NRI Real Estate and Property Investment in India
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May 2007 - Top Stories

Mumbai Slum Project Sparks Global Interest

Thursday, May 31, 2007 :Real estate in Mumbai is on the global stage, as the Maharashtra state administration – in its earnest effort to refurbish the city’s Mumbai’s image, splashed advertisements in leading newspapers in major cities across the globe, inviting developers from overseas for the Dharavi makeover project.

Coming Up: Indian Carnival for NRIs in the US

Thursday, May 31, 2007 : In its pursuit of establishing and renewing ties with NRIs, the Indian Government is planning an intervening event on the lines of the Pravasi Bharatiya Divas in the United States.

FDI in India Projected to Double Over in 2007-08

Thursday, May 31, 2007 : Foreign direct investment (FDI) in India is estimated to scale up to USD 30 billion in the current financial year, closing March 31, 2008, revealed India’s Commerce Minister, Kamal Nath.

India’s CAD does not Create Global Imbalances

Thursday, May 31, 2007 : The RBI Governor has reassured global audiences that India’s current account deficit (CAD) would not create imbalances in the global economy. The CAD is at 1.7% currently in spite of a trade deficit of almost 7% owing to NRI remittances.

ETA Star to develop IT Park in Chennai

Wednesday, May 30, 2007 : A deal to develop an IT SEZ in Chennai has been signed by ETA Star Properties of Dubai, in collaboration with the Tamil Nadu Industrial Development Corporation (Tidco) at an investment of USD 923 million.

DLF to Curtail Land Acquisition

Wednesday, May 30, 2007 : As India’s real estate giant DLF Ltd. goes public the second time around in recent times, it is preparing to cut down on land-buying deals by 54% to Rs. 3000 crore.

NRIs to Promote Investment Fund for Andhra Pradesh

Wednesday, May 30, 2007 : NRIs from Andhra Pradesh, Venkatesh Tadinanda and Pradeep Shenoy have taken the initiative in setting up the Andhra Pradesh Investment Fund in partnership with Hyderabad based entrepreneur Indira Porwal.

Indian Government to Penalise Defaulting Real Estate Developers

Wednesday, May 30, 2007 : NRI investment in property in India need not spend anxious moments worrying about the delay in getting possession of the residential apartments they have booked. The Government will soon bring in legislation which will ensure that builders stay with their commitments.

Highest Ever Private Equity Investment - Carlyle, Citigroup in HDFC Tuesday, May 29, 2007 :Global private equity giant, the Carlyle Group and Citigroup will invest in USD 767 million (Rs.3, 114 crore) in the Housing Development Finance Corporation. The capital would be used by HDFC to expand its ....

Noida Real Estate set to take off with new airport?

Tuesday, May 29, 2007 : Panvel, Nagpur, and now Noida - new airport projects in India are putting real estate projects on a spin. As the new Government in Uttar Pradesh takes charge under Chief Minister Mayawati, Greater Noida’s airport project is high on its agenda.

Indo-Gulf Meet on Investment Opportunities

Tuesday, May 29, 2007 : India and the Gulf Cooperation Council are meeting on May 29 and 30, 2007 to explore bilateral avenues for investment in Mumbai. This is the 3rd meeting of the India-GCC Industrial Forum.

Panvel’s Magic Pulls NRI investors

Tuesday, May 29, 2007 : The Magic Hills project in Panvel, promoted by Garnet Construction and marketed by the Sternon Group of Dubai has elicited enthusiastic response from NRIs settled in the Gulf ever since bookings opened a month ago.

NRIs to benefit from MOUs with UAE, Kuwait

Tuesday, May 29, 2007 : Non resident Indians residing in the UAE and Kuwait would henceforth be protected by agreements signed between the Ministry of Overseas Indian Affairs and the respective governments.

NRI Facilitation Centre Launched

Tuesday, May 29, 2007 : The Overseas Indian Facilitation Centre was launched in New Delhi yesterday by the Ministry of Overseas Indian Affairs and the Confederation of Indian Industry (CII).

Pension Scheme under Deliberation for Non Resident Keralites

Monday, May 28, 2007 : With two million of Kerala’s population employed overseas, the state Government has decided to extend social security benefits to these citizens who have contributed so significantly to its economy.

NRI Entrepreneurs to Avail Services of Facilitation Centre

Monday, May 28, 2007 : As promised during the 5th Pravasi Bharatiya Divas in January this year, a Facilitation Centre for NRI entrepreneurs is being set up in New Delhi on May 28.The Ministry of Overseas Indian Affairs and the Confederation of Indian Industry would participate in the establishment of the centre.

NRIs Unresponsive to Stronger Rupee

Monday, May 28, 2007 : Non resident Indians have not woken up to the advantages of the stronger rupee - NRI deposits have not shown any upsurge ever since the rupee appreciated by Rs. 3.50 against the dollar earlier this month.

