Despite complaints, real estate still attracts overseas Punjabis

Chandigarh, January 11

For majority of overseas Punjabis, who had come to Jaipur to participate in the 2012 Parvasi Bharati Divas conclave, their interest in real estate continues unabated. Despite complaints of land grab, they feel that "safest bet for good returns is real estate."

Paul Pornthep SriNarula, a real estate entrepreuner, lecturer and author from Thailand, says that though investments in some parts of India, including Punjab, run more than normal risks, still he was venturing into real estate.

"Real estate in India is growing rapidly while in Thialand after a boom couple of decades ago it has stabilised now. India offers tremendous opportunities. When I go around streets in Karoo Bazar I find women buying sarees of Rs 20,000 or Rs 30,000 each. Jewellery shops overflow with buyers. People in India have money. Some 30 years ago, we thought that we in Thailand were the rich. But now things have reversed. It is India which has money," says Paul Pornthep SriNarula, who also owns a five star Serviced Apartments Tower.

Since he has attended all 10 editions of the Parvasi Bharati Divas, he feels this "flagship event" has started losing its value. "Something new and innovative has to be introduced to keep it vibrant and happening event for the overseas Indians," he suggests.

While PaulPornthep SriNarula is interested in real estate investments in India, Kamal Singh, a Vancouver-based realtor, has innovated a new concept in real estate. "We are providing service to those overseas Punjabis who are in distress as they apprehend that they may lose their landed properties back home. We help them dispose off their properties in India," says Kamal Singh, who has already set up offices of Remax, his real estate company in Canada. His company is setting up offices in other parts of the country as well. "We are getting good response and trying to secure landed properties of overseas Indians by getting them the market value," he adds.

Tarun Khatri, who is doing a similar thing in Rajasthan, is also associated with Remax Canada and providing specialised services to overseas Indians.

Prabal Arora, who is now settled in Fiji after a stint in Australia, also thinks that real estate offers maximum investment opportunities in India. While real estate is stable both in Australia and Fiji, it is looking up in India in a big way. "Indian real estate market is booming, he says holding that problems like red-tapism, corruption and land grabbing are some risks that would be gradually resolved," he said.

Arvind Sood, another real estate agent from North America, says that bureaucratic wrangling, corruption and red-tapism are prevalent in all developing democracies, but in India the growth potential is so much that it dwarfs the problems. "I am convinced that if one has to make good returns, he/she can invest in real estate," adds Sood.