Latest Property News on 'Non Resident Indian (NRI)'

Online Trading Facilities Ease NRI Investments

For non-resident Indians, in particular, the online facility to trade in the Indian markets is a boon. With the markets currently on the lower side and more volatile than a few weeks back, there is the opportunity for the discreet NRI investor to pick on choice stocks to add to his portfolio. To assist him in doing this more easily and with greater control, we have an increasing number of brokerage houses adding new online trading facilities. In the past weeks, ICICIdirect and Geojit BNP Paribas, two leading retail stock brokers with a sizeable presence in the Gulf, have joined the fray. ICICIdirect launched its new online trading platform ‘TradeRacer followed by Geojit BNP Paribas which launched its enhanced online trading platform ‘FLIP’ (Financial Investment Platform).

The platform is available free of cost for its existing customers while brokerage charges remain the same at 0.3 percent for a delivery. FLIP is already available in stock exchanges of Saudi Arabia and Oman. Developed by Geojit Technologies (P) Ltd, a subsidiary of Geojit BNP Paribas, ‘FLIP’ provides features similar to ICICIdirect’s TradeRacer like alerts, research reports, intra-day charts, technical analysis, third party news, customised interface and a mobile edition called FLIP-Me. Both mobile integration options are available through low bandwidth GPRS-enabled mobile phones. Read More »

Badal Encourages NRIs to Invest in Punjab

While urging the NRI Punjabis to undertake development projects in villages and the cities of the state, Chief Minister Parkash Singh Badal today said that the state government would bear 70% of the cost of such projects. The Chief Minster said this while inaugurating the state’s biggest senior citizens home, which has been built on a 19-acre land by NRI Anil Kumar Monga. He stressed that NRIs should focus more on improving the infrastructure of the villages and bring about other changes to modernize the villages while assuring that the state will put in its share in such projects. He added, “NRIs should also focus on opening skilled centres in various parts of the state to address the problem of unemployment. The state will give land free of cost in such projects and even a part can also be added as a share in making of that centre. The youth can hence get training from such centres and can get jobs in factories and other places. This will also help Punjab industry to address the problem of labour shortage.”

The senior citizens’ home, named as “Heavenly homes” is a 650-room project, out of which 400 have already been made. The senior citizens’ home will be having an auditorium for watching movie or some other programmes, a swimming pool, steam cooking centre, 24 hours water and power supply, 24 hours room service and much more, said Monga. This project is a part of the Dream and Beauty Charitable Trust set up Monga in year 1995. “Here, senior citizens can get all those facilties which they can not get at home and they can also enjoy with their group. So the idea is to enable them have a good time with better facilities. It has been made as per the global standards,” Monga said. Read More »

NRI Shock for Banks and Real Estate Firms

Apart from biting cold weather of the capital, lack of enthusiasm among overseas Indians to buy properties in India has further dampened spirits of some of the realty firms, as well as around half a dozen banks, which put up impressive stalls outside the venue of the recently concluded Pravasi Bhartiya Divas (PBD) at Vigyan Bhavan. Of course, realty firms were trying to woo the ‘pravasis’ to buy their products while banks were ready to clear their home loans, then and there. But, both got a rude shock. In a way, it was a departure from earlier PBD meets when a large number of NRIs used to book their properties in various parts of the country.

So, what went wrong this time round; why aren’t the NRIs taking any interests in the upcoming projects of realty firms? Are they facing a financial crunch? After taking to several NRIs at the meet, one thing has clearly emerged, that a reallife version of “Khosla ka ghosla” is being played out with an increasing number of NRIs. A furious Naresh Chopra, a NRI from America, said that he had booked one flat in Gurgaon in a project of a very well-known realty player. He had also been paying whatever money the realty firm was asking of him. Despite that, there was no progress on the project. Read More »

Real Estate Firms Concerned Over Lack of NRI Investment

Apart from biting cold weather of the capital, lack of enthusiasm among overseas Indians to buy properties in India has further dampened spirits of some of the realty firms, as well as around half a dozen banks, which put up impressive stalls outside the venue of the recently concluded Pravasi Bhartiya Divas (PBD) at Vigyan Bhavan. Of course, realty firms were trying to woo the ‘pravasis’ to buy their products while banks were ready to clear their home loans, then and there. But, both got a rude shock. In a way, it was a departure from earlier PBD meets when a large number of NRIs used to book their properties in various parts of the country.

So, what went wrong this time round; why aren’t the NRIs taking any interests in the upcoming projects of realty firms? Are they facing a financial crunch? After taking to several NRIs at the meet, one thing has clearly emerged - that a reallife version of “Khosla ka ghosla” is being played out with an increasing number of NRIs. A furious Naresh Chopra, a NRI from America, said that he had booked one flat in Gurgaon in a project of a very well-known realty player. He had also been paying whatever money the realty firm was asking of him. Despite that, there was no progress on the project. The realty firm failed to deliver the flat to him, which they promised to hand over almost a year ago. While narrating his tale, he also said he would take up this matter with Vayalar Ravi, overseas Indian affairs minister. Read More »

Prime Minister Urges NRIs to take a Look at Long Term Investment Opportunities

The Prime Minister, Dr Manmohan Singh, on Friday urged overseas Indians to take a careful look at the long-term investment opportunities now on the horizon pointing out that the Government is optimistic of returning to and sustaining annual growth rate of 9-10 per cent in the next couple of years. “India today is one of the top investment destinations. Economic opportunities are expanding everywhere. Overseas Indians while being good savers tend to be somewhat conservative investors.

