Nagpur, May 14: Twentyfive-year-old Manish Vinchukar has no time for himself these days. The deals are waiting to be struck, and the property dealer is on the bandwagon to make money. Nagpur’s realty market is hot with prices shooting through the roof.
Next month, Manish is set to fly to Dubai to make a presentation on Nagpur realty - and he’s sure to get a good response from the Indians working there. "They are among the preferred customers," he says. Next, he plans to land in the US to woo the Indians working there.
The realty frenzy is crossing the seven seas in Nagpur. More number of Non-Resident Indians (NRIs) are buying properties here - a trend that has fueled realty prices in the past year, say real estate agents. The developers and real estate brokers are also on the move to tap a large base of NRIs, who’ve their roots in the city or region.
Thousands of deals are struck every day, and vast stretches of agriculture and non-agriculture developed land are changing hands, say the city’s property dealers. "About 20 per cent of our clientele is from outside India," says Sanjay Kaikade, one of the directors of city-based Vastu Vihar Developers Private Limited. "Most of the NRI customers are originally from Nagpur, but others are also buying," adds Kaikade.
"Currently, the NRI investment in the city real estate is quite robust, which contributes to the price rise," says another well-known builder Mahesh Dabholkar. Many real estate brokers and agents make trips abroad to hold marketing fairs to attract the NRI investors from Middle-east, UK and even the US.