NRI Real Estate

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NRIs may rival MNCs as investors in Indian economy
2007-08-06 11:55:00
The single-largest source of foreign capital into India, non-resident Indian s, may one day become the prime source of investment in the domestic economy. A new report on remittances to India says "NRIs now see India as an investment destination" and are already leaving their mark in real estate and the stockmarket. Muzaffar Chishti of the Migration Policy Institute, author of "The Phenomenal Rise
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Barclays launches NRI Banking Services
2007-07-25 11:47:00
Now NRI customers will be able to visit one of over 50 Barclays branches in and around London and access, among other products, two types of Savings bank accounts: Non-Resident External (NRE) Savings Account, enabling customers to conveniently manage all their basic Rupee transactions in India using their overseas earnings in any foreign currency; Non-Resident Ordinary (NRO) Savings Account,
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Barclays launches NRI Banking Services
2007-07-25 11:47:00
Now NRI customers will be able to visit one of over 50 Barclays branches in and around London and access, among other products, two types of Savings bank accounts: Non-Resident External (NRE) Savings Account, enabling customers to conveniently manage all their basic Rupee transactions in India using their overseas earnings in any foreign currency; Non-Resident Ordinary (NRO) Savings Account,
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THE NRI EYE: Gulf investors bullish on India
2007-07-23 08:21:00
India is fast becoming a favoured investment destination not just for its own diaspora, but also for institutional investors from the Gulf region. The most attractive avenue for major Arab players seems to be real estate. Investment pouring into India’s hot property market from the Gulf region have crossed the $35bn mark, says The Economic Times. The combined value of the various real estate
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THE NRI EYE: Gulf investors bullish on India
2007-07-23 08:21:00
India is fast becoming a favoured investment destination not just for its own diaspora, but also for institutional investors from the Gulf region. The most attractive avenue for major Arab players seems to be real estate.Investment pouring into India’s hot property market from the Gulf region have crossed the $35bn mark, says The Economic Times. The combined value of the various real estate
More About: India , Bullish

Unitech Targets NRI Buyers
2007-07-09 07:23:00
Indian real estate major Unitech Ltd announced its latest multi-million dollar residential complex of luxury villas and penthouses coming up in Noida, targeting non resident Indian (NRI) buyers. For this project Unitech has acquired 347 acres of land for about Rs 17 billion ($420 million) in May 2006. The cost of construction will be about Rs 60 billion, according to company officials."This is

Unitech Targets NRI Buyers
2007-07-09 07:23:00
Indian real estate major Unit ech Ltd announced its latest multi-million dollar residential complex of luxury villas and penthouses coming up in Noida, targeting non resident Indian (NRI) buyers. For this project Unitech has acquired 347 acres of land for about Rs 17 billion ($420 million) in May 2006. The cost of construction will be about Rs 60 billion, according to company officials. "This
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NRIs Keen On Real Estate Investment
2007-07-03 10:59:00
Real estate investment tops the list of queries received by the Overseas Indian Facilitation Centre (OIFC) launched by the government. "We are getting a lot of queries from overseas Indians about investing in property in India," Harish Kirpal of the Confederation of Indian Industry (CII), who is chief executive of OIFC, said. OIFC, a one-stop shop to help overseas Indians invest in India,
More About: Estate , Real Estate , Real Estate Investment , Investment , Real

NRIs Keen On Real Estate Investment
2007-07-03 10:59:00
Real estate investment tops the list of queries received by the Overseas Indian Facilitation Centre (OIFC) launched by the government. "We are getting a lot of queries from overseas Indians about investing in property in India," Harish Kirpal of the Confederation of Indian Industry (CII), who is chief executive of OIFC, said. OIFC, a one-stop shop to help overseas Indians invest in India, was
More About: Estate , Real Estate , Real Estate Investment , Investment , Real

NRI Properties Targets By Land mafia in Delhi
2007-06-27 05:36:00
The “land mafia” in the national capital seems to be turning its attention to non resident Indians (NRIs) whose absence is usually long enough to grab their land and sell it illegally at whopping prices.Four cases of unauthorised occupation of land, known here as land grabbing, that the police are investigating show how rich NRIs, mostly settled in the US and Britain, are falling easy prey to
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NRI Properties Targets By Land mafia in Delhi
2007-06-27 05:36:00
The “land mafia” in the national capital seems to be turning its attention to non resident Indians (NRIs) whose absence is usually long enough to grab their land and sell it illegally at whopping prices.Four cases of unauthorised occupation of land, known here as land grabbing, that the police are investigating show how rich NRIs, mostly settled in the US and Britain, are falling easy prey to
More About: Delhi , Mafia , Land , Properties , Prop