Bajaj Capital Introduces Online Trading Site in India

Friday, May 25, 2007 : Non resident Indians will soon be able to avail of value-added online trading services from Bajaj Capital to participate in schemes of various mutual funds in India.

Real Estate Giant DLF opens IPO in June

Friday, May 25, 2007 : The much awaited IPO from India’s real estate giant, DLF Ltd finally opens for sale on June 11, 2007 to raise USD 2.4 billion.

Finance Ministry Welcomes FDI in India

Friday, May 25, 2007 : Foreign direct investment (FDI) in India is welcome, reassured the Finance Minister P. Chidambaram, as he addressed the Confederation if Indian Industry (CII) on its annual session earlier this week.

RICS to Train Manpower for Indian Real Estate

Friday, May 25, 2007 : The need for skilled manpower has of late been felt more acutely by real estate developers in India as the industry matures to a USD12 billion size market.

NRIs Throng Indian Property Show in Dubai

Thursday, May 24, 2007 : The second Indian Property Show held in Dubai last week has been a thunderous success, with deals worth Rs. 265 crore actually being completed during the event.

Performance Review of Indian Government: NRIs in Focus

Wednesday, May 23, 2007 : The incumbent party at the Centre, the United Progressive Alliance released its performance report for 2004-07, which included the measures taken for NRIs and PIOs.

Fund Infusion into Pune Real Estate

Wednesday, May 23, 2007 : 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 .

Pre-IPO Sale of Real Estate Firms under Review

Tuesday, May 22, 2007 : Real estate companies in India are under the scanner once more, as the Government gets down to reviewing the pre-initial public offering of shares of these companies in the Indian stock market.

Curbs in FDI in Indian Real Estate

Tuesday, May 22, 2007 : The recent rush of foreign capital into the property market in India sent alarm bells ringing in the Finance Ministry. Pre-emptive controls to slow down external debt in Indian realty included a firm ban on foreign borrowings by real estate companies.

Indian Real Estate Firms Circumvent FDI Policy

Tuesday, May 22, 2007 : In an effort to control the inflationary trend in real estate in India, the government had initiated precautionary measures to control the flow of capital into the industry.

Vadodara - the NRI Investment Hotspot

Monday, May 21, 2007 : Property was always considered a reasonably safe investment, but the latest boom in real estate goes much beyond the safe escalation of prices. India is undergoing an economic and cultural transformation with lesser known towns and cities .

Indian Mutual Funds to be Powered by PSUs

Monday, May 21, 2007 : Mutual funds in India would be further energized with investment from major public sector undertakings following the Indian government’s approval which came in last week.

Pension Funds in India Take Global Route

Monday, May 21, 2007 : Social security systems in India are getting increasingly out-of-date with growing needs of the retiring population, and the government has acknowledged the need for reform in the pension scheme.

Personalised NRI Services from Sahara

Friday, May 18, 2007 : The Sahara India Pariwar has diversified into another niche market - that of catering to NRIs settled across the globe. The spectrum of NRI services ranges from health care to utility and property matters in India.

NRI Investors Fuel Industrialisation Drive in Kerala

Friday, May 18, 2007 : A joint working committee will be set up by the governments of Kerala and the United Arab Emirates to explore investment opportunities in Kerala.

Hike in FDI in FM Radio Ruled Out

Thursday, May 17, 2007 :Any rumors of a raise in FDI percentages in FM radio were put to rest by the Information and Broadcasting Minister, Priya Ranjan Dasmunshi on Wednesday.

Liquor baron Mallya Acquires Whyte & Mackay

Thursday, May 17, 2007 : Vijay Mallya's UB Group fulfilled a much cherished desire to acquire a ’spirit of Scotland’ with the acquisition of Whyte & Mackay for GBP 595 million through its flagship company, United Spirits Ltd.

Indian Students head for Scotland

Thursday, May 17, 2007 : Scotland is emerging as the Indian scholar’s preferred destination, going by the rising percentage of students enrolling at universities there.

US based NRI Incurs Wrath for Patenting Yoga

Wednesday, May 16, 2007 : With NRI Vikram Chaudhury securing yoga-related copyrights from the US Patent Authority, another battle for patents is in the making.

Brighter Prospects Bring NRIs Back Home

Wednesday, May 16, 2007 : India’s pulsating economy is reversing the brain drain, with thousands of professionals from the Silicon Valley returning home.

India Lobby to Play Down Outsourcing/H-1B Visa in US

Wednesday, May 16, 2007 : As the campaign for the US presidential elections gathers momentum, the Indian Government is concerned that outsourcing of jobs to India could be raised again by political parties.

