Realtors in Mohali district have seen a ray of hope
among NRIs to keep their business going during the global slowdown.
While the local buyers are hesitating from buying houses coming up in
large number in the district, it is the interest of NRIs from Canada,
US, England and middle-east countries that has given a new lease of
life to real estate sector. With thousands of NRIs inquiring about the
availability of houses, flats and villas, real estate sector has all
of a sudden got fresh lease of life that otherwise was witnessing a
low business for the last four-five months. A visit to Zirakpur and
surrounding areas revealed that number of inquiries from NRIs for housing
properties in Mohali have gone beyond 3,000 during last few months.
Such is the response that one of the real estate development
Royal Estate has already decided to come up with a NRI tower in Zirakpur
due to rising demand for houses from NRIs. Krishan Goyal, managing director,
Royal Estate Zirakpur, said during last two months he had received over
500 inquiries from NRIs and had already sold 4-5 flats to them. ??We
have now decided to come up with NRI tower at Royal Estate as demand
is great,?? he added. Satish Jindal, managing director, Maya Garden
Zirakpur, too is smiling with the expectation of good business ahead
as after receiving over 600 inquiries for houses during last two months,
he has sold 6-7 flats to them. Response from NRIs is amazing and it
shows that good days for real estate sector are lying ahead, he added.
Many of the builders attribute the sudden interest
among NRIs for houses in Zirakpur and surrounding areas to the fact
that from June onwards international flights are scheduled to take off
from upcoming international airport. Interestingly, while Indians residing
abroad are showing great interest in buying property in Mohali district,
domestic buyers are not coming forward to buy while inquiries in hundreds
are being received. Realtors are expecting market to improve on local
front also. Subash Chand, partner, Swastic Vihar Zirakpur, said that
while there was good response from the NRIs, local buyers are waiting
for the property prices to be slashed further. They expect good business
from April 1 onwards, as service tax would be completely withdrawn and
interest rates are expected to be lowered further. Vijay Arora, president,
Peermuchalla Builders Association, said that around 100 inquiries are
coming on a single day while sales are not picking up. All expectations
are resting on new financial year. With NRIs buying property it seems
that market would improve further he added.
