There are many families where the children are working abroad. However, the parents stay back in India. Having made a good amount of money, many of these non-resident Indians (NRIs) and persons of Indian origin (PIO) intend to come back to India later.
Also, they see India as a safe and good investment option. Investing in property here is always a preferable option. But how can they do it? Can they invest in property in India? Are there any restrictions? How can they fund the investment?
First and foremost, thanks to the liberal policies of the government, NRIs and PIOs can purchase property in India. However, one needs to comply with the requirements of the Foreign Exchange Management Act (FEMA). So, if your children are NRIs, they can buy property in India. It could be a residential property or a commercial property.
To add to it, there is no restriction on the number of properties they can purchase in India. Neither you nor they require any Reserve Bank of India (RBI) permission. However, they cannot buy agricultural land, plantation land or a farm house in India.
Funding the purchase
A NRI or PIO can pay either through funds remitted to India from abroad through regular banking channels or out of the balance in their NRE, NRO or FCNR accounts. One can take a loan from a bank to purchase the property. Banks provide housing loans to NRIs to buy a house. The purpose of the loan, margin money and the quantum of loan will be on par with those rules applicable to housing loans to residents.
Repayment of the loan should be made out of inward remittances or out of funds held in the investor's NRE, FCNR or NRO account. It can also be done out of rental income from such property or by the borrower's close relatives in India.
They have to purchase the property by way of a registered conveyance deed. In case the NRI is not present in India at the time of registration, he can execute a power of attorney in favour of someone, who can then execute the documents on his behalf. This person with the power of attorney should preferably be a relative of the NRI, father, brother etc.
The normal processes of registration and stamp duty apply even in such cases. It is advisable to either purchase jointly with a family member resident in India, or to give a power of attorney to some family member who is resident in India to deal o n behalf of the NRI
Las Vegas-based hotel-casino MGM Grand has firmed up plans to check into the hospitality district near the international airport in Delhi.
This will be MGM's first destination in India, and it expects to be ready by early 2014. There won't be any casino here, though.
MGM Grand, with its charac ...
Las Vegas-based hotel-casino MGM Grand has firmed up plans to check into the hospitality district near the international airport in Delhi.
This will be MGM's first destination in India, and it expects to be ready by early 2014. There won't be any casino here, though.
MGM Grand, with its characteristic lion at the entrance, is one of the prominent structures on The Strip, referred to a long stretch in Vegas lined with hotels and casinos on both sides.
The MGM Grand and Skylofts in New Delhi will be part of a dynamic multiple-hotel development in the national capital, MGM (hospitality) vice-president of development-India Rishi Kapoor told Business Standard.
"Groundbreaking on the project is scheduled for this month and MGM Grand New Delhi is expected to welcome its first guests in early 2014," he said.
Replying to a questionnaire sent by this newspaper, a spokesperson of DIAL (Delhi International Airport Ltd) said it had leased land to developers and it was the developers' responsibility to tie-up with hotel operators.
"It is our understanding that one of the developers has tied up with MGM ," the DIAL spokesperson said. DIAL is a consortium led by the GMR Group.
The MGM Grand will offer a variety of accommodations and the full-range of luxury services, according to Kapoor.
"The new hotel will feature approximately 480 MGM Grand guest rooms, along with a number of exclusive Skylofts brand suites and serviced apartments," he said.
Located in The Strip area of Las Vegas, Skylofts is a luxury boutique hotel on the top of MGM Grand. The group describes it as a "private sanctuary tucked within the clouds".
MGM Hospitality has tied up with Silver Resort Hotel India Private Limited (a company promoted by Blue Coast Hotels Limited) for the Delhi project. MGM Hospitality will provide design assistance and operate the hotel under the brand of MGM Grand.
On the future plans of the group, Kapoor said: "The hospitality market in India was one of the most dynamic in the world," and that MGM Hospitality was "engaged in advanced negotiations and discussions for numerous other projects in key locations in the country, including Mumbai, the NCR, Bangalore, Hyderabad, Goa and Jaipur".
