- LATEST
- WEBSTORY
- TRENDING
INDIA
Indians buying up residential property in US
Updated : Nov 28, 2014, 05:00 AM IST
)
TRENDING NOW
)
Shahid Kapoor, wife Mira Kapoor rent out their Rs 580000000 luxury Mumbai apartment for Rs...
)
After Arjun Kapoor confirms breakup with Malaika Arora, his statement goes viral: 'You can't get away with screwing...'
)
Meet Imsha Rehman, Pakistani TikTok star who deactivated her accounts after video leak and Minahil Malik's MMS
)
Meet Janhvi Kapoor's 'sister' who left Bollywood after no hits in 7 years, still called star; she's worth Rs...
)
Mukesh Ambani's son Anant Ambani, daughter in law Radhika Merchant seen hand in hand in Dubai, video goes viral
)
Shah Rukh Khan's 'gross' reply to his son Aryan Khan developing crush on Mallika Sherawat goes viral: 'Can I also play...'
)
'He was adamant...': Here's why Abhishek Bachchan skipped Aishwarya Rai's birthday celebrations amid divorce rumours
)
Internet fuming over BIZZARE fan reaction in Diljit Dosanjh concert, netizens say, 'better if asteroid hit earth'
)
'Vivian Dsena you are an...': Ravi Dubey reacts after Madhubala star calls him his favourite TV actor in Bigg Boss 18
)
Meet actress who never became lead heroine, married superstar's brother, fell in love with 12 years younger man; now...
)
Before Pakistani TikTok star Minahil Malik, actress Rida Isfahani's MMS video leaked online by...
)
After Sushmita Sen declares she is single, Rohman Shawl's statement goes viral: 'Voh to 6 saal se...'
)
7 times XXX, Gandii Baat star Aabha Paul was 'too hot to handle' in her bikini photos
)
Pakistani TikTok star Minahil Malik's dance video goes viral amid MMS leak controversy, watch
)
Shillong Teer Result OUT for November 13, 2024: Check first and second round Wednesday lottery results here
After Dubai, Singapore and London, the US seems to be the next destination for Indian residential property buyers, whether they are naturalised American citizens or resident Indians with business interests there.
A report by the US National Association of Relators (NAR) last month said Indians spent $5.8 billion, buying residential properties for the year ended March 31, 2014. This is a 6% jump over the previous fiscal.
Anuj Puri, chairman and country head of real estate consultancy firm JLL India, believes this is an "interesting finding".
Why this sudden love for US property?
India's long-standing love with America and all things American is one factor, says Puri. J C Sharma, MD, Sobha Developers, says overseas properties are attractive for those Indians who see their future in these places. "Indians are buying it (residential properties) in Dubai, Singapore, London and the US as they find their future in these places," he said. According to him, Indian-origin developers are also working in these countries to cash in on the growing demand.
Is there any policy helping buyers?
What has helped resident Indians is the recent relaxation of Liberalised Remittances Scheme (LRS) by the RBI to increase the annual investment ceiling for individuals to buy overseas property from $75,000 to $1,25,000. "This investment limit is a small but important window. A married couple can now buy a small property in a US suburb if they have the inclination to do so. Previously, real estate, as an option, was entirely out of the LRS scheme and the limit purview," said Puri.
How do resident Indians buy homes in US?
The current annual limit under LRS, which is equivalent to Rs 75 lakh, makes it possible for an Indian resident to buy a house worth $460,000 in the US in three to four installments with a gap of a year between each installment. Since there are still quite a few apartments held by institutional investors who had bought them during the mortgage crisis, it is easy for foreign buyers to snap a deal with them than with individual US house owners.
