Sahara Care House Offers to 'Share' NRI Responsibilities

Sahara India Pariwar, the Lucknow, U.P.-based conglomerate that owns the commercial airline Air Sahara, announced last week that it will launch its Sahara Care House service for NRIs living in the U.S. The service will allow Indian Americans to take care of relatives and manage property in India through "relationship ambassadors," who are on call 24 hours a day.

Sahara India Pariwar founder Subrata Roy was inspired to start the service two years ago, when he was visiting the U.S. "He was talking to NRIs at dinner parties across the country, and people kept telling him to do something for them," Sahara Care House CEO Romi Datta told India-West. "He then went back, wrote up a basic document, and we did focus group studies. What we found was that all NRIs-whether they spend five days or 20 years abroad-can benefit from our services."

Source: Indiawest

NRI Ties Up With London Firm For Mini-Townships

Foreign investment in the booming real estate sector of West Bengal gets a boost with a London-based company joining hands with an NRI entrepreneur to invest $20 million in two mini-townships here.

London-based REIT Asset Management, which plans to create $1 billion assets in India in the next three years, has tied up with Eden Realty Ventures Private Limited, led by US-based Indrajit De, to set up the projects at Bonhooghly in north and Maheshtala in south in greater Kolkata area.

"The cash investment in the two projects is $20 million besides collaterals for bank finances," Eden Realty managing director Sachchidanand Rai told media agency. "REIT India chairman David Cohen finalised three projects in India out of 140 proposals and of the three two are developed by us here," said Rai, an alumnus of IIT Kharagpur. REIT, the London-based real estate management trust, owns $6.8 billion worth assets in Europe.

The twin project in Kolkata in collaboration with Eden is their maiden venture with an Indian partner since their other project at Pune is a 100 per cent FDI. According to David Cohen, the chairman of REIT property Management India, the projects are the beginning of "a long-standing relationship with the state and the city". "We are proud to be associated with REIT," said Indrajit De, the NRI entrepreneur, from USA. Rai said of the two projects in Kolkata might be the state's highest cash investment in the form of FDI by any foreign company on real estate.

In the northern project at Bonhooghly, to be known as Bonhooghly Tenement Scheme, 18 acres of area would be developed after the same was obtained from the West Bengal government's Refugee Relief and Rehabilitation Department. "We will be giving about 800 flats free to the equal number of refugee families living there now in a deplorable state.

The flats would be much bigger than they are living now and they would also be provided open parking space for 200 cars besides community facilities like club, gym, treated water, good sewerage. "While 6 acres would be for rehabilitation with not even stamp duty fee, the remaining 12 acres would be commercially developed with 25 tall buildings offering 1476 flats. We will also beautify the lake inside," said Rai.

In the southern project at Mahestala, which is a joint venture with Mahestala Municipality, 21.22 acres of land has been acquired near Nungi station on the Kolkata outskirts to build 2240 MIG flats in 44 buildings, said Rai.

"We are also offering a full fledged football ground, a centre for sports, science and culture to be donated to the municipality. We have also proposed to build a 2.5 km road in the area besides widening a 5 km stretch of road," he said. "Our aim is to develop through innovations. We want to come forward with deep projects," said Rai.

Source: Economictimes

Rs 850-cr township comes up in Kerala

n a bid to capitalise on the NRI investments as well as the gold trade that together drive Thrissur’s local economy, Bangalore-based real estate developers Sobha Developers launched one of the largest fully integrated townships in Kerala on Saturday.

Called Sobha City, the 55-acre township is being built at an investment of Rs 850 crore. The township, covering 3 million sq ft will be built around a 6.5 acre man-made lake and will have 78% residential and 22% commercial areas.

To be completed by May 2011, the price ranges from Rs 2 crore for a villa (spread over 4,040 sq ft) to Rs 67-85 lakh for a three/four bedroom apartment (1,800-3,000 sq ft). While there will be 25 villas, the configuration of the three and four-bedroom apartments would be 423 and 216.

On why Thrissur was chosen over the commercial capital of Kerala, Kochi, for launching the project, P N C Menon, chairman, Sobha Group, said, “With 40% of Thrissur’s economy being run on NRI investments and the remaining on the gold trade, the city was a perfect bet over Kochi, where land rates would be much higher. ”

Source://FinancialExpress

NRI Buying Homes, Properties more Easliy

NRIs are now buying Properties, homes in their very own homeland in more relaxed way than ever for non resident status people abroad. Reasons are RBI relaxed and imroved norms for non resident indians to buy property in India.

1. Reserve Bank of India has spelled out clear norms for NRIs to invest in different kinds of property. NRIs holding Indian passport do not require prior permission of RBI to buy residential or commercial immovable property in India.


2. The purchase consideration may be paid either by remittance of funds from abroad through normal banking channels or out of NRE / FCNR / NRO account.
   
   
3. Money can be repatriated abroad if bought with the foreign exchange earned abroad. That too, only in the sale of two residential properties but any number of commercial properties.

NRI’s of Indian nationality do not require any permission for acquisition, transfer or disposal by way of gift of immovable property which is not a farmhouse or agricultural land or plantations property. Declaration on form IPI 7 for acquisition of commercial property for carrying on any industrial, commercial or trading activity by their proprietary / partnership firm in India is required to be filed with RBI within 90 days from date of purchase.

Mr. NAgarajan, editor of Indian Real Estate says, -

"There is huge demand for professional property management services from the NRI segment which has not been adequately met. “These days NRIs do not trust their relatives and want to outsource this function to professional companies to do the renting, leasing, taking care of the documents, maintenance etc. once this function is addressed, there will be a surge in NRI investments."

This corroborated by Amit Mavi, who markets properties by leading developer group, Unitech. “The NRIs prefer investing what they save in their home country. It is generally a long term investment and not a speculative one. This investment also acts as the vacation home for these NRIs when they come to India and also a home from a long term end user perspective.

Source: Economics Times