Owner: NRI Real Estate URL:http://nri-realestate.blogspot.com/ Join Date: Fri, 30 Mar 2007 05:41:50 -0500 Rating:0 Site Description: NRI Real Estate Investment, Taxation, Finance and other latest rules, Informations. Site statistics:Click here
THE NR EYE: Real estate investments beckon NRIs 2007-04-18 10:14:00 The hike in interest rates by the Reserve Bank of India, the ongoing regulatory reforms by the government and enhanced liquidity place non-resident Indians in a very good position to park their excess funds in property back home।These factors, coupled with the phenomenal growth pattern currently being experienced by the real estate market in India, have not gone unnoticed on the real estate companies which have high expectations of overseas Indians।India’s FDI climbed to a record-breaking $11।2bn in 2006, a 155 per cent year-on-year increase. Reformed real estate investment regulations for Non-Resident Indians (NRIs) and more crucially foreign investors have provided the impetus to drive the value of the Indian real estate market towards $50bn by 2010.In 2005, the Indian government announced that FDI in the real estate sector was permitted through the ‘automatic route’, in other words without requiring additional ministerial approvals, streamlining the investment process।
Banks Seek Hike in FII, NRI Cap in Hybrid Capital 2007-04-20 05:49:00 Banks have asked the Reserve Bank of India (RBI) to review the ceiling on investment by foreign institutional investors (FIIs) and non-resident Indians (NRIs) in perpetual debt and debt capital instruments (hybrid capital)।According to RBI guidelines, investment in these instruments by FIIs and NRIs are to be within an overall limit of 49 per cent and 24 per cent of the issue। Investment by a single FII and NRI was capped at 10 per cent and 5 per cent of the issue.This demand was made to the RBI Governor Y V Reddy by a delegation of bankers, including K V Kamath, managing director and chief executive officer,ICICI Bank, V P Shetty, chairman and managing director (CMD), IDBI Ltd, A K Khandelwal, CMD, Bank of Baroda, P J Nayak, CMD, UTI Bank, and Sanjay Nayar, chief executive officer, Citibank, India।In January, 2006 the RBI had permitted banks to raise capital through additional instruments popularly known as hybrid instruments। This was to let banks shore up their capital in th Read more:Hybrid
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 to Read more:Central
, Ceiling
NRI deposits in Kerala banks on a high 2007-04-30 12:29:00 NRI deposits
in Keralabanks
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.
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 ou Read more:outstanding
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 prioritysector
, 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 sect
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 fr Read more:Solution
ICICI opens office in Qatar 2007-05-07 11:26:00 ICICI bank has inaugurated its branch in Doha, the first by an Indian bank in Qatar
.India's second largest bank and the country biggest private money-lender opened its office
at the Qatar Financial Centre yesterday।The bank has a strong presence in the region। It had set up the Dubai representative office in October 2003. The bank enhanced its presence in Dubai by setting up a wealth management branch in the Dubai International Financial Centre (DIFC) in December 2005.Operations at the Bahrain offshore banking unit commenced in October 2004 following the granting of license from the Bahrain Monetary Agency with a special permission to provide NRI banking services।K V Kamath, Managing Director and Chief Executive Officer, told reporters that the Doha branch is the 18th outside India।"This is a part of our focus to build up our international presence," he was quoted as saying in Peninsula newspaper।The bank is targeting non-resident Indians (NRIs) and Indian businesses। The Read more:ICICI
NRI's not eligible for OCI certificate: Minister 2007-05-10 10:08:00 Non-Resident Indians are not eligible
for grant of Overseas Citizens of India (OCI) registration as they are Indian Citizens, the Minister
of State for Home Sriprakash Jaiswal informed the Rajya Sabha today.
In a written reply, he said the category of persons who are eligible for OCI registration as provided in Section 7A of Citizenship Act, 1955 are the ones who are citizens of another country
National Bank of Dubai teams up with India's HDFC Bank to offer non-resident Indian (NRI) services 2007-01-12 10:02:00 National Bank of Dubai
today announced its partnership with HDFC Bank, one of India
's premier banks to help conduct their banking transactions in UAE and in India, in a seamless and cost-efficient manner.
Under the umbrella brand of NBD-HDFC Bank NRI Services, the partnership will offer a series of banking products and services such as joint account facilities, remittances, wealth management
Read more:National
, teams
Real estate will see consolidation: Subramanian 2006-12-21 11:56:00 Head Investment Banking at ENAM, Dr Srinivas Subramanian opines that organized developers are just coming into play and he feels that the markets are going to undergo a complete transformation in the next five years, reports CNBC-TV18.
He believes that the growth opportunites in the real estate sector are significant and stresses on the fact that we should look at companies not from the NAV
Blair Questioned by the Scotland Yard on Peerage to NRI Businessmen 2006-12-19 10:54:00 British Prime Minister Tony Blair
was questioned by the Scotland
Yard as part of an ongoing inquiry into charges that peerages had been offered on sale to four leading businessmen, include two of Indian origin.