It is learnt that MGM Grand was planning a premium hotel with Reliance Industries Ltd [ Get Quote ] and Maker Group in BKC Mumbai. RIL has a big plot in BKC for a hotel and convention centre project.
According to the DIAL spokesperson, the hospitality district near the Delhi airport would be part of an area of 45 acres.
"The entire 45 acres has been leased out, which is for an initial period of 27 years, and can be extended in line with the terms and conditions provided in the concession agreement," he said.
The other hotels that are expected to come up at the district include JW Mariott, Hyatt Andaz and Hyatt Place, Dusit D2, Pride Hotel , Pullman, Red Fox, Lemon Tree, Ibis, Holiday Inn and Novotel. Most of these will open their doors by 2012 and are expected to create over 3,100 rooms across different pricing and categories.
"According to the agreement with the developers, the developers' hotels will have to be ready by 2015," the DIAL spokesperson said.
Currently, as many as 26 million passengers fly in and out of Delhi annually, which is about 70,000 a day. A new terminal (T3) has been built for accommodating 34 million passengers annually and there are plans to expand it to cater to 100 million customers in a year.
Industry experts said there may be some supply-side pressure in the short term of one to three years, but in the long run these rooms, coming up at the hospitality district, will get absorbed.
"It is a very good location in between Gurgaon and Delhi and there is a lot of demand, which hasn't been met," said Sushil Gupta, chairman and managing director of Asian HotelsWest.
The company is developing the JW Marriott property, with a capacity of a little over 500 rooms.
Companies, including budget and mid-market hotel operators, are also adding more rooms to existing hotels and building bigger convention centres to attract more customers.
ITC Hotels Ltd, owned by India's biggest cigarette maker, is building a 600 room hotel in Chennai on 160,000 sq. ft that is s ...
Companies, including budget and mid-market hotel operators, are also adding more rooms to existing hotels and building bigger convention centres to attract more customers.
ITC Hotels Ltd, owned by India's biggest cigarette maker, is building a 600 room hotel in Chennai on 160,000 sq. ft that is slated to open on 1 May, according to its website. The ITC Grand Cholawill have the largest convention centre in the country built on 100,000 sq. ft with a 30,000 sq. ft ballroom. France-based Accor group's Ibis budget hotel chain is building a 465 room hotel at the airport in New Delhi.
Still, the biggest Indian hotels can't match the size of world's largest hotels. Venetian/ Palazzo in Las Vegas, the world's largest hotel, has 8,108 rooms.
India needs 180,133 additional rooms by 2021 to meet demand, according to HVS research.
JW Marriott is building a 525- room hotel in Mumbai and a 510-room hotel in New Delhi. The Hyatt group plans to build a 650 room hotel in Bangalore (Grand Hyatt), 500-room hotel in Gurgaon (Grand Hyatt) and a 500-room hotel in Delhi (Andaz). "The Indian hotel market lacks convention centres to hold large exhibitions or meetings. The government was unable to contribute to this segment where the country can attract a large group of guests. Therefore, hotels have no choice but to build on their own," said Kaushik Vardharajan, managing director, at hospitality consulting firm HVS India.
Vardharajan said it is a safe bet for hotel companies as the meetings, incentives, conventions and exhibitions (MICE) segment is largely an untapped market in India.
"As long as the hotel is located in a major destination, it is a safe investment," he said.
"One thing common about all these big hotels is they are planning significant meeting spare. By doing that, they are creating fresh demand. This will help in growing the overall market," Vardharajan said. "We expect more budget and mid-scale hotels are planning to open big hotels." He did not elaborate.
Rajeev Menon, area vice- president, India, Pakistan, the Maldives and Malaysia, at Marriott International Inc., said large hotels make sense and assure return of investment in the gateway cities, where the demand is continuously growing. "Large hotels in these cities assure captive market for MICE, leisure travel and business travel," said Menon.
Nakul Anand, executive director at ITC, was unavailable for comment about ITC Grand Chola.
