29 January 2008, New Delhi. Mr. P Chidambaram, Finance Minister of India, said on Tuesday that the coming budget could be harsh on the people. He is going to present the union budget in February. Mr. Chidambaram was asked about the tax cuts in the forthcoming budget, when he was attending an award ceremony. Mr. Chidambaram answered, “I have not started working on it (The budget) yet. All I know that you would not be so kind to me on February 29″. Further he said,” year 2007 has been good for everyone, including tax collectors. I hope 2008 will be better”. Read More
Monthly Archives: January 2008
NRIs Are Showing Interest In Investing In Property
January 30, 2008 – 2:49 am
Indians going overseas for better economic prospects has been an ongoing phenomenon for decades. But in the past few years NRIs are looking to invest in real estate here. This is why because they see this as a way of staying in feel with their soil identity, others as a purely money-making exercise. Whatever the causes, the experiences that NRIs have had in property investment, management, and development have been varied and interesting
Different aspect of investments: –
A large group of those who buy property here do it mainly for their own use. These are people who plan to live overseas for some years, earn money, come back to be with their family and friends. At that time, they require to have a home to return to or a property that they can liquidate to set up life in India.
Another group invests in large assets as a business proposition. The investment is in either residential, profitable, housing developments or a combination of these. Often, projects can be an outcome of a NRI property owner, an Indian developer, and a foreign designer and project consultant. The permutations are varied depending on the property and the financial promise estimated from all parties.
Wealth matters
A person investing for his own use is usually ready to commit between Rs 25 lakhs to Rs 75 lakhs for apartments or housing sites. Flats are the safest choice since a reputed builder can deliver the goods without problems and the money invested is in trusted hands. If the NRI investor has a trusted family member to negotiate a land agreement and the building of the house, it is a considered choice.
Wooing investors
The newly finished India Property Show in September 2004 across the USA showcased the projects of developers in Bangalore, Chennai, Hyderabad, and Nagpur. The show showed a range of residential properties together with developed plots, luxury apartments, villas, and profitable properties. Buyers could get spot pre-screen permits from a bank and property organization companies offered specialized services to supervise the properties of NRIs in their absence. Lectures held everyday gave insights into current regulations and guidelines pertaining to real estate for potential buyers.
PAN And Its Benefit
January 30, 2008 – 2:42 am
Permanent Account Number (PAN) card has been made compulsary for every transaction with the Income Tax department. Now a days PAN card is mandatory for opening a bank account, for transaction of immovable properties, for foreign travel, for dealing in securities and for so many more.
A PAN card also works as identification proof. Some cases have come into light where a person avails more than one PAN card. In such cases, person should retain any one of them and should surrender the other through a letter addressed to jurisdictional assessing officer. It is illegal to have more than one PAN card and the penalty for this is Rs 10000. If a person has used different PAN for different purpose by mistake then he must surrender the additional card immediately and also inform the institution, where he has used that card about the correct PAN. Availing PAN does not mean that person has to file return. A person may avail PAN card even if he is not income tax payee. Return is mandatory only if the person has taxable income.
Dev Property Puts Forward The Disposal Of Interests In Two Development Projects
January 28, 2008 – 6:04 am
January 09,2008. Dev Property Development Plc (DPD.L) today declared that it intends to organize its entire interest in two development projects-
- The Jupiter Mills Project
- Elphinstone Mills Project
Total Investment on these two projects is £114 million. The company has declared its strategy that it will seek shareholder approval for the disposal of its interests in two of its three development projects in the extraordinary general meeting. The meeting will be held on 25 january,2008. The projected business deal will be planned as a sale of Dev’s entire 13 percent interest in each of the following project special purpose vehicles, or SPVs, Indiabulls Properties Private Ltd and Indiabulls Real Estate Co. Private Ltd. Dev’s interests in the SPVs will be sold to wholly owned subsidiaries of Indiabulls Properties Investment Trust, a Singapore-based investment trust with the principal objective of investing in office space in India.
