Showcasing Indian property in Dubai

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REAL ESTATE EXPLOSION: NRIs have been a strong factor behind the present Indian building boom. — FILE PHOTO
REAL ESTATE EXPLOSION: NRIs have been a strong factor behind the present Indian building boom. — FILE PHOTO

Opportunity for builders to lure non-resident Indians

BUILDERS IN India may capitalise on a unique opportunity to sell their residential property to non-resident Indians (NRIs) in the Gulf by showcasing their projects in the forthcoming Indian Property Show in Dubai. An estimated 14 lakh NRIs live in the UAE.Said to be the biggest of its kind, it will be held from November 1 to 3 at the Airport Expo, a huge pillar-less building in Dubai close to the city's International Airport. Builders from different States in India will be selected on first-come-first-served basis, according to the organisers. The stalls will be clustered so that those who want to invest in a particular State may find them all at one place. There will be a ceiling on the number of builders allowed from each State.With the phenomenal Indian real estate boom kindling NRIs' investment interest, over 300 builders from different States are expected to display their development projects.Organised by Sumansa Events, it will be held in the sprawling 1.25 lakh sq. ft. east wing of the Airport Expo (the building hitherto showcased only Airport exhibitions once in two years but now other events are allowed in it). Builders may visit to book stalls and avail themselves of other facilities such as training on how to get the best out of the visitors.With a series of advertisement campaigns planned, about 25,000 NRI visitors are expected to invest over Rs. 1,600 crore on the spot, Sumansa Events' CEO, Sunil K. Jaiswal, told a group of Indian journalists at the venue. Many of the visitors would have pre-approved loans so that they book the properties on the spot. Though a majority of the builders might be from State capitals, the other major cities from States too will be featured, Aga Sajid Ali, Director of Sumansa Events, said. The event has the endorsement of Builders Association of India. The participants will be screened on several criteria to ensure that bogus builders are eliminated "to the extent possible."Advocates specialising in property-related matters and chosen from each of the States will assist the visitors on legal matters. The builders are expected to bring in the original papers with them in order to clear the doubts of visitors, Mr. Jaiswal said. Many of the NRIs in the UAE are said to be keen to invest in Indian properties. But most of them postponed to their decisions in the absence of the required information. In the run-up to the exhibition, the exhibitors and prospective visitors to the show will be trained on how to buy and sell properties. Exhibitors need to acquire the skills to pick-up the right visitors while the visitors need to understand what they want and how they should go about it. Details of this scheme were available on the website, he said.GOVIND D. BELGAUMKAR

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