NRI Real Estate and Property Investment in India
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NRI Interest in Navi Mumbai Revives
Tuesday, February 26, 2008

Though City and Industrial Development Corporation's attempt to attract non-resident Indians (NRI) to the satellite city almost failed after Seawoods Estate Part I, Navi Mumbai still attracts NRIs interest in settling down in the city, thanks to different infrastructure projects that are underway in the city.

The fact is quite clear seeing the huge numbers of NRI funding projects that are coming up in areas beyond Panvel which are being developed by different corporate firms. Some city-based developers also receive calls from foreign investors daily with the mails clogged with emails enquiring about the plot rates in city. And the investment flowing in the city is between Rs 500 crore and Rs 30,000 crore with plots beyond Panvel along Uran being in huge demand.

One of the senior officials from Hiranandani, who are developing a project near Panvel, said that areas along Mumbai-Pune and Mumbai-Goa highways are developing. "These projects have investment from foreign companies and according to rules FDI to the extent of 100 per cent is allowed now," the official said.



 

 

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