The proposed transaction is currently expected to complete by March 1, 2008.
DLF- Building India
January 28, 2008 – 5:58 am
DLF Ltd. has dominated the never before building boom in India. DLF has a corporate slogan “Building India”. The company is taking on a tough challenge in meeting its growth goals while counting, in part, on a relatively unknown and unpredictable market — residential developments for India’s growing number of middle-income families.
Indian real-estate sector is on boom. Stock-market values have risen. DLF shares have more than double in value. Its shares are giving it a market capitalization of about $49 billion on the Bombay Stock Exchange and India’s National Stock Exchange.
Facts Regarding Property Dealing With NRI
January 28, 2008 – 5:56 am
There are some queries regarding property dealing with NRI, which always create confusion. The most confusing matter is that when Reserve Bank’s permission is mandatory and when there is no need of all that stuff. Non-resident Indian do not require permission from the Reserve Bank to acquire residential or commercial property. The Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. That’s why permission from the Reserve Bank is not required.
The purchase consideration for residential immovable property should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE or FCNR accounts maintained with banks in India.
Facts About Taxable Income
January 28, 2008 – 5:53 am
Income is very broad term. If we talk about salaried person, the payment and facilities he or she received is said as his or her income. In case of businessman, the net profits will constitute income. Dividend, Commission and Interest etc are also called income. In Income tax act, income is categorized into 5 different categories. Income Tax Act does not differentiate between legal and illegal income for purpose of taxation. Under the Act, all incomes earned by persons are classified into following heads:
- Income from Salary
- Income from House property
- Income from Business or Profession
- Income from capital gains
- Income from other sources
As far as receipts are concerned, receipts are of two types:
- Revenue receipt
- Capital receipt
All that one derives from a source is called revenue receipt. When an income is earned on account of transacting the source itself, it is called Capital receipt.
Income tax act are different for both types of receipts. All revenue receipts are taxable unless a receipt is specifically exempted and all capital receipts are exempt from taxation unless there is a provision to tax it. Gifts and loans come into the category of capital receipts. Gifts exceeding Rs 25,000 is taxable unless it is received from any relative or on marriage occasion or under will or by inheritance or in contemplation of death of the payer.
Income from lottery, prize money from competition, money received by a preacher from preaching, income from animal husbandry comes under taxable category whereas income received by a shareholder from dividend, income from agriculture is not taxable.
At the moment individual, HUF, AOP, and BOI having income below rupees one lakh need not pay any income tax. For other categories such as co-operatives societies, firms, companies and local authorities no such exempted limits exists, so they have to pay taxes on their entire income. In cases of senior citizens aged above 65 years and women the exempted limit for the financial year 2007-08 are rupees one lakh ninety thousand and one lakh forty thousand respectively.
For more information, please log on to http://incometaxindia.gov.in/
Five Township Projects For Hyderabad
January 28, 2008 – 5:51 am
19 January 2008, Hyderabad. The Hyderabad Urban Development Authority (HUDA) has planned to develop five world class townships in and around Greater Hyderabad. The Chief Minister, Dr Y.S. Rajasekhara Reddy, had given approval for HUDA’s proposal on new townships in a review meeting here on Saturday. Proposed five townships will be developed at Jawahar Nagar, Discovery City at Srinagar, an NRI Township at Budvel, Techno City at Tellapur and Medi City in Ameenpur. Dr. Y. S. Rajasekhara Reddy had asked the HUDA officials to ensure proper planning of new township. He also pointed out the current situation of hi-tech cities. He put attention toward the congested and no further development scope of hi-tech cities.