Chennai is one of the biggest markets considering trade growth and ITC's Chennai hotel would be the largest stand-alone hotel in the country built with an investment of '1,000 crore, said a hotel consultant, who declined to be named.
However, rating firm ICRA Ltd in March said a globally weak economic scenario, European sovereign debt crisis, geopolitical turmoil in West Asia, high interest rates, inflation and a muted domestic corporate performance during the year to 31 March, 2012 have sapped the hospitality industry's ability to sustain inflation-adjusted average room realizations (ARRs).
With uncertainty continuing to cloud the near term, wavering business and consumer confidence and a sluggish economy, there is no significant trigger for the industry during the next two-three quarters, it said.
"While the immediate term outlook for the industry is subdued and uncertain on account of the clouded global economic environment, ICRA is optimistic on the long-term growth for the industry," said Subrata Ray, senior group vice-president and head, corporate ratings. "The India-centric growth story followed by several of the global hoteliers indicates that the Indian markets continue to be lucrative for new hotels; this is a function of the inherent demand the growing economy is carrying."
The SS Group started giving concrete shape to the building industry, by becoming a provider of land assembly services and made the business truly professional. The group handled the projects for giants such as Ansals, ITC Group, Malibu Towne, and World Trade Center etc. Group planned & developed pos ...
The SS Group started giving concrete shape to the building industry, by becoming a provider of land assembly services and made the business truly professional. The group handled the projects for giants such as Ansals, ITC Group, Malibu Towne, and World Trade Center etc. Group planned & developed posh farm houses with world class landscaping in South Delhi for luxurious living in pollution free environment.
SS Group launches Almeria high end luxury floors at sector 84, Gurgaon starting from 1.2 Cr
Golden Gate Properties Launched Golden Grand an ultra-luxurious, 23 floor residential enclave that representing a new generation of condominium design.
This lush 13-acre expanse of prime real estate will soon be home to 790 beautiful condos including two and three bedroom units ranging from 1400 ...
Golden Gate Properties Launched Golden Grand an ultra-luxurious, 23 floor residential enclave that representing a new generation of condominium design.
This lush 13-acre expanse of prime real estate will soon be home to 790 beautiful condos including two and three bedroom units ranging from 1400 Sft to 1855 Sft. Golden Grand, designed by HOK-USA, America's foremost architecture firm. Each condo has a standalone design, which means that there are no common walls. This unusual design feature combines the practically of an condo with the privacy of an independent home.. Golden Grand, located near Rajajinagar, next to Yeshwantpur Metro Station and close to the World Trade Centre, Sheraton Hotel, Taj Vivanta hotel. This new urban district will be soon home to over 6500 new-age residences, 3 malls, 5 hypermarkets, 3 five-star hotels and next to the finest religious, medical and educational institutions. Golden Grand is one of the most futuristic and eco-friendly residential skyscraper being executed in India today. The design process took seven months, and involved international experts from several different fields, including topography, climatology, environmental sciences, traffic planning, parking, sciography, architecture, structural engineering, civil engineering, landscape architecture, MEP engineering and most importantly human behaviour.
Golden Gate Properties Ltd is a Bangalore based Public Limited Company. It started operations in 1997 and in a short period of time it has emerged as one of the leading developers in South India with its excellent projects of outstanding quality, reliability, affordability and efficient after sales service.
Having successfully completed 9 projects, GGPL has 8 ongoing projects with more than 3000 homes across different price points, in Bangalore, Hyderabad and Mysore. Golden Gate Properties is a closely held public limited company having its registered office at Bangalore. Since its inception in 1997, GGPL has developed about 10,00,000 sft of Residential/Commercial space in Bangalore, Hyderabad and Mysore. In a short span of time, it has achieved a good reputation in the industry. GGPL is having currently 1500 cr worth projects on hand to be completed in next 3 years in Bangalore, Hyderabad and Mysore. GGPL is having another 2500 cr worth projects on drawing board including an IT SEZ and a 10,000 Unit residential project in JV with Housing board.GGPL has a well-trained and dedicated team of Management, Engineers and Marketing Staff.