NRI Tourism on the Rise

Wednesday, May 16, 2007 : With tourist arrivals in India touching the 7.25 million already this year, the country’s forex earnings from foreign tourists and NRIs and PIOs is mounting.

NRI Marriages under the Scanner

Tuesday, May 15, 2007 : The Indian Government is eager to start a round of discussions to protect the interests of the harassed and exploited wives of non-resident Indian husbands.

Ansal API Sign New Venture with Deyaar of Dubai

Tuesday, May 15, 2007 : The real estate arm of the Dubai Islamic Bank, Deyaar, has signed a joint venture with Ansal API to construct a township project in India.

NRI first Asian Mayor of Gloucester, UK

Tuesday, May 15, 2007 : NRIs settled in the UK are climbing up the political ladder, and the latest is ex-hockey player Harjit Singh Gill who takes up his new role as Mayor of Gloucester on May 21, 2007.

NRI Investment in Kolkata Real Estate

Tuesday, May 15, 2007 : Inspite of the turmoil in Nandigram last month, West Bengal’s real estate market is booming. This has been borne out by London-based REIT Asset Management’s decision to invest in two mini-townships in Kolkata .

World-Class Township in Thrissur, Kerala

Monday, May 14, 2007 : Thrissur, Kerala’s cultural capital has been selected for the setting up of a township by Sobha Developers at a cost of Rs. 850 crore. Often referred to as the golden capital, dealing in almost Rs. 700 crore worth of gold every year.

NRIs Finance Model School Project in Punjab Village

Monday, May 14, 2007 : Muksudran village, tucked away on the outer limits of Ludhiana, and carrying the distinction of having the largest number of NRIs has received a grant of Rs.10 million for establishing a model school.

NRI Investments Homing Down to Nagpur

Monday, May 14, 2007 : Realty brokers from Nagpur are hopping across the globe to sign property deals with NRIs eager to invest in real estate in the Orange city.

Express Fund Transfer Facility to NRIs in Oman

Monday, May 14, 2007 : The South Indian Bank, one of India’s leading private sector banks, has tied up with a money exchange firm in Muscat to facilitate transfer of funds to India.

NRI Shashi Tharoor joins Dubai firm Promoting Foreign Investment in India

Friday, May 11, 2007 : Shashi Tharoor has taken up a new appointment as the Chairman of Afras Ventures, a company based in Dubai in quest of investment opportunities primarily in Kerala.

Indian Visa Issue Process Unaltered Post-Attari Blast

Friday, May 11, 2007 : The process of granting a visa to foreign nationals has not been altered, clarified the External Affairs Minister, Pranab Mukherjee, in a written reply to the Lok Sabha on Wednesday.

NRIs do not Qualify for OCI Status

Thursday,May 10,2007 : The Overseas Citizenship status cannot be granted to non-resident Indians as they are still Indian citizens. This was clarified by the Minister of State for Home Sriprakash Jaiswal in the Rajya Sabha on Wednesday.

J.P.Morgan - Arihant tie-up for Real Estate Project

Thursday,May 10,2007 : Arihant Foundations and housing, major property developer based in Chennai is setting up another residential project in Chennai, backed with funds from J.P.Morgan Property Fund.

FDI in Real Estate in Indore

Thursday,May 10,2007 : FDI in real estate development is making inroads in Indore, as a Rs. 750 crore project was signed up on May 9, by property builders K.M. Jhaveri and Fire Capital.

NRI and Foreign Investment Sought by Andhra CM

Wednesday,May 09,2007 :Successive governments in Andhra Pradesh have created favorable conditions for investment by multinationals and industrialists in the state.

Indian Property Fest for NRIs in Dubai

Wednesday,May 09,2007 : The Indian property fair will be back on Dubai shores, following the positive response from the first such event organized in 2006.

Watchdog Committee on Realty Projects Proposed

Tuesday,May 08,2007: "Dream homes" advertised in national dailies are luring aspiring home owners to make big budget investments in township projects in Uttarakhand, Rajasthan, Himachal Pradesh, Uttar Pradesh and Haryana.

Science Academy, Washington Inducts Two NRIs

Tuesday,May 08,2007: The National Academy of Sciences in Washington has inducted two Indian Americans among 72 others to advise the US Government on policies on science, engineering and medicine.

Goa Spares Job-Seekers & NRIs from Corrupt Agents

Monday,May 07,2007: Goans comprise a large percentage of Indians seeking employment overseas. In view of the tribulations faced by NRIs from Goa in their country of employment.

FDI upto $ 10 Billion in Indian Realty Expected

Monday,May 07,2007:Any fears of a real estate downturn can be set aside as foreign investors are waiting their turn to park their funds in the Indian property market. Going by in depth market analysis and worldwide trends, independent studies by international .

