The attraction of Indian real estate is now in no doubt after an international investor pledged to put millions of pounds into the Indian real estate sector. Overseas property investors now see India as a good place to invest in global real estate. The recent announcement was made by Suchit Punnose, Director Investments of Red Ribbon UK Fund and pays sentiment to the attraction of India for investment. The UK-based property investor plans to invest 250 million pounds in India’s booming real estate sector in the next five years.
The Indian government has brought in new regulations to permit foreigners to bid on construction projects, without the mandatory local partners, Sam Zell, one of America’s best known real estate entrepreneurs has said “There’s probably no better market in the world for low cost housing” . The easing of restrictions has seen the inflow of companies from many countries investing in the Indian market.
The government of India has brought in to place liberal policies for overseas property investors by Non Resident Indians NRIs. The list of incentives is quite comprehensive and for example allow an NRI to acquire property in India with exception to agricultural/plantation property or a farm house without formal permission. They are also entitled to transfer this property to any resident Indian without the prior permission of any government agency. An NRI can also inherit property of another NRI provided the property in question was bought in accordance with the provisions of the foreign exchange law in force at the time of acquisition.
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Red Ribbon UK Fund have plans to set up a pre-fabrication building construction factory in Kerala. They plan to put 50 million pounds into budget hotel chains all over India, 50 million pounds in developing resorts in Kerala, 50 million pounds in student accommodation and 100 million pounds in commercial properties.
The first budget hotel would be commissioned in Cochin by July this year. The company has identified land to build a 300-room resort in Kerala and the land acquisition would be completed in the next three months.
The company’s investment plans further include building of retail parks, keeping in view the requirements of leading blue-chip companies in India. L Paul Rodker, Director, UK Fund, said the rapidly growing Indian real estate market was now maturing through increased participation from domestic and international players, rising investor interest and a market-friendly approach.
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