CALIFORNIA: Top builders and promoters from across India showcased over 500 projects to the potential NRI investors at the second edition of The New Indian Express ‘Indian Property Show 2016’, which was inaugurated on June 25 in Fremont, California.
Among the properties displayed were luxury villas, apartments, row houses, budget homes, commercial units and developed plots, from cities such as Bengaluru, Chennai, Coimbatore, Delhi, Kerala and Hyderabad. Developers offered exclusive, one-time bargain prices and special discounts on select properties at the two-day show.
The expo will also be held in Portland and Seattle on July 2 and 3.
Another aspect of the exhibition is the seminar on NRI investments and tax advisory services offered to potential investors in India by noted tax expert Ajay Rotti and V Nagarajan.
“The FATCA (Foreign Account Tax Compliance Act of the US) regulations assume significance with India giving effect to the same and NRIs need to be aware of reporting other requirements arising out of the same,” said Ajay Rotti.
Considering several policy measures to boost the realty sector, with the passing of Real Estate (Regulation and Development) Act, implementing the guidelines for launch of REITs, the government is determined to encourage development of infrastructure, which will also give the much-needed fillip to real estate sector.
The NDA government recently approved a proposal allowing investment made by NRIs to be deemed as domestic investment on par with resident investments.
The repatriation benefits up to two residential units and annual repatriation limit up to $1 million out of NRO account arising out of income from sale of properties, rentals and others have made investment in real estate a lucrative option for NRIs.
In a further move to ease the norms, residents are now permitted to remit home loan EMI on behalf of NRIs. The Reserve Bank of India has also clarified that income and sale proceeds of assets held abroad by the returning NRIs need not be repatriated to India and can be retained and invested outside India.
Also, with the commercial property absorption increasing across metros, there will be a corresponding demand for housing both for rental and investment purposes. Experts believe that for every square meter of commercial property absorption in a city, it generates demand for three square meters of residential property.
These positive moves are likely to give a much-needed boost to the realty sector in the country.
Credits The New Indian Express