First India Property Show in USA - 2002

July 20 and 21 - Hotel Crowne Plaza, San Jose, CA

July 27 and 28 - Hotel Radisson, Princeton, NJ

Over 1,000 US NRIs visited the 2-day property show in San Jose, CA and Princeton, NJ during July 2002. While Shri Akhilesh Mishra, consulate general (political and commerce), San Francisco, inaugurated the show in San Jose at Hotel Crowne Plaza, Mr Kenny Desai, president, TAK Constructions inaugurated the show in Hotel Radisson in Princeton, NJ. The show drew enquiries for cities like Ahmedabad, Bangalore, Baroda, Chennai, Delhi, Mumbai, Pune and Hyderabad. Bangalore topped the list of cities that generated enquiries from the visiting NRIs.

Most of the visitors were potential buyers and keen to invest in real estate back home. There was not adequate representation from cities like Delhi, Mumbai and Pune even though there were a substantial number of enquiries for such cities during the show. In fact a rough estimate on the number of enquiries received during the show revealed that builders from Delhi, Mumbai and Pune have lost business worth Rs 100 crore. In general, enquiries ranged for vacant plots, apartments to penthouses and villas. There were a few enquiries for commercial property in select cities. A majority of US NRIs are keen to avail home loans.

The government's efforts towards liberalization of repatriation rules have encouraged US NRIs to invest in India. However, lack of property management companies across India is still a deterrent for large scale NRI investment in real estate, according to a survey conducted by the organisers during the India property show.

According to the organizers, there was a spurt in the level of enquiries after 9/11 and aggravated by the fiscal incentives, low lending rates, and competitive prices for real estate. "Unlike in India, there are no window shoppers and NRI visitors are specific in their choice when it comes to the question of investment in select cities across India", said V Nagarajan, editor and publisher of Indian Real Estate and organizer of the show in US. "Such shows would provide effective interaction between sellers and buyers, according to Akhilesh Mishra, consul general of India in San Francisco. A number of NRIs who have made their fortune are keen to assist their homeland in one way or the other. "We are keen to provide the latest technology in terms of building seismic resistant structures in India and are eager to work with the government should a request be made", says Kenny Desai, President, TAK Constructions Inc., who built several buildings and won awards in US.

There continues to be a potential demand for residential property in select Indian cities but it is spread across the vast country. Through regular follow up, top notch service and identification of specific requirements, builders could clinch deals, it is felt.