Rules for Mode of payment for purchase by Person Resident Outside India
January 28, 2008 – 5:49 am
NRI and PIO can make payment for purchase of residential and commercial property either by fund paid to India through normal banking channel or by funds held in NRE / FCNR (B) / NRO account maintained in India. Payment can not be made either by traveler’s cheque or by foreign currency notes. Payment can not be made outside India. If there is refund of application money or payment made by the building agencies or seller due to non-allotment of flat or plot or due to cancellation of bookings or contracts then the amount of refund with interest can be credited to NRE account. This is subject to the condition that the original payment was made by way of inward remittance or by debit to NRE / FCNR (B) account. For more information, please refer to A.P. (DIR) Series Circular No.46 dated 12.11.2002.
NRI and PIO can avail of loan from an authorized dealer for purchasing flat or house in India for his own residential use against the security of funds held in his NRE Fixed Deposit account / FCNR (B) account. Such loans are subject to the terms and conditions as laid down in Schedules 1 and 2 to Notification No. FEMA 5/2000-RB dated May 3, 2000 as modified from time to time. However, banks cannot issue fresh loans or renew existing loans in excess of Rupees 20 lakh against NRE and FCNR (B) deposits either to the depositors or to third parties. Such loans can be repaid by way of inward remittance through normal banking channel or by debit to his NRE / FCNR (B) / NRO account or out of rental income from such property or by the borrower’s close relatives through their account in India by crediting the borrower’s loan account.
In case the amount has been received from inward remittance or debit to NRE/FCNR (B)/NRO account for purchasing the property or for repayment of the loan, the principal amount can be repatriated outside India. Repatriation outside India means the buying or drawing of foreign exchange from an authorized dealer in India and remitting it outside India through normal banking channels or crediting it to an account denominated in foreign currency or to an account in Indian currency maintained with an authorized dealer from which it can be converted in foreign currency. In case the property is acquired out of Rupee resources and/or the loan is repaid by close relatives in India, the amount can be credited to the NRO account of the NRI/PIO. The amount of capital gains arising out of sale of the property can also be credited to the NRO account. NRI or PIO is also allowed by the Authorized Dealers to repatriate an amount up to USD 1 million per financial year out of the balance in the NRO account.
NRI or PIO can avail of housing loan in rupees from an authorized dealer or housing finance institution in India approved by the National Housing Bank for purchase of residential accommodation or for the purpose of repairs, renewal or expansion of residential accommodation. Such loan can be repaid by way of inward remittance through normal banking channel or by debit to his NRE / FCNR (B) / NRO account or out of rental income from such property or by the borrower’s close relatives, as defined in section 6 of the Companies Act, 1956, through their account in India by crediting the borrower’s loan account.
NRI or PIO can also avail of housing loan in rupees from his employer in India. For terms and conditions, please refer to Regulation 8A of Notification No. FEMA 4/2000-RB dated May 3, 2000 and A.P. (DIR Series) Circular No.27 dated October 10, 2003. For more information, please refer to www.rbi.org.in.
UB City – India’s First Super Luxury Mall
January 28, 2008 – 5:46 am
India’s first super luxury mall is ready to open in Bangalore. CNBC-TV18’s Faye D’Souza and Ramya Ramamurthy get a sneak peek. UB City is the first of its kind super luxury mall in the country. It is preparing to put lots of brands forward to the brand lovers in Bangalore. Louis Vuitton store, Gucci, Dunhill, Ferragamo, Jean-Paul Gaultier, Moschino and Stella MacCartney brand names are the attraction point of this mall. This mall will be opening for customers on April 01, 2008. Property price has got a new peak in the city due to the mall.
Read More
Laws for Possession of Immovable Property in India by a Person Resident Outside India
January 28, 2008 – 5:44 am
Under the law, the following categories can freely purchase immovable property in India:
i) Non-Resident Indian (NRI) – that is a citizen of India resident outside India.
ii) Person of Indian Origin (PIO) – that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who held Indian passport or who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
The law covers only purchase of residential and commercial property and not for purchase of land for agriculture or plantation or for farm house in India. NRI/PIO can not acquire agricultural land or plantation property or farm house in India. Since rules are not available to an NRI/PIO to acquire agricultural land or plantation property or farm house in India, such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India. However, an NRI / PIO who has acquired residential or commercial property under law are not needed to file any documents with the Reserve Bank and there are no restrictions on the number of residential or commercial properties that can be purchased.