This is the first time in the history of British parliamentary politics that the police have knocked on the doors of a serving prime minister at 10, Downing Street. The two-hour police
Special Cell for Non-Resident Indians by Punjab Police 2006-12-11 12:15:00 Non-ResidentIndians
(NRIs) cheated back home or involved in a dispute over property or even marriage, are just a phone call or an e-mail away from relief. All they have to do is to contact the NRI cell of the Punjab Police
. Lodging a complaint is a simple process. Recently, the Cell started a NRI Radio helpline to handle grievances of Canada-based NRis. “We have a live programme with Radio in
Read more:Special
A New Overseas Indians Investments Policy 2006-11-30 12:09:00 Government of India has released a new Investment Policy
as on Thursday, November 30, 2006 Apparent in its site http://pib.nic.in
[Via - Press Information Bureau (Ministry of Overseas Indian Affairs, Government of India)]
Government has put in place a liberal and transparent policy for investment from overseas Indians
. Most of the sectors are open to Foreign Direct Investment (FDI) under the
Read more:Investments
NRIs to Press US Cong on Indo-US N-deal 2006-11-29 05:20:00 NRIs in United States stands united to urge India and US, the two world's largest democracies for a unique partnership in Nuclear-Deal that US Congress seems to apprehensive or so.
A broad coalition of groups representing the Indian American community, including some prominent members, would press lawmakers here to ratify legislation on the civilian nuclear energy agreement between the US and
Read more:Press
NRIs: Buying a home in India made easy 2006-11-22 11:48:00 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 $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, NRI investment in residential property itself
Read more:Buying
India's compelling success story 2006-11-04 10:08:00 India is expected to add more wealth in the next 10 years than it has in the last 50 years!" That statement came out of an HSBC presentation made at a Dubai meeting some months ago to persuade more equity investment into India.
India remains a compelling investment story
. So it was no surprise really when the country's main benchmark share index hit a new record last week.
India is already the
Read more:India
Rs 850-cr township comes up in Kerala 2007-05-14 08:52:00 n a bid to capitalise on the NRI investments as well as the gold trade that together drive Thrissur's local economy, Bangalore-based real estate developers Sobha Developers launched one of the largest fully integrated townships in Kerala
on Saturday.
Called Sobha City, the 55-acre township is being built at an investment of Rs 850 crore. The township, covering 3 million sq ft will be built
Read more:comes
NRIs Fuel Realty Boom in Nagpur 2007-05-16 08:33:00 Twenty-five-year-old Manish Vinchukar has no time for himself these days. The deals are waiting to be struck, and the property dealer is on the bandwagon to make money. Nagpur's realty market is hot with prices shooting through the roof.
Next month, Manish is set to fly to Dubai to make a presentation on Nagpur realty - and he's sure to get a good response from the Indians working there. "They
Read more:Realty
NRI Ties Up With London Firm For Mini-Townships 2007-05-15 06:39:00 Foreign investment in the booming real estate sector of West Bengal gets a boost with a London-based company joining hands with an NRI entrepreneur to invest $20 million in two mini-townships here.
London-based REIT Asset Management, which plans to create $1 billion assets in India in the next three years, has tied up with Eden Realty Ventures Private Limited, led by US-based Indrajit De, to set
Sahara Care House Offers to 'Share' NRI Responsibilities 2007-05-18 08:46:00 Sahara India Pariwar, the Lucknow, U.P.-based conglomerate that owns the commercial airline Air Sahara, announced last week that it will launch its Sahara Care House
service for NRIs living in the U.S. The service will allow Indian Americans to take care of relatives and manage property in India through "relationship ambassadors," who are on call 24 hours a day.
Sahara India Pariwar founder
Read more:Sahara
, Offers
, Share
NRIs and IT Drive Property 2007-05-21 03:14:00 Until a few years back the banyan city, Vadodara, hardly figured on the list of hot real-estate destinations. Land, commercial and residential property was easily available at highly affordable rates. But in recent years, the huge inflow of industrial investment from across sectors and growing interest of real estate developers, retailers and IT giants in the tier-III cities has put Vadodara on
PAN Cards for NRIs 2007-05-21 02:59:00 Issued by Income Tax Office, PAN is a national identification number, given to all taxpayers of India. Holders can bring this number into use for a number of activities such as opening an account, to get a phone connection, property deals, receiving salary or professional fees. PAN aims at
Read more:Cards
Difference between NRE and NRO Account 2006-12-11 05:09:00 NRE account is a repatriable Rupee account. It can be opened with either funds remitted form abroad or local funds which can be remitted abroad.
NRO account is a non-repatriable Rupee account and can be opened in with funds either remitted from abroad or generated in India, all bank accountsin India for NRIs/ Indians Overseas will be redesigned as NRO Account
s. Amount once
ICICI Bank hikes interest rates on NRI deposits 2007-05-24 22:57:00 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
Fund Infusion into Pune Real Estate 2007-05-24 02:01:00 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
Read more:Real Estate
NRI Deposits Fail To Pick Up Despite Rising Rupee 2007-05-28 03:17:00 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
Read more:Rising
, Rupee
NRI Remittances Keep CAD Within Limits 2007-05-30 04:40:00 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.
Remittances provide an in-built cushion to balance of payments and help keep the cad within sustainable limits, RBI Governor Y V Reddy said,
Read more:Limits
Process Of Investment in India For NRIs 2007-06-07 03:05:00 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
Read more:Process
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