Ahmedabad realtors get set to ride dollar tide

Ahmedabad: Cashing in on the appreciation in US and Australian dollar over last one year, city-based realtors are planning to organise property shows for Non-Resident Gujaratis (NRGs) in North America and Australia. This may ward off sluggish demand for property among domestic buyers.

The Gujarat chapter of Confederation of Real Estate Developers of India (Credai) has accepted invitation of Association of Indian Americans in North America (Aiana) to participate in World Gujarat Conference – ‘Chaalo Gujarat’ – at New Jersey from August 31 to September 2. Credai Gujarat will have about 30 stalls in the conference displaying more than 200 projects by developers from Ahmedabad, Vadodara, Rajkot, Surat, Mehsana and other parts of the state.

“NRGs participating in this conference might be interested in buying property in and around Ahmedabad, and in other parts of the state. We have decided to invite developers from other cities of Gujarat to participate in this exhibition,” said Dinesh Patel, president of Credai Gujarat.

Gujarat Institute of Housing and Estate Developers (Gihed) has also received an invitation from organisers of Gujarati Conference in Australia, set to begin from August 18. “We have received invitation to exhibit our projects in Australia but the board is yet to discuss the issue. Nothing concrete is yet available on how many developers will participate in the exhibition,” said a senior member of Gihed.

Depreciation of Indian National Rupee (INR) against foreign currencies has drawn attraction of NRGs to real-estate sector of Gujarat, believe local developers. They, therefore, are expecting good response from buyers in these international markets.

“USD has appreciated by 20 per cent against INR in one year, buyers definitely will benefit from it. Moreover, US economy has shown signs of improvement. This might garner us better response at the exhibition,” said the senior member.

Special time-bound discounts for clients can also be expected from realtors during the conference.

“Though it is not certain that all developers will launch special schemes, few will definitely come up with them to have a competitive edge over others,” said RP Patel, chairman of Credai Gujarat. As per Patel, discount schemes will lure buyers as they might not get similar offers when they come to India.

Source: daily.bhaskar.com