“Most remittances are placed in bank deposits. Foreign Direct Investment in India by overseas Indians is low and far short of potential,” the Prime Minister said while inaugurating the Eighth Pravasi Bharatiya Diwas. The Prime Minister said that the country seeks the `active’ involvement of overseas Indians community in accelerating the pace of economic and social development. The event has been jointly organised by the Ministry of Overseas Indians, Government of Delhi and Confederation of Indian Industry. Read More »

NRI cell to be set up in Madhya Pradesh to Facilitate NRI Investment

Madhya Pradesh Chief Minister Shivraj Singh Chouhan on Tuesday said that a NRI cell would be set up in the state to facilitate setting up of industrial units by the Non Resident Indians. Speaking at a Pravasi Bhartiya Sammelan, he appealed to NRI’s to invest and set up Industrial Units in the State as it offered the best possible conditions for them.

“Madhya Pradesh has no law and order problem, land is available in plenty and clearances for setting up industrial units can be achieved very fast,” Chouhan said. Earlier, a presentation on the facilities available for NRI investment was shown at the sammelan (conference). Later, talking to reporters, Chouhan said that things with NRIs were right now at the discussion stage and something concrete would be finalised later on.

Investment Problems for Overseas Indians on Home Turf

New Jersey-based Susheela Verma is embroiled in a bitter dispute with her own family members over a 10,000 sq ft property in Gurgaon. “I had invested in the property in 1999 and issued a limited power of attorney to my brother to oversee the construction on the site. My nephew was employed by me with a salary to help with the construction of the house. My investment is a few crores, but since 2006 my brother and his family have taken over illegal possession of my house. And because I don’t live in India they have bribed the local agencies, and I’m not able to get my property back,” she says. There’s hardly anything unusual about this episode, except when you learn that Verma is a lawyer herself.

“The local police and courts have not helped me in any way even though I have approached them and since I have a law practice in the US, I can’t spend too much of time here fighting against my own family,” says a desperate Verma. While it is ironic that a legal expert finds herself in this situation, many other prominent overseas Indians too encounter similar problems while investing in Indian property. Read More »

Property Grievances Dominate First Day of Pravasi Bharatiya Divas

A plethora of issues ranging from cheating by builders to complexities involved in succession and inheritance of properties dominated the first day of the annual Pravasi Bharatiya Divas here attended by nearly 1,500 delegates from over 40 countries. Red tape in approval of investment proposals and bottlenecks in acquiring land for projects were also raised strongly by the delegates who called for simplifying procedures to facilitate their involvement in India’s development. A group of non-resident Indians (NRIs) from the U.S., the U.K., Australia and some Gulf countries raised the issue of non-delivery of flats sold to them by Maytas Properties, real estate firm promoted by kin of disgraced Satyam founder B. Ramalinga Raju.

“More than one year has passed but not a single brick moved into Maytas Hill County in Hyderabad. Over 300 NRIs are trapped into this tragedy and the government has done nothing,” said Srinivas Reddy, an NRI from Britain. Assuring the diaspora of all possible help, Overseas Indian Affairs Minister Vayalar Ravi, Corporate Affairs Minister Salman Khursheed and Minister of State for External Affairs Preneet Kaur said the government would address all grievances of the NRIs and the PIOs (Persons of Indian Origin). They were speaking at a conference on property-related disputes of the diaspora community. On the complaint of non-delivery of flats by Maytas, Mr. Khursheed said he was “confident of finding a solution to the problem as soon as possible.” Read More »

PBD Starts Today- NRIs to Probe Expat issues

The largest conference of overseas Indians will begin in New Delhi today. The eighth Pravasi Bharatiya Divas (PBD), which connects 25 million Indian diaspora in 110 countries, will specifically discuss issues relating to Indian expatriates in the Gulf. The annual meeting will also come up with a concrete proposal to end the harassment of NRIs (non-resident Indians) in property-related issues in India. Besides making efforts to attract more NRI investments, the gathering will also discuss fake NRI marriages and labour problems in host countries.

The three-day PBD will be formally inaugurated by Prime Minister Dr Manmohan Singh tomorrow. However, the meeting will begin today with two seminars, including one on “property-related issues.” As many as 1,000 overseas Indians from around the world, including Bahrain, will attend. The event is being organised by the Overseas Indian Affairs (OIA) Ministry in co-ordination with the Confederation of Indian Industries (CII). “Whichever country I go, I get complaints from Indians saying his land or flat was encroached. This is a serious issue which needs to be discussed and remedy found,” OIA Minister Vayalar Ravi told the GDN. Read More »

PBD 2010 to Address NRI Property Grievances

Once again the annual jamboree of diaspora, the Pravasi Bharatiya Divas, is here and once again overseas Indians would expect to be heard by the powers that be. In its eight year now, the PBD has seen its attendance fall to around a fifth of what earlier editions saw. The media quota a senior Foreign Affairs official as reasoning: “The novelty of PBD is fading and there is no magic formula to increase the numbers. We cannot rotate the venue as it is difficult to get government officials to attend the meetings for three full days. Even if we invite the Union Home Minister for the function, he cannot stay more than a few hours. Last time, we got around 1,000 people since it was held in Chennai.”

That could be one explanation. However, it is more likely most NRIs have realised that the event is more about ‘Bharat’ than about the ‘Pravasi.’ Repeatedly, representatives of non-resident Indians, particularly those from the Gulf, have attempted to bring to the fore the plight of low-wage earning workers and each time they’ve found the officialdom pre-occupied with the wealthier lot who could park funds in the home state. Let us, therefore, reconcile to that fact and move on. Let us try to look for something for the ‘Pravasi’ in Pravasi Bharatiya Divas. As per the announced plans, it is only the exclusive session on “Property-related issues of NRIs/PIOs” that could be of a little bit of interest to the “Aam NRI.” Read More »