NEW DELHI (PTY): The Government has formulated a scheme to attract investment from the nonresident Indians in housing and real estate development; the Lok Sabha (lower house) was informed March 3.
The NRIS could acquire, rent, gift property and reside in housing colonies in different cities so long as they made payments in foreign exchange, the urban development minister, Sheila Kaul, said.
Kaul said the NRIS could repatriate original investment after a minimum initial lock in period of three years.
Repatriation of income and dividends after taxation in respect of manufacture of building materials, participatory ventures in real estate and in housing finance institutions would be permitted through enabling notifications by the Reserve Bank of India, she stated.
Kaul also said gifting of properties by NRIS would be freely permitted subject to taxation but without prior permission.
The NRIS could acquire up to two houses provided the purchase was affected with foreign exchange.
Article extracted from this publication >> March 5, 1993
Article extracted from this publication >>