NRI Queries Related to Tax Rules
2007-06-20 11:14:00
Q1) What kind of tax rules have been advised for NRIs?Ans: Tax rules for NRIs related to property transactions can be enlisted as follows:Purchase of Property- No taxes are needed while purchasing a property.Sale of Property - Certain taxes are payable while selling a property.Renting Property - PAN card is necessary at the time of letting a property on rent.Q2) Under what circumstances an NRI is
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NRI Queries Related to Tax Rules
2007-06-20 11:14:00
Q1) What kind of tax rules have been advised for NRIs? Ans: Tax rules for NRIs related to property transactions can be enlisted as follows: Purchase of Property- No taxes are needed while purchasing a property.Sale of Property - Certain taxes are payable while selling a property.Renting Property - PAN card is necessary at the time of letting a property on rent. Q2) Under what circumstances an
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South Indian Bank Targets More NRI Money
2007-06-19 12:59:00
The Thrissur-based South Indian Bank is tapping other foreign exchange houses for boosting its foreign currency inflows.About 30 per cent of its NRI customers are from West Asia, and the bank caters to them through the Haadi Express Exchange exclusively through its staff in Dubai and Sharjah.“The bank is offering the fastest and the cheapest money transfer facility. Money is transferred within 30
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South Indian Bank Targets More NRI Money
2007-06-19 12:59:00
The Thrissur-based South Indian Bank is tapping other foreign exchange houses for boosting its foreign currency inflows. About 30 per cent of its NRI customers are from West Asia, and the bank caters to them through the Haadi Express Exchange exclusively through its staff in Dubai and Sharjah. “The bank is offering the fastest and the cheapest money transfer facility. Money is transferred
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Exclusive Industrial Parks For NRI Investors in Kerala
2007-06-14 08:11:00
The Kerala government unveiled an action plan on 13 June to convert the state into a favoured investment destination by promoting public-private partnership in infrastructure development and offering to set up exclusive industrial parks for NRI investors. While the policy speaks about setting up product-specific special economic zones, industries minister Elamaram Kareem told reporters that in a
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Exclusive Industrial Parks For NRI Investors in Kerala
2007-06-14 08:11:00
The Kerala government unveiled an action plan on 13 June to convert the state into a favoured investment destination by promoting public-private partnership in infrastructure development and offering to set up exclusive industrial parks for NRI investors.While the policy speaks about setting up product-specific special economic zones, industries minister Elamaram Kareem told reporters that in a
More About: Exclusive , Industrial

First Click For NRI Investors
2007-06-12 07:58:00
When an NRI wants to invest in India, what is his first step? Look for opportunities in India through different government bodies promised as 'a one-stop shop'. As if all the existing bodies to attract investment were not enough, the ministry for overseas Indians launched a new one last week - the Overseas Indian Facilitation Centre (OIFC). Exploring on the Net, the NRI will come up with many
More About: Click , Investors

Govt Draws Plan To Encourage NRI Investments
2007-06-08 11:15:00
India has chalked out a plan which involves setting up of a diaspora knowledge network, an investment unit and a research foundation to encourage NRIs to invest and participate in the economic development of the country. Under the plan, the Government would set up an Indian Diaspora Knowledge Network to share knowledge of Indians living abroad for mutual benefit, an Overseas Indian Investment
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Process Of Investment in India For NRIs
2007-06-07 10:05:00
When India looks for investments in various sectors, among others, it turns to the NRIs, the case in point being Resurgent India Bonds. The process of investment into India has progressively been made simpler and in many cases, no permission from the RBI is needed before investing in India. However, before we discuss the actual process of investment for the NRIs, let us look at some of the
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NRIs May Face 3 Year Pre-IPO Realty Lock-In
2007-06-05 07:52:00
The government is planning to plug another potential source of foreign funds for the real estate sector. Non-resident Indians planning to invest in real estate projects ahead of initial public offers could face a three-year lock-in along with foreign institutional investors (FIIs). The government is planning to introduce a lock-in for pre-IPO FII investors in realty companies in bid to prevent a
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NRI Remittances Keep CAD Within Limits
2007-05-30 11:40:00
The Reserve Bank has discarded the fears that India's current account deficit (CAD) would contribute to global imbalances, saying it is presently 1.7 percent despite a trade deficit of close to seven percent due to remittances from Indians working abroad. Remi ttances provide an in-built cushion to balance of payments and help keep the cad within sustainable limits, RBI Governor Y V Reddy said,
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NRI Deposits Fail To Pick Up Despite Rising Rupee
2007-05-28 10:17:00
NRIs park their foreign currency savings in either the non-resident (external) rupee accounts (NR(E)RA) and the foreign currency non-resident (bank) accounts (FCNR(B)). Of these, the FCNR (B) deposits do not involve any exchange-related arbitrage since the accounts are denominated in foreign currency. A rising rupee appears to have failed to catch the attention of NRIs. A stronger rupee gives
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ICICI Bank hikes interest rates on NRI deposits
2007-05-25 05:57:00
Largest private sector bank of the country ICICI Bank on Thursday revised upwards intrest rates on deposits of Non Resident Indians (NRIs). As per the revised rates, the Non Resident External (NRE) Fixed deposits of maturity period 12 months to less than 18 months, 18 months to less than 24 months, 24 months to less than 36 months will all attract interest rate of 6.43 per cent. For deposits of
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Fund Infusion into Pune Real Estate
2007-05-24 09:01:00
Real estate Pune is on a roll, with real estate mutual funds and private equity investors investing in various projects in the city. The latest investment comes from the HDFC Real Estate Fund which has purchased a 10% stake in Pune’s leading real estate firm Paranjape Schemes. Worth Rs. 75 crore, the funds would be utilised by Paranjape for their upcoming real estate projects in Pune. The
More About: Real Estate , Real