A foreign national of non-Indian origin can not be a second holder and can not acquire to immovable property purchased by NRI or PIO. But, he or she may take residential accommodation on lease provided the period of lease does not exceed five years. In such cases, there is no requirement of taking any permission from Reserve Bank. Foreign national who is resident in India can purchase immovable property in India. But the person concerned would have to obtain the approvals, and fulfill the requirements if any, prescribed by other authorities, such as the concerned State Government, etc However, a foreign national resident in India who is a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan would require prior approval of Reserve Bank. Such requests are considered by Reserve Bank in consultation with the Government of India.
A foreign company which has owned a Branch Office or other business place in India, in accordance with FERA / FEMA regulations, can acquire any immovable property in India, which is compulsory for or subsidiary to carrying on such activity. The payment for acquiring such a property should be made by way of foreign inward remittance through proper banking channel. A declaration in form IPI should be filed with Reserve Bank within ninety days from the date of acquiring the property. Such a property can also be mortgaged with a certified Dealer as a security for other borrowings. On winding up of the business, the sale proceeds of such property can be sent back only with the prior approval of Reserve Bank. Further, possession of immovable property by entities that had set up Branch Offices in India and incorporated in Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan would require prior approval of Reserve Bank to acquire such immovable property. However, if the foreign company has established a Liaison Office, it can not acquire immovable property. In such cases, Liaison offices, can take property by way of lease not exceeding 5 years.Immovable property in India can be acquired by way of gift. NRIs and PIOs can easily acquire immovable property by way of gift from resident of India or from NRI or from PIO. However, the property can only be commercial or residential. Agricultural land or plantation property or farm house in India cannot be acquired by way of gift. A foreign national of non-Indian origin resident outside India cannot acquire any immovable property in India through gift.
A non-resident can inherit and hold immovable property in India from a person who was resident in India. However, a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan should seek specific approval of Reserve Bank. A person resident outside can inherit immovable property from resident of India or outside India. However, the person from whom the property is inherited should have acquired the same in accordance with the foreign exchange policy appropriate at that time.
Buy A House And Get A Car Free
January 28, 2008 – 5:43 am
Real Estate businessmen of Bangalore have always been in search for techniques to grab the attention of customers for their properties. Recent publicity stunt is ‘buy a house and get a car a free gift’. For example, if a customer buys a flat of worth 200 lacs, he gets a car as a free gift worth 10 lacs and this trick doesn’t end here, the person who has refered the customer, will get a Hyundai Santro. A source says about similar offer are being given by a mid-budget developer on kanakpura road that offers cars which are bought at a 10% discount by developers because either the cars are of old models or dealers are not able to dispose that excess stock. Read More
Sant Singh Chatwal Enters Indian Hospitality Industry
January 28, 2008 – 5:18 am
The most successful Indian hoteliers in US, Sant Singh Chatwal, has plans for hotels in India. He plans to invest 5 thousand crore to build 27 hotels. According to Mr. Chatwal, south India will be the best investment option for hotel establishment. Hence he plans to invest a major portion of total investment, that is 200 crore, to build hotels in southern India.
Sant Singh Chatwal observes Bangalore, Kochi, Hyderabad and some more southern india as a great market for hotel industry. Chatwal chose Hyderabad to launch his property of 100 room four-star hotel- Hampshire plaza. The Hampshire group will invest Rs 500 crore in Hyderabad alone. It will launch another luxury hotel in Kochi soon with an initial outlay of Rs 200 crores.
