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MOTLEY COLLECTION OF BUSINESS AND ECONOMIC NEWS |
 Tier II cities hot property for Indian diaspora
Tier-II cities have become “hot property”, propelling real estate developers to fly across the seas to woo the Indian diaspora. Cities like Chandigarh, Pune and Ahmedabad have been attracting foreign buyers in flocks, pushing metros like Delhi, Mumbai and Kolkata to the rear. The Confederation of Real Estate Developer’s Associations of India (CREDAI) says the number of customers being wooed in Dubai has doubled in the past three years. Buyers who have heard about the growth stories of Tier II cities are keener to invest in property deals there, says an Ahmedabad-based developer who recently set up a marketing office in London.
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 Global companies emulate Indian success stories
India Inc is becoming a global trendsetter, inspiring foreign majors to emulate desi success stories. And a set of smart I.T. firms is using the India story to create a global footprint for themselves. Infosys’ Finacle division, for example, cites the reference of ICICI Bank while making sales presentations for its core banking solutions to banks in Europe and Africa. Nucleus Software regularly puts forward its software installation for State Bank of India. Telecom system integrator ORG Informatics refers to its role in the growth story of Airtel and Reliance Infocomm to prospective telecom customers in Africa. Newgen Software Technologies which began by selling its software to banks and insurance companies like Citibank India, Max New York Life and ICICI Bank, is now using these references to target counterparts of these companies in Africa, Middle East and Europe.
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 Diaspora catalyses India’s global ambitions
There have been significant favourable changes in the attitude of the diaspora and the Indian government towards each other. The diaspora and the Government now view each other more positively. India is the world’s largest recipient of remittances by overseas workers. Remittances are estimated at $21 billion in the current fiscal year, and have risen almost 150% since 1995. Separately, the stock of deposits by NRIs amounts to around $32 billion, or 23% of foreign exchange reserves. Portfolio and real estate investment by NRIs has surged, direct investment is largely concentrated in IT space.
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June 2006
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