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NRIs - Indian Real Estate

-- Business Standard Reporter / Mumbai / New Delhi November 18, 2006 In India NRI residents with wealth stuck in NRI real estate have reasons to be glad. At present they can not only cash out on the NRI property they hold in India, but have an incentive has been provided for them to invest in NRI real estate in India. Reserve Bank of India has allowed NRIs to remit the profits from sale of immovable NRI real estate. Reserve Bank of India has raised the 10-year lock-in as a step towards further liberalization of the capital account. "The key impact provides an exit route to NRI investors, till now did not have the relief level to invest on NRI properties in India as they could not send home their gains on account of lock-in condition. For North America-based NRIs, who possibly will not wish to return back to India, this will endow with an opportunity to invest and exit as and when they choose to," said Anshuman Magazine, head (South Asia), at CB Richard Ellis, a real estate consulting company. The payment of sale proceedings of immovable NRI Real Estate is, yet within the overall upper limit of $1 million per annum. Apart from a few premium properties in region of Delhi and Mumbai, Rs 4.5 core capital would not be a difficulty in almost the entire Indian market for developed homes and apartments reported by real estate analysts. Banks have been instructed to admit remittances out of balances in non-resident Indian ordinary accounts, together with sale proceedings of immovable NRI properties, provided the amount does not outreach $1 million per financial year. The analysts aforesaid NRIs who already own NRI real estate properties in India, particularly with hereditary titles, would be able to vend and possibly avoid confused family disputes and legal actions. A few analysts believed $1 million capital could possibly avoid co-ownership of properties. "You can purchase floors in a building and register them in separate names. In this way, an investor can send home multiples of the $1 million capital," a real estate expert added.