Sant Singh Chatwal is a well known New York based high profile hotelier. Hampshire group owns record 3000 rooms in New York’s Manhattan along with properties in the US, UK, Canada and south-east Asia. Hopefully, this time Sant Singh Chatwal will enter the Indian hotel industry as it is well-known that he failed in trying the same in 1985.
Gold Achieves A New Height In The Year Beginning
January 28, 2008 – 5:16 am
Jan 08, New Delhi. Gold prices penetrated through the maximum to reach its new peak of Rs 11,150 per ten gram on the gold market due to aggressive buying by jewelers in line with a firming global trend.Gold price increased by Rs 175 per ten gram on emergence of buying by jewelers and stockiest, extending their positions to meet ensuring wedding season.Market expert said that the buying was more of a tentative nature as some of the stockiest enlarged their positions in future trading, while some purchases by jewelry fabricators also supported the trend.A sudden rise today exceeded the previous record of Rs 11,025 set on January 4 when crude oil prices reached to record 100 dollar a barrel and dollar fell against 13 currencies in the forex market, making the metal more attractive for investment purposes.
Standard gold and ornaments flashed up by Rs 175 each at Rs 11,150 and Rs 11,000 per ten gram respectively. Sovereign also rose by Rs 50 at Rs 8950 per piece of eight gram.
The market received signals from international front. Gold rose by 15.90 dollars to 877.90 dollars an ounce on the New York Mercantile Exchange, breaking its 28-year record levels.
A like gold, same trend was noticed in white metal as silver ready found fresh buying support from industrial units and registered a smart rise of Rs 190 at Rs 19,560 per kilo. Weekly-based delivery rose by Rs 150 at Rs 19,900 per kilo. However, silver coins remained around previous level at Rs 25,300 for buying and Rs 25,400 for selling of 100 coins.
Real Estate Industry Spreads Over Small Cities
January 28, 2008 – 5:10 am
Disproportionate increase in property price in metro cities has resulted into expansion of hotel industry to small cities. The Giants of hotel industry are shifting their focus to cities like Ahmedabad, Bhuvaneshwar, Chandigarh, Coimbatore, Goa, Guwahati, Indore, Jaipur, Ludhiana, Lucknow, Mysore, Nagpur, Surat Vishakhapatnam and many more.
Main reason behind the change in investment trend is sharp increase in land price in metro cities. The land prices in small cities are much lesser in comparison to metros. So, decision of setting up a hotel in small cities means less investment and larger benefits. Read More
Carrefour Shows Interest In Indian Retail Industry
January 23, 2008 – 9:15 am
Carrefour, A brand name for French retail, is willing to start retail industry in India. For this purpose Carrefour is in search of multiple partners. Carrefour won’t be the first foreign retailer to have multiple partners while opening shops in India. Quick Service Restaurant (QSR) chains McDonald’s and Yum! Restaurants have been operating in India through multiple partners, in respective areas.
Carrefour would appoint multiple licensees in various parts of India. Carrefour would follow the short term renewable contract with its licensees. By doing so, Carrefour would be able to take over the business when foreign retailers are allowed in the country. Carrefour has established two business entities in the country —Carrefour Wholesale Cash &Carry India and Carrefour India Master Franchise Company for the direct-to-consumer front-end retail.
According to industry source, Carrefour is a very conservative company when it comes to expansion. It does not want to depend only on one partner at least at least for initial phase. Carrefour would prefer to own their shops, which is impossible under current regulations.
In the recent past, there have been speculations of Carrefour being in talks with potential partners in various sectors, which includes real estate companies such as DLF and Parsvnath Developers and financial services companies such as HDFC and some other leading Indian business families such as the Anil Dhirubhai Ambani group (ADAG) and the Wadias. It is well known that Carrefour wants a conservative approach and a slow rollout, which is not pleasurable to most Indian associates.
Checkpoints before real estate deals for 2008
January 23, 2008 – 7:48 am
Where will 2008 take Real estate market? Based on PropertyWala.com study of real estate facts and trends from 2007, here are professional home buying and selling predictions for next year.
