Paper work: Account changes on becoming an NRI

Business Park and Lake at Ireo Waterfront, Ludhiana

The investments made by an NRI are subject to some restrictions, which also apply to the use and transfer of funds based on its source. To enable monitoring the investment activities of an NRI, the change in his status from resident investor (RI) to non-resident investor (NRI) has to be registered in the investment records and bank accounts. To begin with, he has to open a non-resident external (NRE)/ non-resident ordinary (NRO) account with the bank. The existing account should either be closed or designated as an NRO account.

Read more: The Economic Times

HDFC Bank launches one family, one bank, zero balance account for NRIs in Kerala

HDFC Bank, India’s second largest private sector bank, has launched the One Family, One Bank, Zero Balance account for NRIs and their families on the occasion of Onam in Kerala.

The zero balance account will be available to resident family members of NRI’s who open NRE & NRO accounts with HDFC Bank on or before September 15, 2012. This will enable NRIs to seamlessly transfer funds to their family members account.

This offer is currently available only in Kochi city branches and will be extended to other regions in Kerala in the future. “The One Family, One Bank, Zero Balance account enables transfer of funds between NRIs and their families without any hassles, through a host of direct banking channels,” said Abhay Aima, Group Head, equities, private banking, third party products, NRI and international consumer business at HDFC Bank.

Read article: The Times of India

NRI Consortium to invest over Rs 2,000 crore in Kerala

A Dubai based consortium of NRIs from various countries around the world proposes to invest over Rs 2,000 crore in Kerala to set up IT/ITES enabled Business Parks and Life Spaces projects.

The investments would primarily be through Foreign Direct Investment ( FDI), Sebastian Joseph, Chairman of the Consortium, told reporters here.

The proposed ‘Emerging Kerala’ initiative of the state government here next month and its investment friendly policies have given the NRIs confidence to start their project in Kochi, he said.

Read more: The Times of India

Real Estate

Maharashtra builders to pass on VAT to buyers

Builders and developers in Maharashtra today said that they would pass on the liability of paying value added tax(VAT) imposed by the state government with retrospective effect, to the respective buyers.

“The VAT will finally have to be borne by the customers… along with expenses of registration and stamp duty,” industry body CREDAI’s secretary and chairman of Amit Enterprises, Kishor Pate, said.

The government intends to levy a VAT of 5 per cent on constructions made between 2006 and 2010, which is resulting in an additional tax liability on flats, shops and bungalows sold by developers between June 20, 2006, and March 31, 2010.

CREDAI and other bodies had moved the Bombay High Court seeking relief in the matter but their plea was dismissed. The case is now pending in the Supreme Court.

Read more: The Economic Times

How world’s tallest tower Burj Khalifa is an engineering marvel with an enduring India connection

Burj Khalifa, Dubai

Dubai burst on to the world stage in the year 2003 in more ways than one. That year, with a $6-million winners’ purse, its coveted Dubai World Cup horse race became the world’s richest.

The World Bank and IMF boards of governors held their annual meeting here the same year. In the financial year ending March 2003, the city’s very own Emirates Airlines carried 8.5 million passengers worldwide and posted a 94% increase in profits.

This was also the year when the idea of the world’s tallest tower fructified, leading to its launch in 2004. Just 1,325 days after the beginning of excavation, Burj Khalifa became the world’s tallest man-made structure when it was inaugurated on January 4, 2010.

Read more: The Economic Times

Why finance minister P Chidambaram is worried about flat housing market

Here’s P Chidambaram’s concerns about a flat housing market is stark numbers: At the end of December this year, as things stand now, nearly 50 million square feet of housing in seven cities, valued conservatively at Rs 21,500 crore will remain unsold (see table below).

Ajit Parmar has found out the hard way how this remarkable data affects house-hunters.

In the past three years, the Delhi-based brand consultant, who earns about Rs 15 lakh per annum, has made over a dozen failed attempts to buy a house in Noida, a suburb of Delhi.

Read more: The Economic Times

Housing price cut not possible sans interest reduction: CREDAI

Realtor’s body CREDAI today said it is unrealistic on the part of the government to expect developers to cut housing prices and demanded that steps should be taken to boost supply of affordable homes

“Instead of asking realtors to download unsold stock at discounted prices, Finance Minister P Chidambaram should take immediate steps to boost to housing stock supply through special incentives to the affordable segment,” CREDAI said in a statement.

“…developers are unable to cut prices because of very high cost of construction,” it added.

CREDAI was commenting on reports suggesting that finance minister has asked commercial banks to encourage developers to clear inventory and lower the prices, the statement said.

Read more: The Economic Times

Noida circle rates raised by 10-25%

Barely a month after it had hiked circle rates in Noida and the rest of the district by 10 to 20%, the administration on Wednesday announced another rate revision of 10- 25%.

The Gautambudh Nagar administration said the second hike was necessary to bring circle rates on a par with prevailing land and property rates in the city, after the land rate hike of 7.5-15% announced by the Noida, Greater Noida and Yamuna Expressway authorities on July 25.

Circle rate is the minimum rate at which a property can be bought or sold. These rates are fixed by the government to prevent buyers and sellers from paying less stamp duty by showing very low values of property deals.

Read more: The Economic Times

Boon for flat buyers: Apartment deed possible without builders

Easing the process of giving exclusive rights of ownership to flat buyers, the Delhi high court has held that land owning agencies, DDA and L&DO, can execute the deed of apartment in case builders fail to execute the deed.

This will enable flat buyers to get exclusive right over their houses and they need not be dependent on the promoter to transfer and mortgage the property.

Allowing a PIL that sought a directive for enforcement of the Delhi Apartment Ownership Act, a bench of acting Chief Justice A K Sikri and Justice Rajiv Sahai Endlaw said, “We are of the opinion that the dispute, whether the promoter or the builder has failed in executing and registering the deed of apartment, would be within the scope of Section 13 (4) of the Act and the competent authority would be entitled to pass an order directing the promoter or builder to execute the deed of apartment.”

It added that if the promoter or builder does not execute the deed of apartment even after this order, the competent authority itself can execute and register the deed on behalf of the builder.

Read more: The Economic Times

Medical Advances

Surgeon Dr Mukesh Hariawala to unveil ‘revolutionary’ cardiac technologies in India

Harvard trained, eminent Indian American Heart Surgeon & Research Scientist Dr Mukesh Hariawala will deliver the keynote lecture on receipt of this years prestigious ” India’s Most Admired Surgeon ” award in Mumbai on 21st Sept, to be presented by Maharashtra Governor K Sankaranarayan.

The event will see the national launch of 3 new revolutionary cardiac technologies , Dr Hariawala’s pioneering Triple Heart Therapy ( Angiogenesis + Stem Cells + Laser ) best done in a ” Hybrid Operation Suite “, VAD ( Ventricular Assist Device ) and Non Invasive Shockwave Therapy in India.

The FDA or CE mark approved VAD’s, which will be offered to patients as an alternative to Heart Transplantation, has a cumulative worldwide Implantations record which has crossed 10,000. The ” Optimal VAD for India ” would be one that has a good track record of reliability, minimal complications and competitive shelf price.

Read more: The Times of India

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