HOK creates environmentally responsible designs. They are passionate about designing healthy, environmentally friendly buildings that improve our planet's environmental condition. By designing solutions that limit resource consumption, improve building performance, and promote health and productivity, HOK is leading the way toward an increasingly sustainable future. HOK has >450 LEED Accredited Professionals, a global network of sustainable "champions" and more than 50 HOK projects pursuing LEED certification. The U.S. Green Building Council recognized HOK in 2006 with its national Organizational Excellence Award. As the world's largest architectural practice, HOK can make a significant impact on the world. In the 1990s, HOK was the first to join the U.S. Green Building Council. HOK helped develop the first LEED rating system. Now in its 2nd edition, the award-winning HOK Guidebook to Sustainable Design serves as a resource to designers all over the world. HOK has purchased renewable energy credits from wind farms to offset 100% of the annual electricity (more than 4 million kWh) used in offices worldwide and donated $500,000 to fund the solar-powered HOK Diagnostic & Treatment Center in Mbirikani, Kenya. Everything they do reflects HOK’s belief that they have the opportunity to leave a lasting impact on the world
Leading independent international property consultancy, Knight Frank reveals that the prices of residential property in Mumbai witnessed a 9.1% fall in the last fiscal in its recent report `Knight Frank Prime Global Cities Index Q1 of 2012'.
This is the first price fall since the 2008 crisis, th ...
Leading independent international property consultancy, Knight Frank reveals that the prices of residential property in Mumbai witnessed a 9.1% fall in the last fiscal in its recent report `Knight Frank Prime Global Cities Index Q1 of 2012'.
This is the first price fall since the 2008 crisis, the survey said adding that the property prices of global prime cities reported a 1.4% growth during the period, compared to April 2010-March 2011. On year-on-year basis, the prices of properties in prime global cities in the first quarter of 2012 fell 0.4%.
"This represents the index's first quarterly fall since the depths of the global recession. Although a milestone, the index's negative quarterly growth is not surprising. Quarterly price growth has been below 2% since Q1 of 2010 and it averaged only 0.6% in 2011," Knight Frank Asia-Pacific research director Nicholas Holt said in the report.
Despite the overall index's sluggish performance, four markets -- Nairobi, Jakarta, Miami and London -- achieved double-digit growth during the period. "Prices not only held up but actually increased slightly at the very top end of the Singapore market in Q1 of 2012. This was not only due to fairly resilient domestic demand, but also due to wealthy Chinese, Indonesian and Indian buyers."
The State Level Expert Appraisal Committee (SEAC) has not approved a single rental housing proposal since its first meeting in September 2011, for the mandatory green nod, citing the massive density arising out of the very nature of such mass housing projects.
According to town planning norms, the ...
The State Level Expert Appraisal Committee (SEAC) has not approved a single rental housing proposal since its first meeting in September 2011, for the mandatory green nod, citing the massive density arising out of the very nature of such mass housing projects.
According to town planning norms, the ideal density is 400 tenements per hectare, which means a maximum of 400 families, can live over an area of one hectare without bearing down on the infrastructure such as open spaces, roads or amenities such as transport, water supply and sewerage.
Most rental housing projects before the SEAC exceed the ideal tenement density by as much as 5 to 15 times. In its last meeting, the panel denied environment clearance to two projects near Panvel—the 16 acre Arihant Akanksha and 28 acre Indiabulls Greens, for having a density of up to 2,000 houses per hectare.
Also pending before SEAC are similar high-density projects by Darvesh Properties in Mahajanwadi (Thane), Pranshu Developers in Nilje village (Kalyan), Dhariwal builders at Kolke village (Panvel), a project each by Square Feet Builders and Dosti Friends Development Corporation at Manpada (Thane), among several others.
The rental housing policy of the Mumbai Metropolitan Region Development Authority (MMRDA) allows atotal FSI (ratio of built-up area to plot area) of four. Of this, builders have to hand over construction equal to an FSI of one to the MMRDA and instead they get to utilise the remaining FSI of three for their sale component. However, many of these projects have tweaked norms to consume a total FSI of as high as six to eight.
