NRIs & Indian Builders
Northern Indian Builders could not attract NRIs in
their North American Exhibition
Toronto, Oct. 20, 2005
NRIpress
You may be aware that more than 20 builders from
Northern India had a exhibition in San Francisco 8th-
9thOctober 2005, Chicago-12th - 13thOctober 2005,
and Toronto:15th - 16th October 2005, in Toronto Airport
Marriott Hotel, 901, Dixon Road, Toronto Ontario for
investment in Real estate in India
- Chicago was a big failure to attract NRIs
- In Toronto, the exhibition was located in a very
busy area. NRI's population is near about 30,000-40,000
near this location. More than 200 hundred real estate
and mortgage agents are also working in this area.
NRIs attendance was very poor on both days.
Builders did their job in a very professional way.
They decorated their booths with colored pictures
of buildings. They had nice brochure packages and
CD's to deliver to NRI customers.
Our reporter tried to find the answers from builders
to the reason why there was poor attendance of NRIs.
Some builders were very disappointed and others said,
we are here to make people aware about our projects.
Believe it or not:
- Now, Indian entrepreneurs are in the position to
produce products but have a great deficiency in marketing
to sell their products to NRIs.
- Most of the Indian entrepreneurs have an attitude
that they are too smart and know everything to sell
their products. This is not true. They must understand
that the Middle Eastern market is different from the
Canadian and UK markets, UK and Canadian markets are
different from USA markets. In USA, more than 80%
NRIs are professionals and they having money to invest
in every field. Mostly of these professional NRIs
are scattered in USA and go through the internet to
make any investment.
- Because of our politician's promises over the past
30 year and our judicial system's failure to keep
rule and law in order, Indian entrepreneurs are having
difficulty to convince the investors. We understand
that the Govt. is trying to change the policies to
attract investors but they are very slow to implement
these policies. It is Democracy that makes groups
and political partices close their eyes to cruelties
on the weaker sections. India''s high number of pending
cases in court - lowers to upper court. ( 5-10 years
) India''s land reforms and speediness needed to tackle
land registration. ( 2-5 years ) Link India with super
highways and roads to connect rural villages. ( 5-10
years
- Private Companies and Indian entrepreneurs are working
in a very honest way to grab NRI market and may like
to jump in global market but there are some draw backs
Click here: http://www.nriinternet.com/INDIA/Shinning_India/3_Im_sick.htm
Click here: http://www.nriinternet.com/NRIrealtors/INDIA/News2005/Jan_/13_300Malls.htm
Who says NRIs have
no interest to buy properties in India?
There are over 20 million NRI's around the world,
the third biggest NRI community globally after the
Chinese and Irish. There are 150,000 Indian millionaires
outside of India, and they have a total of US$360
billion in surplus funds available for investment.
NRIs generate more than US$100 billion in income each
year; and they remit around US$30 billion every year
to their native country. In the Arabian Gulf area,
for instance, there are some 4.5 million people of
Indian origin; they send US$ 4 billion in remittances
to their relatives in India each year.
NRI (non-resident Indians) had invested $ 34 billion
in the last financial year 2004, including $ 7 billion
in fixed deposits
USA:
- There are now more than 1.8 million people of Indian
origin in America. They reflect the multi-ethnic,
multi-religious and multi-lingual society of India
- Four out of 10 Silicon Valley startup companies
are run by Indians. 43.6% are employed in managerial
and professional specialties
- As per an estimate of the about 130,000 convenience
stores in the United States, nearly 80,000 are Asian-Americans.
- In the US, AAPI represents more than 40,000 physicians
and 15,000 medical students, interns, residents and
fellows of Indian origin in the US.
- The median income of the Indian American family
is $60,093 as compared to the national median income
of $38,885, and their buying power is a whopping $20
billion. Over 5,000 Indian Americans serve as faculty
in universities across America, interacting with the
mainstream of America. Over 300,000 Indian Americans
work in the information technology field, with an
average income of $200,000 per year.
Conclusion:
- In North America, most of the successful NRIs are
working as a team. Generally NRI individual businessman,
worker, or sales person cannot afford time to sell
your product because he/she needs immediate income
for survival. Joint venture with bigger organization
or by opening your own office in each city may be
the only solution.
Gary Singh
Singh@NRIinternet.com
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