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As Prime Minister Narendra Modi woos world leaders, the Gujarati diaspora is looking at its homeland with renewed interest.

Non-resident Gujaratis (NRGs) are expected to push in a lot of money in Gujarat’s real estate sector this year. Property consultants and analysts are witnessing a rise in enquiry for plotting schemes, luxury homes and commercial spaces.

“This month, Modi will go to the US and wherever he goes, he impresses and influences. The US has a large Gujarati diaspora and Modi’s visit will definitely bring in a lot of fresh investment from NRGs. We expect 40% rise in investments from NRGs from November 2014 to March 2015,” said Yogesh Bhavsar, GIHED president.

In 2013, NRGs treaded cautiously considering the volatility of the rupee and Gujarat saw up to 50% decline in investment by global Gujaratis from three years ago. With a stable government at the Centre and Modi getting the attention of world leaders, NRGs are seeing a rebound in Gujarat’s property market.

“Last year, the market was facing a slowdown so NRGs were not keen on investing. Xi Jinping’s visit has put Ahmedabad in national and international limelight. NRGs are expecting a lot of action in the state. Also, when Modi visits the US, he will convince NRGs to invest in their respective hometowns. As several global companies are investing here, we are expecting enquiries for industrial warehousing and commercial spaces from NRGs,” said Monil Parikh, a property consultant.

According to a recent survey by Assocham, NRIs consider Ahmedabad a safe place to invest in partly because of with lenient government regulations regarding property investment by NRIs. “We have marked a special zone in our plotting scheme as the ‘NRI sector’ and are seeing many enquiries for the same. Hopefully the enquiries will see a huge conversion rate by the end of this year,” said Deep Patel, a builder.

Developers said the NRG traffic is coming mainly from the US, Canada, UAE, Australia, UK, Singapore and South Africa.

Source: The Times of India, Ahmedabad