Home Prices Will Turn down and Flatten
Median home prices will continue to fall in softened markets. They won’t take a nose dive; though, they will float, ever-so-gently like a feather, slipping left to right, then left again, and closer and closer to a landing spot.
Short Sales & Foreclosures Will Increase
Interest rates on 3-year and 5-year mortgage product will begin adjusting, and those who pay interest on mortgage product, including many buyers who used 100% financing in 2005, will begin to lose their homes. Many banks will refuse to negotiate short sales, paving the way for a flood of bank-owned properties to hit the market.
Interest Rates Will Become Constant
Rates will move forward and backward within one-quarter point, and buyers will gravitate toward fixed-rate mortgages. Buyers who cannot qualify for conventional loans will lean toward seller-financed instruments.
More Investors Will Enter the Market
Because investors use different criteria than traditional home buyers, investors will return to the market as they begin to recognize that a buyer’s market is an excellent time to purchase real estate. First-time home buyers will find themselves competing with all-cash investors, and the investors will win.
Buyers Will Write Lowball Offers
Beginner buyers will read newspaper headlines, figure out it is a buyer’s market and write lowball offers hand over fist. Some buyers won’t even look at homes before writing insultingly low offers.
Advertising Will Move Online
As newspaper promotion and readership continues to decline, agents will question whether their home advertising dollars are better spent elsewhere. Print advertising will lose its effectiveness. If postal rates continue to increase, agents will stop using direct mail campaigns and instead post Internet listings for better results and low-cost marketing strategies.
REOs Will Refuse to Pay Some Closing Costs
Banks are sick and exhausted of taking it in the shorts. First, agents tried to cram short sales down their throats, and then banks were doubly disappointed when no one bid at the trustee’s sales, leaving them stuck with unwanted inventory. Banks will demand bulk discount rates from title and escrow companies.
Flood Insurance Rates Will Rise
New assessments of flood risk may lead the federal government to redraw flood maps, possibly requiring more property owners to carry flood insurance or increasing costs. Home owners with preferred risk flood insurance policies could see rates double, while those who have no flood insurance could face paying rates that are 10 times higher than they would have paid under the old risk maps.
Rules for Transfer of Immovable Property in India
January 15, 2008 – 3:27 am
Immovable property transfer occurs as a big issue sometimes. Sometimes confusions make it more complex. Here’s the clear view of property transfer rules.
Immovable property can be transferred by sale or by gift or through mortgage.
NRI, PIO, Foreign national must have to follow some rules while selling immovable property in India. NRI can sell property to a resident in India or to an NRI or to a PIO in India, whereas a PIO can sell property to a resident in India, NRI or to a PIO. Incase PIO wants to sell property to a PIO, the prior approval of Reserve Bank in required. Foreign national of non-Indian origin including a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan can sell property in India to the resident of India, NRI or PIO. But in every case prior approval of Reserve Bank is required.
NRI and PIO may sell agricultural land, plantation property or farm house to a person resident in India who is a citizen of India. Foreign national of non-Indian origin resident outside India would need prior approval of Reserve Bank to sell agricultural land, plantation property, farm house in India.
Immovable property can also be transferred by gift. NRI, IPO may gift his residential or commercial property to a resident of India or to an NRI or to PIO. Foreign national of non-Indian origin needs prior approval of Reserve bank to do the same.NRI, PIO can gift agricultural land, plantation property or farm house in India to the resident citizen of India. Foreign national of non-Indian origin needs prior approval of Reserve Bank for doing the same.
Immovable property can also be transferred through mortgage. NRI, PIO can mortgage to an authorized dealer or housing finance institution in India without the approval of Reserve Bank and can mortgage to a party abroad with prior approval of Reserve Bank. A foreign national of non-Indian origin can mortgage only with prior approval of Reserve Bank. A foreign company which has established a Branch Office or other place of business in accordance with FERA/FEMA regulations has general permission to mortgage the property with an authorized dealer in India.
