The falling rupee has seen a rise in real estate inquiries by Non Resident Indians (NRIs) by 25-30 per cent in the last one month alone. The Indian rupee has hit record lows in the last week and currently stands around at Rs 61 vis-a-vis the US dollar.
But the potential could fizzle out just as easily due to procedural and delays in deal completion. “For NRIs the benefit is that they would have to shell out approximately 20 per cent less of their dollars compared to someone who buys in Indian rupees,” Manish Mehta,Vice President, IndiaHomes told Express.
Shveta Jain, Executive Director (Residential) at real estate advisory firm Cushman & Wakefield says that if the NRI chooses to buy through installments, then he may not enjoy the benefits of the fall for too long and may end up on the receiving end.
“In the short run, the rupee depreciation may benefit those buyers who are already in the process of finalising an existing transaction where they have still not converted their forex into rupees to pay for their purchase,” she adds.
Logistical constraints such as identifying right property, negotiating a deal, procedural and documentation delay may stand as an obstacle in the process, she said.
“A typical purchase transaction may take a NRI buyer a period of a month to up to 3 months. During this period, the rupee may strengthen and the notional advantages that could accrue due to the rupee’s depreciation could be lost,”Jain, Executive Director (Residential) at the advisory firm told Express.
Read more: New Indian Express
India’s 3 Hottest Cities for Luxury Housing Investment
In Delhi-NCR, Gurgaon remains an attractive property destination for both investors and end-users and it gives good returns on investment. The luxury properties of Gurgaon is the hottest cake in the realty market and every investors wants a piece of it. The city is also home to good number of super-rich who are willing to pay for the projects launched under premium category.
Source: Silicon India
20 million sq ft of prime office space added in last 6 months
The prime office space segment saw a supply infusion of over 20 million sq ft across key cities in the country in the first six months this year.
The supply was primarily from large commercial and SEZ developments that were completed.
in leading markets such as the city, Bangalore, National Capital Region (NCR) of Delhi, and Pune, says the latest report by CBRE, a real estate services firm.
The report, India Office Market View, said that in the past three months, supply of prime office space saw a 16% increase year on year and an 8% increase quarter on quarter.
Transaction activity in the second quarter of the year was dominated by the city, NCR, Bangalore and Pune, representing about 88% of the transacted space during the quarter.
About 7 million sq ft of space was absorbed in the past three months compared to 6.6 million sq ft in the first quarter. Around 10.8 million sq ft of new office space entered the market in the second quarter of the calendar year and around 9.9 million sq ft in the first.
Read more: The Times of India
India tax returns: Two important changes NRIs should note this year
As always, July is the time for filing tax returns in India. As a Non Resident Indian, you would typically need to file a tax return in India if you have income that arises in India. This year, the income tax department has made two important changes that you must be aware of. These changes apply to residents as well as non residents.
Change number 1: Mandatory efile if taxable income over Rs 5 lakh
Until last year, that is, for tax returns until financial year 2011-2012, it was mandatory to efile returns where the taxable income was over Rs 10 lakh. This year, the limit has been further reduced. If you had taxable income in India that exceeded Rs 5 lakh in 2012-13, you must efile your tax returns.
You can either do it yourself using online efiling portals or take the help of assisted tax preparers. The income tax department provides a free method to upload your tax return online. If you are looking for a more user friendly approach, paid efiling portals might be a good choice. Many of these paid service providers do offer special packages for NRIs.
If you are not comfortable doing the entire filing by yourself, you can choose to go to assisted preparers. You can get professional advice along with help with efiling your tax return.
Read more: The Economic Times
Chidambaram arrives in US to pitch for investment in India
At a time when Indian rupee is a record low, Finance Minister P Chidambaram has arrived here to not only address the US concerns on India’s economic policies, but also pitch among investors for a fresh wave of foreign direct investment in key sectors like infrastructure.
On a four-day trip to Washington, his second in less than six month, Chidambaram is primarily here to deliver keynote address at the 38th annual leadership summit of the US-India Business Council and meet his American counterpart Jack Lew.
He is also scheduled to meet a host of American corporate leaders and lawmakers, who of late have been highly critical of some of the Indian policies in particular those related to intellectual property rights and foreign direct investment.
However, the decision of Prime Minister Manmohan Singh to put on hold the contentious Preferential Market Access (PMA) policy is expected to give Chidambaram some comfort level in responding to the charges of the American corporate sector and lawmakers. The move has been welcomed by the US industry.
The finance minister, who arrived here yesterday, is scheduled to meet industry representatives later today.
Read more: Business Standard
Elevated Roads to Be Built With Less Traffic Disruption, At Half the Cost
To ensure minimum traffic disruption and reduce congestion, the Public Works Department (PWD) plans to construct four elevated roads that will be supported by a series of single pillars. These roads will be 24 metres wide and will come up on these stretches — Vikaspuri to Meera Bagh, Mangolpuri to Madubhan Chowk, Madhuban Chowk to Mukarba Chowk along Outer Delhi, and Prembari Pul to Azadpur along Ring Road.
The PWD claims that this construction method has not been used before in the city and that the construction will not disrupt traffic. The spines and wings for the top deck of these roads will be pre-cast simultaneously alongside construction of the pillars and attached later.
According to PWD, the construction technology on the elevated roads will be an improved version of the one used to construct the Barapullah road that is supported by two pillars, one for each lane.
“The top deck of the elevated roads will be taken up in three parts and will involve pre-casting of parts in the casting yard. First the spine segment (around 8 metres wide) will be lifted by launchers, which will then move ahead. Then lifters will be installed to attach wings on either side of the spine. In the last step, all these segments will be stitched together and pre-stressed,” PWD chief engineer Sarvagya Srivastava said. This will ensure six lanes for movement of traffic at ground level and along the elevated road.
Source: The Indian Express