Pinnacle

What are the possible reasons that the NRI's here are looking to invest ?
Capital Appreciation ?
A Back up home ?
An Asset to fall back on ?
Read on....


CASHING IN ON NOSTALGIA
S. Satyanarayanan
The Tribune

As the country’s economy booms and continues to maintain a steady 8 per cent GDP growth, non-resident Indians (NRIs) are looking towards India for investments. A home in the land of their birth or parents is always the first option for them.

Many real estate developers have come out with plans to meet this specific aspiration of the NRIs, who want to experience the living standards of Europe and US, yet feel the warmth and hospitality of their motherland.

The builders are focusing on Punjab and Haryana in North for setting up such projects as a large number of NRIs in this part of the country belong to these two states. Geographically, too, they are closer to the national Capital.

In Punjab, there is immense potential and a huge percentage of property is bought by the NRIs, who want to have a good and secure property after earning money in Europe or Gulf, says L N Goel, chairperson of Suncity Projects.

Suncity Projects, a leading real estate developer, in association with Santur Projects Private Limited is launching their luxury housing project in Panchkula with an investment of Rs 600 crore.

“Located in Sector 20, the housing project has been conceptualised to offer a global lifestyle environment,” Goel says.

Spread over 25 acres of lush greens, the project will offer flats and penthouses in varying sizes, ranging from 1,850 sq feet in non-AC and 2150 to 6,300 sq feet in AC options. It will also have an exclusive club, sports complexes, mini-gym, primary school etc., he says.

Goel feels that the response to this project from the NRIs is bound to be good as it is located just 6 km from the airport and 8 km from the railway station, 3 km from Panchkula IT Park and 9 km from Chandigarh IT Park.

“As the IT industry is shifting its focus to Punjab, top executives of MNCs want to set up their own base and hence a huge demand for high-end luxury apartments,” he said.

On the other hand, real estate developers like Parasvanath Developers Limited, are also trying to cash in on the sentiments of NRIs from the region.

“Every Punjabi NRI is keen to own flat or apartments in the state, so we are conceptualising properties which suit their requirements as well as have international standards,” P K Jain, adviser to Parasvanath Developers Limited said.

Priya

With high proliferation of business activities, India has certainly undergone a paradigm shift owing to its definite competitive niche in the real estate sector. Growing at 30% each year, Indian realty market features a price tag of $12 billion. Key factors boosting such a great growth rate includes corporate retail and investment in residential property.

Over the past few years, NRIs have played a crucial role in transforming the Indian real estate market. Opening-up of the Indian economy offer them the new prospects which encouraged them to show a great deal of confidence in the changed set up.

There is a growing buzz about the Indian Government simplifying the process of investments by NRIs in residential property. Now, they will not need any kind of approval either from NRE Account, FCNR account or NRO rupee account. The frequent rental income earned on letting out of property is also freely repatriable.

Indeed, the income tax on house property income in India would depend on whether the property is kept free or let out.

Can all NRI frnz now have the comfortable feeling to have stood on their own ground without any nuisance???