rohit feels. "Over the last five years, the substantial inflow of NRI
investments had been an increased interest in NRI activity in real estate. they
prefer premium and elite real estate as their status in the society. these
days, they are more looking out for commercial properties, which they lease out
for earning annuity based returns."
Quips in Rajesh, "in fact, I have clients who have edged out Mumbai to Pune.,
because of the high cost of living and insecurity there. With the law and order
situation stable in the city, most of the NRI's earring abroad prefers to buy
such property for the comfort of their close friends, parents and relatives."
All in all, whatever the reason, the NRIS have ruled the city of Pune for their
ideal destination of abode!!!!!
Five tips for Home
buying NRIs
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Ensure that the developer is
reputed and has delivered quality products on time in the past.
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Visit past projects of the developer.
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Buy based on your need assessment rather
than random advice of others- if you are buying for investment, evaluate the
property yourself
rather than relying on unsubstantiated information.
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Assess all claims of the builder
yourself and come to an informed decision.
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Understanding the rule application to
NRIs for purchasing homes-especially repatriation etc
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