A SEAC member, who didn’t wish to be named, said the ambitious rental housing scheme will end up denting the infrastructure and environment. “The size of the houses is inversely proportionate to the density, as smaller the apartments in a building the more families it can accommodate. The rental housing buildings with houses as tiny as 160 sq ft and the builder’s sale component with its high FSI are together bound to put a great strain on services,” said the member. He added that while the earlier SEAC cleared 12 rental housing proposals before September 2011, the present panel hasn’t approved any.
While real estate biggies like DLF, Omaxe and Ansal API are catering to the high end demand for housing in the rapidly growing state capital, a few developers have also chalked out plans for addressing the untapped demand for low cost housing segment, reports Economic Times.
Most of these low co ...
While real estate biggies like DLF, Omaxe and Ansal API are catering to the high end demand for housing in the rapidly growing state capital, a few developers have also chalked out plans for addressing the untapped demand for low cost housing segment, reports Economic Times.
Most of these low cost housing projects are coming on the outskirts of the city. "We had conducted a market research to gauge the demand for low cost housing and found that there lied a huge unmet demand from middle and low income families. To cater to this segment we have launched a low cost apartment project on Sitapur Road. The project would have 500 apartment units of 45-500 sq feet priced between Rs 7.5 and 10 lakhs each" said Director Magnum InfradevelopersLtd, Arun Kumar Chaturvedi.
The Rs 100 crore projects is spread over 2 lakh sq feet of space would have all facilities like swimming pool gym, and community centre. The company has planned similar projects in other cities of the state.
Magnum Infradevelopers would also be setting up an industrial area on the Sitapur Road where ready to move in factories or assembling units would be available for entrepreneurs wanting to start manufacturing units.
"We will design the units according to the needs of the entrepreneur and his product. We have already received huge response for this project as many businessmen starting out do not want to get into the hassle of constructing their factory unit and would prefer somebody else to do the job" Chaturvedi said.
The real estate arm of Godrej Group, Godrej Properties, on Saturday said that it will continue to focus on residential space. The company plans to launch 15 projects this fiscal. These will primarily primarily be residential projects.
"Though there is negative sentiment among buyers at presen ...
The real estate arm of Godrej Group, Godrej Properties, on Saturday said that it will continue to focus on residential space. The company plans to launch 15 projects this fiscal. These will primarily primarily be residential projects.
"Though there is negative sentiment among buyers at present, the demand for houses will continue to grow, which is a huge opportunity for developers like us. We will continue to remain very much focused on the residential space," Godrej Properties(GPL) managing director and chief executive Pirojsha Godrej, said.
Of the 10 deals that the company signed last fiscal, only one was in the commercial space, at Bandra Kurla Complex.
"Going forward, the entirety of our business will be focused on residential space," he said, adding, "It is not that we feel the commercial space will not do well, but given our current portfolio, we think we have a significant exposure to this segment."
All housing projects executed by the West Bengal Housing Board, from now on, will have to go through a scanning process to be conducted by a nine-member team headed by HRBC vice chairman Sadhan Banerjee, reports Times of India.
The team will conduct a six-phase inspection during the construction ...
All housing projects executed by the West Bengal Housing Board, from now on, will have to go through a scanning process to be conducted by a nine-member team headed by HRBC vice chairman Sadhan Banerjee, reports Times of India.
The team will conduct a six-phase inspection during the construction stage of all housing projects being carried out by the housing board. The department is also looking at three housing board projects where several irregularities have been found.
Minister of state (independent charge) of housing Aroop Biswas said that the team will henceforth inspect all housing board projects during different stages of construction, from soil testing to building pillars till the final stages. The engineers will inspect all the six stages of construction and the final report will be placed before the minister for his approval.
The committee has to check whether the land on which buildings are to be built is encroachment free and under the department's possession, before any construction begins on a particular project. Biswas said that they have found three government housing complexes, one each at Rajarhat, Nimta and Mahestala that are in a dilapidated condition, the report said.