HSBC Introduces New Banking Solution for NRIs
2007-05-04 10:22:00
HSBC announced today a new banking solution for global Non-Resident Indians (NRIs)। The comprehensive solution allows the NRI community to conduct cross-border banking transactions and choose from a variety of tailored US and Indian deposit, mortgage and investment products.In addition to helping NRIs better facilitate their banking transactions in the US and India, the solution also offers the following benefits:Assistance in account opening with HSBC India(a) while in the US, and assistance in account opening with HSBC USA, while in India।FastCheque - Free remittances to HSBC India from the US, at competitive exchange rates, by USD checks।FastClick – Free remittances from the US to India through internet banking, whereby customers banking with both HSBC USA and HSBC India can remit monies to their NRI Accounts held with HSBC India, in a speedy and convenient manner।Assistance in choosing from a wide array of HSBC USA personal and commercial productsAssistance in choosing...
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ECB & NRI deposits: Half the outstanding external debt
2007-05-03 07:43:00
If the Reserve Bank of India took measures in the past months to curb internal liquidity in order to check inflation, it has now taken measures to reduce the flow of external funds to strengthen its effort। In its latest annual monetary policy statement presented last Tuesday, the central bank has sought to discourage capital inflows by slashing rates on NRE and FCNR deposits. The bank has also taken measure to reduce the existing liquidity by enhancing the prepayment limit of external commercial borrowings (ECBs)। Prepayment of ECBs up to $400 million is now allowed against $300 million earlier by authorised dealer banks without prior approval of RBI, subject to compliance with stipulated minimum average maturity period as applicable to loans. These measures may have come at a time when the priority of the bank is to curb liquidity in order to check inflation, but what is significant is that they would play a big role in reducing the country’s external liabilities also। The...
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RBI revises priority sector lending norms for banks
2007-05-02 11:35:00
Mumbai: The Reserve Bank of India (RBI) has revised the lending norms for priority sector, allowing banks to include direct finance to corporates for agriculture and allied activity of up to Rs1 crore as priority sector (PSL) exposure as against the earlier limit of Rs20 lakh.Home loans up to Rs20 lakh (excluding loans granted to by banks to their own employees), will also now qualify to be classified under priority sector advances compared to the earlier limit of Rs15 lakh।Besides, loans given for repairs to damaged houses of families up to Rs1 lakh in rural and semi-urban areas and up to Rs2 lakh in urban and metropolitan areas would also be included as priority sector advances, it said।The central bank, while maintaining the overall priority sector lending limit to 40 per cent, has also increased the lending cap for educational loans to Rs10 lakh for studies in India and Rs20 lakh for studies abroad. Earlier, the limits were Rs7.5 lakh and Rs15 lakh respectively."Only those s...
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NRI deposits in Kerala banks on a high
2007-04-30 12:29:00
NRI deposits in Kerala banks touched a new high of Rs 329 billion on Dec 31, 2006.NRI deposits in 3,539 branches of various banks grew from Rs 288 billion in December 2005 to Rs 329 billion, constituting 38।42 per cent of all deposits in the state's banks, said figures released at a bankers' committee meet in Thiruvananthapuram on Tuesday.Details of the NRI deposits show that the State Bank group leads the pack with a total of Rs 124 billion, followed by private sector banks with Rs 101 billion। Then come nationalised banks with Rs 97 billion.The State Bank of Travancore, Kerala's own bank, leads all other banks with a record Rs 81 billion। Among private sector banks, the Federal Bank leads with Rs 48 billion.Kerala has a record two million Keralites working abroad, of which close to 85 per cent are in the Middle East.
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Central Bank has Reduced the Ceiling on NRI Deposits
2007-04-25 12:30:00
Non-resident Indians (NRI) will now have to settle for lower returns from their deposits in India। The central bank has reduced the ceiling on NRI deposits - FCNR (B) and NRE - by 50 basis points, making these deposits less attractive for investors. The downward revision in the cap on interest rates comes in the wake of large capital flows into the country.At present, the interest rate ceiling on FCNR (B) deposits is fixed at London Inter Bank Offered Rate (Libor) minus 25 basis points for all maturities। Now, this will be Libor minus 75 basis points.For NRE deposits, where the depositor takes the exchange rate risk due to the conversion of the funds into rupees, the interest rate ceiling has been brought down to Libor। Earlier, the ceiling was not to exceed 50 basis points above Libor."These measures should result in smaller net inflows and help stabilise the rupee in the medium term,'' said Romesh Sobti, country executive, India ABN Amro Bank।RBI's decision is expected ...
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