Investment norms for NRIs particularly in real estate have been considerably simplified and eased to encourage inflow of funds.  The government has re

NEWS INTERNATIONAL Chevron picks up 5% ($300 M) in Reliance Petro Foreigners eye Indian Jobs General Atlantic puts INR144 Cr in ShareKhan Goldman Sachs picks up 5.39% ($43 M) in HFCL PWC dedicates India team for UK Investors Delphi to invest $10M NATIONAL Pantaloon Retail Q3 Sales up by 69% to INR144 Cr. Indian Real Estate Market is sizzling MNCs Realty Dream set to come true Govt. likely to amend norms to attract Foreign Direct Investment The government is considering an amendment in the real estate policy to allow multinational companies to purchase, own & transfer existing immovable properties in the country. The existing policy permits a foreign company to acquire immovable properties "necessary" for his business activities. But such properties cannot be transferred to other individual or company without prior permission from the RBI. In order to attract more foreign direct investment the government may soon initiate the process to liberalise various norms, The proposal to change the real estate policy is one of the several issues under consideration, a government source said.The proposal to allow purchase and ownership of an existing real estate by a foreign firm is in line with the road map suggested by the US-India CEO Forum. The forum argued that the sale of existing assets would allow India to directly monetise its assets for full, fair market value, creating a deep and liquid sale-leaseback market, such as the ones that exist in the US and Europe. Source: The Economic Times,  9th March, 2006

alised belatedly the huge potential of over 20 million NRIs having investible surplus of over US$400 billion