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NRI Section |
Till now companies looked at Gurgaon, Mumbai or Bangalore whenever they thought of setting their establishments. Now, the conducive environment of Chandigarh and India’s “breadbaskets” are largely attracting the attention of Multinational Companies. With large opportunities for the corporate sector, the city has opened doors to welcome them. Also, the availability of educated and proficient manpower makes the city a strong contender to experience the next wave of IT growth.
Chandigarh is already a home to a number of IT companies. Infosys, India’s second largest software company, was among the first to step into the city and start their operations from its complex spread over 30 acres in the Rajiv Gandhi Chandigarh Technology Park (RGCTP).
Property developers, too, are looking forward to reap good benefits as it will certainly push the prices of commercial property in Chandigarh. The development of IT Park had already brought a hike in property prices like never before. A small land plot which was earlier easily available for Rs 2.5 million is today unavailable for 10 million Indian rupees.
As property prices continue their downward spiral in Britain, USA, NRI investors here are looking to India, which is increasingly seen as a hotspot due to rising real estate prices across the country.
India is also seen as an attractive destination due to the Indian government’s recent decision to relax rules for foreign investment in the housing sector.
Several India-specific investment funds have been set up, while British citizens of Indian-origin are increasingly investing in places such as Gujarat, Gurgaon, Bangalore, Chandigarh, Pune and Jaipur.
Merrill Lynch consultants have predicted a 700 per cent increase in the Indian property market by 2015.
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