The surge in expat interest in India’s luxury home segment is said to be prompting some of the leading Indian real estate players to look at partnering with leading developers from the Middle East, especially Dubai – to launch projects in India
NRIs
Latest in NRIs
India
NRIs under scrutiny: India’s IT Department cracks down on tax evasion: Report
The tax department has issued notices to numerous NRIs, requesting signed affidavits confirming their non-resident status and specifying the days spent in India
Gulf region NRIs
8.9m Indians live in UAE, Saudi Arabia, Kuwait, Qatar, Oman and Bahrain
66% of non-resident Indians live in Gulf countries
Gulf region NRIs
India luxury real estate, holiday homes in crosshairs for Gulf-based NRIs
Investments from the GCC-based NRIs account for close to 41% of the global expat Indian contribution in India’s property market
Ideological Battle in India
Key architects of modern India were NRIs, Rahul Gandhi tells Indian diaspora in US
The Congress leader also said India faces a battle between two ideologies — one espoused by the Congress and the other by the BJP and its ideological parent, the Rashtriya Swayamsevak Sangh (RSS)
Dubai
Kerala announces plan to bring NRIs home with Dubai startup centre
The ‘Infinity’ centres in the UAE and other countries will also double up as launch pads for Kerala-born startups which want to go global
acquisitions
India to allow in-bound travellers from abroad to use UPI payment gateway
RBI said to begin with, this service will be permitted to travellers from G20 countries arriving at select international airports
India
NRIs widen investments into commercial, rental properties as Indian real sector shows take off signs
NRIs are also now increasingly opting for under-construction projects by leading developers, contrary to the earlier trend of NRI demand for ready-to-move-in properties
acquisitions
First UAE fintech announces India UPI payment integration, opening door to NRI remittances
Industry insiders said several other fintech ventures in the UAE and other GCC countries are also hurriedly making plans to get into the UPI-related payment segment either through acquisitions or starting their own platforms
expat remittances
Indians living in UAE and Saudi allowed to make payments through UPI
Indian expats can now make UPI payments through the government-backed system while in India or abroad through NRE accounts
expat remittances
UPI payment facility for NRIs: Remittances to India by currency exchange houses set to see big fall
Banks in GCC will also be impacted as the number of remittance transactions could come down significantly with expats resorting to few and large transfers instead of numerous small transfers
Indian property market
Gulf-based Indians race to buy property at home as rupee value falls
IT-driven cities of Bengaluru and Pune have seen attracting a lot of NRI demand in the current festive season, followed by cities like Gurugram and Noida in the Delhi-NCR
currency
Indian rupee predicted to see sharp fall in first quarter to almost 85 per US dollar
The plunge in rupee value is expected to trigger a major spike in remittances by Gulf-based non-resident Indians in the coming months
currency
Indian rupee’s plunge to an all time low may trigger another round of spike in remittances by Gulf NRIs
The onset of festival season in India from September onwards generally see high NRI remittances and the current plunge in rupee exchange value seen to add to the surge
expat remittances
Expat Indian remittances from Middle East set to surge as rupee totters around 80 against USD
India’s decision to amend certain rules related to the FCRA to allow residents to receive up to $12,644 – up from $1,264 earlier – from their expat relatives without informing authorities is also expected to add to the remittances flow
Anarock Group
Weak rupee, price discounts lure Gulf-based expat Indians to Indian property market in large numbers
Eagerness to own a house back home in the wake of the pandemic-induced uncertainties is also adding to the current demand spike from NRI buyers
Dr Anup P. Shah
Q&A: Is India seeking to tax NRIs in the Gulf?
India’s new law looks to collect taxes from Indians living abroad who wouldn’t normally have to pay taxes, even if they don’t set foot in the country for a single day