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

Global attention turns toward Indian Real Estate Market

Cushman & Wakefield, one of the world’s largest property consultancy firms, said the real estate downturn in the US could continue and that India, China and the Middle-East will become even more attractive as these markets offer huge opportunities for investment.

The US-based property consultant also said that more financial institutions in the US and Europe are likely to face financial problems in the coming weeks. Read More »

Luxury Market for NRIS and HNIS, a New Opportunity for Real Estate Developers

As home sales continue to dip, real estate developers are tapping the luxury home segment by targeting non-resident Indians and high net worth individuals keen on buying that exclusive villa in India. The move also seems to be backed by pure market play as demand in the luxury home segment is growing sharply, bucking the trend seen in other areas of the industry where exposure to high-risk borrowers has tightened loan flow from banks.

Real estate players whom ET spoke to said these ‘nouveau riche’ were now moving up the chain and extending their possessions to luxury homes with ultra sophisticated amenities like personal swimming pools, jogging tracks, health clubs and personal gardens. Read More »

Spirituality drives India’s Realty Industry

Spirituality, one can say has emerged as a major factor driving India’s $15 billion realty industry that is growing at 35 per cent per annum.

Religious tourism is pushing the realty industry’s growth in destinations like Vrindavan, Mathura, Haridwar, Ajmer, Amritsar, Tirupati and Nasik - cities on the fast track and emerging hot spots for real estate developers.

“Religious towns have good growth prospects. They are witnessing more than 45 per cent annual rise in property prices against the average 25-35 per cent in Tier II cities,” says Vipin Agarwal, executive director, Omaxe Developers. Read More »

Indian Real Estate Boom Lures Foreign Investors

The real estate market in India is worth about $12 billion and is growing at about 30 percent a year, Ernst & Young said in a report last month commissioned by the Federation of Indian Chambers of Commerce and Industry. Rising incomes, easy financing and population growth are driving demand for housing and luring overseas investors.

India will have at least 50 property-related initial public offerings in the next year as the real estate industry booms, according to Anish Jhaveri, the head of equity sales at HSBC Holdings in India. “With the opening of the real estate sector, there’s a lot of need for funds,” Jhaveri said in a recent interview in Hong Kong. “The government has been giving very proactive support to the whole sector.” Read More »

LIC Housing to launch Rs 3.5 bn fund

Life Insurance Corporation Housing Finance (LICHF) is set to launch a new venture capital fund for realty projects.

The size of the fund, which is awaiting regulator approval, is likely to be Rs 3-3.5 billion. LICHF`s new realty fund is expected to invest in residential projects. LICHF had taken a 5% stake valued at Rs 75 million in the new Rs 1.5-billion credit card arm of LIC, which is likely to begin operations in six months.

As part of its overseas expansion plans, LICHF will open a new office in Singapore. Currently, it has branches in Dubai and Kuwait. Meanwhile, LICHF Care Homes, a subsidiary of LICHF, is planning to open residential units for senior citizens in Punjab, Orissa, Kerala and West Bengal. The first project was unveiled in Bangalore. Read More »

NRI Plans Mega Hotel Projects in Punjab

US based NRI, Sant Singh Chatwal, a close ally of the Clinton family, plans to convert the historic Gobindgarh fort at Amritsar into a seven-star hotel.

Speaking on his plans to convert the Gobindgarh fort into a 7-star hotel which will also have a museum, Chatwal said that the amount of non-resident Indians as well as foreigners vising Amritsar is massive because of the Golden Temple but unfortunately the city still does not has a world class hotel.

Chatwal has already discussed the subject with Punjab Chief Minister Prakash Singh Badal and claims that he was quite positive about it. However, a formal descision is yet to come on the proposal. Apart from the Gobindgarh fort, Chatwal’s Hampshire Hotels & Resorts is looking at other projects too in the state, for which it has set aside Rs 1,500-2,000 crore. This includes a business hotel in Ludhiana, Punjab’s leading industrial township, and another seven-star hotel in Mohali, close to Chandigarh. Read More »

NRI Investments in Real Estate Stocks

NRIs are being bullish on parking funds they inherit in India into stocks and are least interested in taking money out of the country.

For the past few years, NRIs have been seen selling their ancestral land or any other property acquired in India followed by bringing the money abroad. Also, they preferred to save the money in banks.  However, the trend has been changing now.

Contrary to earlier scenario, NRIs are largely investing in IPOs and buying shares from the secondary market. Such investments are believed to have increased from $362 million in 2000-01 to $6.3 billion in March 2007. Read More »

Land Mafia Making Money on NRI Land

The land mafia in the national capital is inclining towards Non Resident Indians (NRIs) who buy land in India but don’t ponder upon to take care of it, a fact which is enough for such gangs to grab their land and sell it illegally at high prices.

NRIs are increasingly falling prey to the land mafia. However, the Delhi police officials are looking into the matter. Usually, a bunch of treacherous real estate agents form a well organized network to keep an eye over the lands and properties of NRIs who invest in India but hardly visit. Read More »

HSBC Offers New Banking Solutions for NRIs

With an increase in banking transactions between India and the US, HSBC Bank unveils new breakthrough solutions for Non resident Indians (NRIs) to smoothen out banking transactions for them.

In addition to providing a variety of US and Indian deposits, mortgage and investment products, the new products also include a series of benefits for NRIs to make cross-border transaction easier. Read More »

NRIs Pushing Real Estate in Nagpur

The intense demand for residential and commercial properties coupled with the high buying power of NRI’s is pushing up prices beyond a reasonable limit in Nagpur. Property developers in the city are making hard cash in the wake of number of real estate deals that are waiting to be struck soon.

Property market in Nagpur is hot with prices shooting through the roof and the interest of NRIs enables the city to take greater strides in the sector. Within the industry, such periods seldom come and are supposed to be the ideal time to cash upon, says a leading real estate agent in Nagpur. Read More »