India is thus zooming away in the face of a real estate boom. There is property boom in any direction you wish to see. Whether it is Bangalore, Pune, Calcutta or Chennai or Hydearabad or even already sky high Mumbai and Delhi - the story is the same.

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The concern is that Indian stock market is at the height of a boom. So asset relocation is happening. Investors are rushing to put their money in a safe place. Also, add the foreign exchange glut in India fuelled to a great extent by software engineers parking their dollar salaries in real estate. Relatively low interest rates over the last few years made bank loans easier.

Indian government has also opened the construction and property development sector for foreign direct investment. They have allowed 100 per cent FDI in the vital infrastructure sector in order to spur investment. And also for the first time it has thrown open the lucrative parts of the Indian property market to global investors.

NRI interest in property market

The boom is also attracting interest from Indian Diaspora in foreign countries. In recent years, NRIs have played a very important role in transforming the Indian property market. Opening-up of the Indian economy provided NRIs with new opportunities and they have shown a great deal of confidence in it. They have invested a sizeable amount, of which a big chunk in property market. Participation by NRIs has brought about a lot of maturity in the market which in the past had solely banked on the actual users.

Various lucrative avenues are being created and offered to invite maximum investments from abroad. The NRIs have responded quite positively, showing keen interest in India's real estate market. NRIs are investing a lot in residential and commercial properties to cash upon the increasing property demands.

Where the investment is allowed in property.

NRIs are allowed to participate in real estate investments by way of investments in variety of infrastructure projects. It can be the construction of residential and commercial properties, development of townships at city and regional level, constructing infrastructure facilities like roads and bridges in urban areas and investment in participatory ventures. The status of an NRI as a property owner is not much different from the Resident Indian; just like any other property owner, NRIs pay property tax to the concerned authorities, though NRI property tax is slightly different from what Indian residents pay. So NRIs and also PIOs are legally permitted to acquire any kind of immovable property in India, with the exception of agricultural land, a plantation or a farm house.

Where to get funds to invest in property.

NRIs can fund investments through their own funds. Own funds are funds an NRI receives in India by way of inward remittance from overseas, out of income earned overseas or personal savings outside India, or funds held in non-resident external (NRE) or non-resident ordinary (NRO), or foreign currency (non-resident) (FCNR) bank account for purchasing real estate in India.

NRIs can also avail loans. NRIs get complete support from the financial institutions and banks for the finance required for the purpose of investment in properties in India. NRIs are eligible for availing a home loan facility to purchase a property in India; in fact they are considered a safe profile due to their good repayment capacity.

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