The housing department has come up with big plans to set up many LIG and MIG housing projects across the state. In the budget speech in the assembly, Biswas said that the housing department will take up construction of 20,000 flats for the minority people and 10,000 houses for fishermen.
Special stress has been given to look into the housing problems of distressed people in Jangalmahal, the hills and the Aila affected areas of Sunderbans as well as for minorities and SC, ST and OBC communities.
The Punjab government on Tuesday approved residential accommodation for 7,200 families belonging to the economically weaker section (EWS) within the jurisdiction area of Greater Mohali Area Development Authority (GMADA).
"It is the duty of the SAD-BJP government to provide shelter to each poor f ...
The Punjab government on Tuesday approved residential accommodation for 7,200 families belonging to the economically weaker section (EWS) within the jurisdiction area of Greater Mohali Area Development Authority (GMADA).
"It is the duty of the SAD-BJP government to provide shelter to each poor family in the state by 2020," Deputy Chief Minister Sukhbir Singh Badal said.
He added that GMADA authorities have been instructed to complete the construction of 7,200 houses within the next two years. These houses are to be constructed at a cost of Rs 288 crore. The houses will be allotted to eligible EWS families as per stipulated norms.
Las Vegas-based hotel-casino MGM Grand has firmed up plans to check into the hospitality district near the international airport in Delhi.
This will be MGM's first destination in India, and it expects to be ready by early 2014. There won't be any casino here, though.
MGM Grand, with its charac ... 
Companies, including budget and mid-market hotel operators, are also adding more rooms to existing hotels and building bigger convention centres to attract more customers.
ITC Hotels Ltd, owned by India's biggest cigarette maker, is building a 600 room hotel in Chennai on 160,000 sq. ft that is s ... 
The SS Group started giving concrete shape to the building industry, by becoming a provider of land assembly services and made the business truly professional. The group handled the projects for giants such as Ansals, ITC Group, Malibu Towne, and World Trade Center etc. Group planned & developed pos ... 
Golden Gate Properties Launched Golden Grand an ultra-luxurious, 23 floor residential enclave that representing a new generation of condominium design.
This lush 13-acre expanse of prime real estate will soon be home to 790 beautiful condos including two and three bedroom units ranging from 1400 ... 
Leading independent international property consultancy, Knight Frank reveals that the prices of residential property in Mumbai witnessed a 9.1% fall in the last fiscal in its recent report `Knight Frank Prime Global Cities Index Q1 of 2012'.
This is the first price fall since the 2008 crisis, th ... 
The State Level Expert Appraisal Committee (SEAC) has not approved a single rental housing proposal since its first meeting in September 2011, for the mandatory green nod, citing the massive density arising out of the very nature of such mass housing projects.
According to town planning norms, the ... 
While real estate biggies like DLF, Omaxe and Ansal API are catering to the high end demand for housing in the rapidly growing state capital, a few developers have also chalked out plans for addressing the untapped demand for low cost housing segment, reports Economic Times.
Most of these low co ... 
The real estate arm of Godrej Group, Godrej Properties, on Saturday said that it will continue to focus on residential space. The company plans to launch 15 projects this fiscal. These will primarily primarily be residential projects.
"Though there is negative sentiment among buyers at presen ... 
All housing projects executed by the West Bengal Housing Board, from now on, will have to go through a scanning process to be conducted by a nine-member team headed by HRBC vice chairman Sadhan Banerjee, reports Times of India.
The team will conduct a six-phase inspection during the construction ... 
The Punjab government on Tuesday approved residential accommodation for 7,200 families belonging to the economically weaker section (EWS) within the jurisdiction area of Greater Mohali Area Development Authority (GMADA).
"It is the duty of the SAD-BJP government to provide shelter to each poor f ... 
The National Design Awards were conceived by the Smithsonianas Cooper-Hewitt, National Design Museum
The most drastic impact of this on the environment is the increased amount of post-consumption waste ...
Together, these illuminate the complex, ongoing interaction in Scolarias work between architecture a ...
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