WEEK RUPEE ATTRACT NRI'S FOR PROPERTY INVESTMENT GAINtheflatsplots.com
Indians living abroad are now looking back home for some lucrative gains as the currency market throws up good investment options. 28-year old Kabir Batra is living the great Indian dream in America, a secure job at Siemens, enough savings and now it is time for making future investments. And during his holiday trip to Delhi he spotted the right opportunity in Dwarka.
“I wanted to make a good investment in real estate sector but last year I didn’t have enough funds, and this time it is a blessing in disguise as due to depreciating rupee, I am getting deals which are 20 per cent cheaper from last year,” said Kabeer Batra, a NRI.
And as the rupee continues to fight a losing battle against the greenbuck, realty sector is bucking up on a new trend.
“The main demand is coming from Dubai and interestingly new markets like South Africa are also witnessing a new change. Of course traditional markets like US and UK continue to generate demand front the NRI community,” said Anuj Puri, chairman of JLL.
As a rising number of Indians living abroad choose to invest in India, developers are going all out to catch that buyer.
Given that the rupee dollar price parity has resulted in at least 20-25 per cent discount on the project, developers are willing to offer further discount of 10-15 per cent to boost their sales. Many are participating in overseas road shows and have their bets on rupee weakening further.
“We are looking at Dubai road show to get more sales from the NRI community which is suddenly in action due to weakening rupee,” said Bandish Ajmera, chairman – property exhibition at MCHI.
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Punjab needs to improve policies to attract FDI: NRIs
CHANDIGARH: Punjab needs to follow Gujarat's lead and improve its "poor" policies if it wants to attract more investment from overseas Indians, NRIs at an investment meet here today said.
"I do not see any major schemes or major development from Punjab or the state government which really helps (in getting NRI investments)," said Punjabi NRI Satinder Dhiman, who migrated to the US from Jalandhar 22 years ago.
"It will be logical for the state government to look into it as lot of (NRI) money is out there," he said at the 8th 'Punjabi Pravasi Bharatiya Divas-2011' NRI investors' meet here, adding that real estate, education, services and IT are the potential sectors where NRI investments could flow in.
Another NRI, Mahendra Khari, the President of the International Punjabi Chamber for Service Industry (IPCSI), pointed out that unlike other states like Gujarat, the Punjab government was not efficient in propagating polices or taking initiatives to attract foreign investment.
"In Punjab, they (Punjab government) do not have much PR exercise like Gujarat... I have not seen much support from state functionaries like NRI help centres, professional support, etc.. It (support) is at a personal level (rather) than any other level," rued Khari, who is based in the UK.
The Punjab government, too, thinks there is scope for more investment by NRIs in the state.
"I am not satisfied (with the scale of NRI investment in Punjab)... There is always a room on the top... There is a scope for improvement (in terms of investment)... I want more and more (NRI) investments should flow in the state," Punjab Industry and Commerce Minister Manoranjan Kalia told reporters here.
According to Kalia, Punjab has received Rs 5,000 crore of FDI in the last four years in several sectors.
The state accounts for just 0.42 per cent of the FDI inflows into the country, with the majority of the foreign direct investment witnessed in the manufacturing, warehousing (Bharti-Walmart), IT, real estate and pharma sectors.
Though data on the investment by Punjabi NRIs is not yet available, the bulk of their funds went into the IT, real estate, education and agri-processing sectors.
The strength of the overseas Punjabi NRI community is estimated at around 10 million, which is mainly concentrated in Britain, North America, South-East Asia and the Middle East.
Source – NDTV PROFIT.
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