India at USD 1 Trillion: Reasons to Cheer for NRIs

Monday,May 07,2007:The weakening dollar against the rupee has played a minor role in getting India to the top trillion dollar economies of the world.

NRIs seek Properties in Mysore

Saturday, May 05, 2007:The IT boom had escaped the city of Mysore despite its proximity to India's silicon capital, till Wipro, Software Paradigms and COMAT set up operations in 1999.

Relief in Sight for Failed NRI Marriages

Saturday, May 05, 2007:The Minister of Overseas Indian Affairs, Vyalar Ravi and Minister of State for Women and Child Development, Renuka Chowdhury have agreed to set up a six-member sub- committee to deal with the issue of harassed wives of NRIs and beleaguered maids working overseas.

RBI Curtails NRI Deposits/ECBs to Check External Debt

Saturday, May 05, 2007:The RBI has implemented protective measures to curb inflation in the last couple of months. The restraining arm on internal liquidity has been extended to the flow of external funds by cutting down on interest rates on NRE and FCNR deposits.

NRI Students to Represent US at Junior 8 Summit

Saturday, May 05, 2007:Indian American students are showing their mettle once again. Five of them are at the core of a team of eight to represent the United States at the Junior 8 summit at the seaside resort of Heiligendamm in Germany.

HSBC offers Innovative Solutions to NRIs in US

Friday, May 04, 2007:Tapping the large NRI community in the US, HSBC has introduced a range of cross border banking solutions for US and Indian deposit, mortgage and investment products.

RBI Likely To Review FDI and FII Sectoral Caps

Friday, May 04, 2007:The gap between foreign direct investment (FDI) and foreign institutional investors (FIIs) will soon be removed in non sensitive sectors of the economy, while sensitive sectors like telecom and real estate in India .

NRI Banking Services Now Also in Doha

Friday, May 04, 2007:Non resident Indians in Doha will now be able to enjoy the services of the ICICI Bank, as it prepares to start its operations from the Qatar Financial Centre.

NRIs Pledge Investment in Education in Punjab

Friday, May 04, 2007:The education sector in Punjab will get a boost with committed NRIs offering to invest on a large scale in raising the standards of academic infrastructure in the state. . The Chief Minister welcomed the participation of the NRIs in the progress of the state.

Indian Government Clears 23 FDI Proposals

Thursday, May 03, 2007:The robust trend in FDI continues, as the government cleared 23 proposals on the recommendations of the Foreign Investment Promotion Board meeting on April 23. After the record high of $ 16 billion in 2006-07.

Quantum Jump in Indian Equity Investment

Thursday, May 03, 2007:Private equity investments in India have surged by 100% during January to March 2007. As against $1.7 billion in the 1st quarter of 2006, the figure stands at $2.5 billion as on 31st March , 2007.

JP Morgan Launches Maiden Equity Fund in India

Thursday, May 03, 2007:The JP Morgan India Equity Fund was launched by JP Morgan Investment Management Inc. as an open ended Growth Scheme on 19th April, 2007.

Partnership Prospects for Indian & British Legal Firms

Thursday, May 03, 2007:Britain's Constitutional and Legal Affairs Minister Catherine Ashton, who is on a visit to India has suggested the investment in partnership between Indian and British lawyers to garner international contracts.

FDI in Real Estate Propels Indian Market

Wednesday, May 02, 2007:Valued at $14 billion currently, the Indian real estate market has grown by leaps and bounds over the last two years. As the government opened its doors to FDI in real estate in 2005, investor interest in the property market in India grew.

New RBI Guidelines for Priority Sector Loans

Wednesday, May 02, 2007:Direct finance to corporate bodies for agriculture and related activities has been hiked from Rs. 20 lakh to Rs. 1 crore, under the priority sector lending category as per the RBI's latest announcement on May 1, 2007.

Jaish Investing in Indian Real Estate Market, Reports US

Wednesday, May 02, 2007:India's worst fears have been confirmed by the US government's annual report on global terror. The "Country Report on Terrorism" reveals the modus operandi of the terrorist outfit Jaish-e-Mohammed to raise funds for its militant activities in India.

NRIs Invest USD 1 Million in Techno Project

Tuesday, May 01, 2007:NRI investor backed project MobME has won support from President Abdul Kalam who has promised to take forward the ideas of its promoters to the Kerala Chief Minister and other state officials.

NRI Event at Connecticut Honours Achievers Tuesday, May 01, 2007:The first anniversary of the Connecticut Chapter of the Global Organisation of People of Indian Origin (GOPIO-CT) was celebrated in Stamford on 22nd April, 2007.

NRI Appointed Kennedy Center Director

Tuesday, May 01, 2007:The Robert F. Kennedy Memorial Center for Human Rights has appointed Non Resident Indian Monika Kalra Verma as its new director.

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