US Realty Market Emerges as Investment Destination for Indians
Buyers from India purchased residential properties in the US estimated at $5.8 billion in value during the one-year period ending March 2014, according to a report published by the US National Association of Realtors
Nov 28, 2014
Source : Profit.Ndtv.com

 

Mumbai: With the US market emerging as an attractive investment destination, there is a growing interest from Indians to buy properties there, property consultant Jones Lang LaSalle (JLL) said.

According to a report published by the US National Association of Realtors, buyers from India purchased residential properties in the US estimated at $5.8 billion in value during the one-year period ending March 2014.

This investment magnitude recorded a growth of around 6 per cent over 2013.

The report also said Indians spent $459,028 or Rs 2.81 crore on an average to buy properties across cities like Los Angeles, Las Vegas, Chicago, Dallas, and New York.

"This is definitely an interesting finding. Indian high networth individuals (HNIs) who have obtained American citizenship and are settled there have several reasons for investing in properties in the US.

Apart from India's long-standing love affair with the country, many Indians who have become naturalised US citizens have business interests as well as families in major American cities," JLL chairman and country head Anuj Puri said in a statement.

He noted that after the steep post-Lehman downturn, countless investors had been able to snap up properties in American cities at unbelievably low prices, and these investments are seeing handsome returns now that the US real estate market is reviving.

The Reserve Bank of India has recently increased the ceiling on outward remittances for individuals to buy overseas property under the Liberalised Remittances Scheme (LRS) to $1,25,000 from $75,000.

"This enhanced investment limit is a small but important window. For example, a married couple can now together buy a small property in a US suburb if they have the inclination to do so. Previously, real estate as an option was entirely withdrawn from the LRS scheme and the limit purview," Mr Puri explained.

He further said that since quite a few apartments in the US are currently held by institutional investors who had bought them during crisis from distressed sellers, it is easy for a foreign buyer to make such deals with such institutions rather than with individual US house owners.

 

Latest Realty News

DDA to launch bigger housing scheme in 2016
Nov 28, 2014
New Delhi: If you have not managed to get a flat in the Delhi Development Authority’s (DDA) housing scheme, there’s still hope
Priyanka Chopra to endorse real estate group
Nov 28, 2014
Delhi: Bollywood actress Priyanka Chopra was roped in to endorse Unnati Fortune Group, a real estate entity
'Smart city' buzz sends land prices soaring around Visakhapatnam
Nov 28, 2014
VISAKHAPATNAM: All the buzz about transforming Vizag into a `smart city' seems to have sent rates of land in and around the Port City spiralling northwards
Produce original lease document in 7 days or give up possession of govt land
Nov 27, 2014
INDORE: Noose tightened around lease holders for alleged misuse of government land
Illegal flats on fringes find political support
Nov 27, 2014
PUNE: Even before the government takes a call on legalising illegal constructions, word is out in the fringe realty market
National body seeks legal sanction for RWAs
Nov 27, 2014
NOIDA: The recently formed Confederation of All Residents' Welfare Association (CARWA) has sought legal sanction for all RWAs in the country
Realty stocks surge over 4% as RBI eases rules for low-cost home loans
Nov 27, 2014
MUMBAI: Realty index rallied after taking cue from the RBI announcement of easing rules for low-cost home loans
Builders skip big projects, go for budget housing
Nov 27, 2014
CHENNAI: As apartments sales in the middle and high income segments are showing no signs of improvement, many builders are seriously scouting for small parcels of land to promote budget housing units in the sub - 20 lakh segment
Builder goes to police against residents
Nov 27, 2014
CHENNAI: A builder has sought the help of the city police saying a group of thugs and some residents of slum tenements prevented the construction of a compound wall
Construction companies ready to accept illicit black money: Report
Nov 27, 2014
NEW DELHI: An undercover operation by Cobrapost has exposed major construction companies willing to accept and launder illicit black money

Latest Realty News Of State

Realty Talk's