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

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 »

NRIs Bullish on Indian Real Estate

Non Resident Indians (NRIs) are much interested in investing in real estate over any other investment options. The underlying reason for such an interest is high returns. Around $600 million may have come through such investments in the last calendar year alone.

The law firms boast of receiving five or six enquiry calls every week, mostly from NRI who want to park their fund in real estate development in India. Read More »

RBI freezes loans against NRE deposits

The Reserve Bank of India has issued instructions to member banks forbidding them from issuing loans against NRE and FCNR (B) deposits to non-resident Indians. The bank has also introduced measures to limit liquidity by reducing the rates of NRE and FCNR deposits.

This move comes in the wake of loans against NRE deposits being directed towards speculative investment in the stock market and real estate. Read More »

NRIs Woo Real Estate in India

NRIs wanting to park their funds in India are taking the real estate market seriously enough to form informal groups to back select projects. This is the latest trend observed in the Indian realty market, and nobody’s complaining.

NRIs tend to invest in residential properties in India, preferably in their native towns or cities where their relatives and friends can supervise such projects. However, funds are now being put into some commercially viable projects as well, such as malls, hotels and office complexes. Around $600 million has poured in from such investments in the last one year, with a single investment from a group averaging between $10 to 15 million. Read More »

NRIs can cash out of Indian real estate

Non-resident Indians with wealth stuck in real estate in India have reason to rejoice. They can now not only cash out on the property they hold in India but have also been provided an incentive to invest in real estate.

This has been made possible by the Reserve Bank of India allowing NRIs to remit the proceeds from the sale of immovable property. The RBI has lifted the 10-year lock-in as a step towards further liberalisation of the capital account. Read More »

NRIs: Buying a home in India made easy

In recent years, India has been witnessing unprecedented growth in the real estate sector fueled by the increased business activity. Real estate development in India is estimated at USD 12 billion and growing at 30% every year. Though all segments of real estate business such as corporate, retail and residential have been driving this growth, investment in residential property itself constitutes 80% of this sector.

Non-resident Indians (NRIs) are one of the key contributors to the growth of the real estate industry and considering the immense potential in India, they are likely to step-up the investment in future. In this article, senior tax professionals with Ernst & Young - Gaurav Taneja and Rajesh S provide an overview of the key exchange control and tax implications that should be considered by NRIs while investing in house property in India. Read More »