US realty turns hot property; Indians snapping up big housing deals
The Economic Times
May 23, 2011, 10.53pm IST
Ravi Teja Sharma & Mahima Puri
NEW DELHI: India-born American realtor Jaswant Lalwani hasn’t been this busy since the housing crisis in the US in 2008. “I have closed 10 deals with Indian buyers in the last three months. And I am working on another 30,” he says. The Manhattan-based realtor deals with all kinds of buyers, but of late, he has got more business from Indian clients.
Rohit Prakash, based in Austin, Texas, has for long been doing brisk business helping Americans and foreigners buy and sell property in the capital of one of America’s biggest states.
Recently, he set up American Full House to cater to Indians looking to buy homes in locations that have seen a huge price drop. An Indian buyer who contacted him sometime ago is close to doing two deals in a suburb of Los Angeles at $82,000 and $85,000 each for a three-bedroom condominium. At the peak of the housing boom, these properties were selling at close to $250,000.
Flush with cash and keen to diversify their portfolio, Indians are busy snapping up property in the US…