Real Estate Development Prospect in India
January 15, 2008 – 3:25 am
January 08, 2008. Real Estate Companies and Investors are taking India as a great Investment destination. Real estate investment in major cities is taken as a beneficial deal. Real Estate Developers from the outside countries are showing their interest in building luxury villas in top Indian cities. They are looking for the joint venture partners for to enter into India. Recently, Citiscape real estate conference, held in Mumbai, had attracted various real estate developers from middle-east. Donald Trump Jr of the well-know Trump Organization in USA was looking for partners to invest in Indian realty market. Merrill Lynch & Co also bought 49% equity in several housing projects from DLF in Chennai, Bangalore, Kochi and Indore for Rs 1,481 crore. These projects are to be developed in about 7-8 years, as per reports. DLF also tied with Nakheel and Hines and Limitless Holding to develop properties in India. Real estate investors of Dubai are founding it safer to invest in Indian real estate as comparison to their own country.
Small Towns Seem To Be Big Deal For Real Estate Investors.
January 14, 2008 – 12:50 am
Real estate developers are rushing towards smaller towns and cities in the country like Rishikesh-Haridwar, Nashik, Mangalore, Bhopal, Dehradun, Jalandhar, Amritsar, Rudrapur, Raipur and Trivandrum. Developers are showing their interest in building malls, commercial places and residential buildings. These rising growth centers are the ones where rapid urbanization and improved economic conditions are turning these centers into upcoming real estate destinations. Future projects of such type of development are:-
- Two malls in Haridwar
- Commercial and residential places in Nashik.
- Coastal Special Economic Zone in Mangalore.
The reasons behind this emerging trend are the healthy and hygienic climate. Rishikesh and Haridwar in Uttarakhand are associated with ashrams. Rishikesh has lots of greenery and on the other hand Haridwar is known as charming temple town.
According to the report, Apartments near by Laxman Jhula are selling at an average of Rs 3,000 to Rs 3,500 a sq ft. The border areas of Nashik are undergoing fast real estate development. Investors and developers are looking at Nashik instead of Delhi and Mumbai, because of its affordable price range. About 2.1 million sq ft of residential supply and another 1.9 million sq ft of office space will come up in this city by 2009.
Prime locations of Nashik like College Road and Gangapur command a rate of Rs 2,500 to Rs 3,000 a sq ft. In Jalandhar, Punjab, the growth of the residential market is mainly fuelled by NRI investment and as a result there is high foreign cash inflow. According to the report, close to 20 residential projects by local and national developers are in the pipeline.
Indian Property Exhibition held in Kuwait
January 14, 2008 – 12:36 am
Jan 09, 2008: Indian property is now in demand outside the India too. All India property exhibition will be held at the Kuwait Ramada Hotel on Jan 11 & 12, 2008. Various leading builders and housing finance organizations from India will take part. Large number of residential and commercial properties from all over India will be in showcase. This event is being conducted by Indus Fairs & Events (India) Pvt Ltd in association with Danat Al Sultan Kuwait. The main aim of this exhibition is to provide benefit to the customers so that they get reputed builders, best finance option and property information under one roof. Buyers can get home for themselves with ease.
More than 200 projects from all across the India are included in this exhibition. Whether it is the matter of bungalows or villas, farm houses or beach resorts, apartments or independent houses, buyers will get lots of choice.
As the trend going on, NRI investors are taking India as a great real estate investment destination. So, they would get proper information on future and current real estate projects.
The earlier events organized by Indus group in Dubai had done business worth 100 crores and generated sales enquiries more than 300 crores and the event recently held in Muscat had done business transactions worth more than 80 crores and generated sales enquiries more than 700 crores. The current event in Kuwait is expected to surpass the earlier exhibitions. The event is being sponsored by Vatika Group, NRI City by R.D Enterprises and Co Sponsored by Premier Properties
