Indian cities, a booming real estate market

New York, July 30 (UNI) Major cities in India have come up as a lucrative real estate market to invest in and reap benefits, a realtor from Maharashtra said here, appealing to the Non-Resident Indians (NRIs), particularly those in the United States, to buy property in their motherland.

''Property rates in Bombay, Bangalore and other major cities have gone up steeply over the past two years. And now, the boom is spreading to nearby regions of the cities and also to rural areas...

it's time to invest there,'' Mr Parth Timbadia of Mumbai-based La Tim Lifestyle and Resorts Ltd said.

Mr Timbadia's company owns Vasudha Orchard, which is situated 90 km South-East of Mumbai. The 120-plot first phase of the Vasudha project in Raigad district has been sold mostly to resident Indians, and the second consisting of almost the same number of plots has been aimed exclusively at NRIs, with a focus on America.

The Indian realtor was on a weeklong visit to the New York-New Jersey area in a marketing effort, which included a news conference and a presentation.

His overseas clients have so far included NRIs from Dubai, Britain and Kenya.

Real estate prices in India have estimated to have risen manifold, especially in key cities and towns, and Timbadia claimed his property values have gone up seven times in a matter of 10 years.

Mr Timbadia assured returns of at least five times on his farmland plots.

A new airport is coming up within a distance of 40 km from his project, Mr Timbadia said, adding that there has been special emphasis on Special Economic Zones in the Mumbai region, which could bolster demand for real estate projects in the vicinity.

''Ours is a big project. We want to market it to NRIs,'' he pointed out. ''Ours is not in Bombay. Yet it's close to it, a mere two-hour drive on the new Bombay-Pune Expressway on the banks of the perennial Amba River.'' La Tim, which is more than 15 years old, identifies some areas for real estate and land development. It picks a few among them and assesses the availability of water, power and other infrastructure needs.

The company, which operates a 90-room resort spread over five acres in Mahabaleshwar, makes sure progress on various fronts is made quickly.

Mr Timbadia said, ''What we're offering at Vasudha in the second phase, with plots of 1 acre each, is nothing but a status symbol with facilities to build farmhouses, plantations, vegetables.'' In Maharashtra and a few other states in India a person -- NRI included -- who is not a farmer cannot buy agricultural land. But he clarified that this legal provision is not applicable to registered cooperative societies in Maharashtra. ''You can become a member of the respective society and own farmland,'' he said.

''Maintenance, security and other things are taken care of with a nominal charge of Rs 4,000 per annum.'' NRIs may buy land from the Vasudha project, which has a total of nearly 250 plots, and get it authenticated by their friends or relatives in India. The company offers refunds to those who have not been satisfied by their one-acre allotment, which costs nearly 15,000 dollars. One can own any number of acre plots, Timbadia said, explaining that NRIs who do not necessarily hail from Maharashtra can buy land through registered co-operative societies.

UNI XC VJ RS1405