Indian Property Show in US to Benefit NRIs

Published: 07th May 2016 03:58 AM  |   Last Updated: 07th May 2016 03:58 AM   |  A+A-

CHENNAI :The New Indian Express’ maiden property show in the US will be held from June 4 to 12 at Fremont, Portland and Seattle.  The event will be held in Double Tree by Hilton in Fremont, Embassy Suites in Portland and The Westin in Bellevue, Seattle. An estimated 25 property developers from across the country will display a range of options ranging from budget apartments to luxury units, villas and row houses besides plotted development projects. Home loan institutions will provide spot-approval of loans on submission of basic documents. The event has been aggressively promoted through multiple avenues in all the three venues in US.

Out of 3 million NRIs/PIOs living in the US, an estimated 7.5 lakh NRIs live in the state of California alone, which is home to Silicon Valley. A number of H1B visa holders who have been to the US on limited period visas are keen to invest back home. With property management services, NRIs will have hassle-free investment in real estate.

 Moreover, residential property prices are stable and with home loan lending rates moving south and property developers offering flexible payment terms, the timing is right for end users and investors to strike bargain deals.

The enactment of the Real Estate Act will open a new era in the realty sector, bring in the much-needed transparency in the sector and timely completion of projects.

The property show is being held at a time when the Indian government has relaxed FDI norms to encourage FDI investment in real estate and the budget has given fiscal sops for the development of affordable housing.

Entry is free for visitors and ample car parking is available at all venues. Channel partners in the US have been invited to interact with the exhibitors for follow-up on sales and representation in other regions across the US. 

The Indian Property Show is happening at a time when NRI investment rules have been eased by the government. NRI/PIOs may remit an amount, not exceeding US$1 million per financial year, out of the balances held in NRO accounts. Further, residents can now remit home loan EMI for NRIs. The RBI 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.

 

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