OVERSEAS REAL ESTATE
Have undisclosed foreign income or assets? You must act before December 31 as government gets more data from these new countries
Income tax: The Income Tax Department has data from Germany and other countries about its residents having foreign properties and assets and incomes. ?According to Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP, many foreign countries now exchange more granular and updated financial information, enabling Indian tax authorities to better identify undisclosed foreign income and assets.
'Should have planned properly': Bengaluru property owners frustrated by BBMP's e-khata delays
BBMP's new e-khata system, intended to streamline property registration in Bengaluru, is facing criticism due to software glitches and a lack of support. Property owners are experiencing delays, data discrepancies, and difficulties in obtaining e-khatas, impacting property transactions and causing frustration among residents and overseas property owners.
Overseas job opportunities in UAE for Himachal Pradesh residents
EFS Facilities Services India has announced job opportunities at a nuclear power plant in Baraka, a school in Abu Dhabi, and bike delivery services in Dubai for Himachal Pradesh residents. Technical and non-technical roles require basic English skills, qualifications, and range in salaries from Rs 23,000 to Rs 1,14,450.
India needs realty projects catering to luxury retail, says watchmaker Panerai's CEO
Panerai is experiencing significant growth in India and plans to open a new boutique in Bengaluru. The CEO, Jean-Marc Pontroue, emphasizes the need for more luxury real estate. Panerai's online business is expanding, particularly in the US. There is a special focus on e-commerce with exclusive collections available only online.
Indian office investment witnesses 6X spike, marking strong market revival
The Indian real estate sector sustains robust institutional investment, particularly in office spaces and residential assets, with a notable 679% rise in the office segment and a 40% increase in residential investment in Q3 2024. Foreign investments played a significant role, accounting for 88% of total inflows. Key cities like Chennai and Mumbai led in office investment, while residential investments surged in marquee projects.
Investors can't have enough of Indian realty pie; money keeps pouring in
India's real estate sector sees significant institutional investments in Q3 2024, with the office segment surging to $600 million, a 6.8-fold increase from the previous year, driven by major foreign players. Residential assets also record notable inflows of $400 million, up 40% year-on-year.
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Rich Indians are now buying overseas properties in their children's names
Wealthy Indians are using the RBI's Liberalised Remittance Scheme to buy overseas properties in their children's names. The scheme allows remittances up to $250,000 per year. Legal and tax experts advise proper disclosure of these assets in income-tax returns to avoid penalties under the Black Money Act.
OYO estimates EBITDA to cross Rs 2,000 cr in FY26 with Motel 6 acquisition
OYO's EBITDA is projected to exceed Rs 2,000 crore by 2025-26, driven by the acquisition of Motel 6. The travel tech company expects Motel 6 to contribute over Rs 630 crore to its EBITDA in the next financial year. OYO plans to refile its IPO papers with SEBI after refinancing a USD 450 million loan at a lower interest rate.
Blackstone sells US motel chain G6 Hospitality to Oyo in $525 million all-cash deal
Private equity giant Blackstone said the deal is expected to close before the end of the year, and would include the chain's offshoot hotel brand, Studio 6. ¡°This acquisition is a significant milestone for a startup company like us to strengthen our international presence,¡± said Gautam Swaroop, chief executive of Oyo International.
India on a trajectory of its own; if flows continue, market will continue to do well: Anand Tandon
Anand Tandon, an independent analyst, highlights the continued strength in sectors like insurance, housing finance, and travel tourism. He also discusses the cautious outlook on metals and IT, while noting the potential in infrastructure and energy sectors. The Indian market remains optimistic despite global concerns and is on a trajectory of its own, he says.
Home loans for properties above Rs 75 lakh surge in four years; check which bank is offering cheapest home loan interest rate
In line with a recent Knight Frank report, the market's steadiness is apparent in the rising volume of mortgage applications for homes, which currently constitute a substantial share of India's housing sales, surpassing Rs 1 crore and representing 41%. This information indicates that the upsurge in sales is not merely a momentary event but rather a continual trend.
India's SM-REITs market is expected to surpass $60 billion by 2026, backed by over 350 mn sq ft of completed commercial office space
India's SM REITs market is expected to exceed $60 billion by 2026, with Mumbai leading in potential completed stock. The new framework aims to enhance transparency and investor protection, offering steady returns. This development aligns with recent tax reforms, making SM REITs a more attractive investment option.
A century old Raymond Group is planning 2 listings by end of 2025
Raymond Ltd., an Indian conglomerate, plans to list its apparel and real estate units by 2025 to boost shareholder value. The move aims to dismantle its conglomerate structure that led to subdued valuations. Raymond Lifestyle, known for men's suits, will expand in the Indian and wedding wear market, with targets for significant growth and new stores.
Is London real estate being used as a tax haven by the global elite?
For tax reasons, anonymous foreign firms are purchasing real estate in affluent cities such as New York, Paris, Tokyo, Singapore, Dubai, and, shockingly, Oslo. Since the Common Reporting Standard on offshore investments was gradually implemented in the 2010s and required banks to communicate information with the account holder's tax authorities, it has experienced significant growth.
Indian real estate booms with rising NRI interest amid Budget reforms & infrastructure growth
The Indian real estate sector is increasingly attracting non-residential Indians (NRIs), driven by robust economic growth, infrastructure development, and favorable Union Budget measures for FY2024-25. Key changes include simplified income tax regulations for NRIs, relaxed Foreign Direct Investment (FDI) norms, and a reduced tax rate on listed securities.
Suits & Sayings: Alpine Address
ET¡¯s roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours.
How will the Budget 2024 changes affect NRIs?
Finance Minister Nirmala Sitharaman, in the first full Budget under the Modi 3.0 government, unveiled several initiatives aimed at enhancing economic engagement with NRIs. The highlights include easing FDI norms, promoting investment in Indian Rupee, and various reforms in taxation and real estate to encourage NRI investments in Indian markets.
China consumer prices inch up but deflation pressure lingers
In June, China's consumer prices rose slightly by 0.2% year-on-year, marking the fifth consecutive month near zero, highlighting ongoing deflationary challenges hindering economic recovery. Meanwhile, factory-gate prices remained in deflation, declining 0.8% year-on-year. Economic disparities persist with manufacturing showing resilience amid weak consumer spending due to a real estate downturn and job market struggles. The risk of prolonged deflation poses concerns, potentially dampening consumption and business activity unless domestic demand rebounds significantly. Policymakers may consider monetary easing measures to stimulate growth, pending global economic developments and domestic conditions.
Budget 2024 Expectations: Policies and reforms needed to boost NRI investments in Indian real estate
The Indian real estate market is experiencing a rise in NRI investments. Policies like RERA and reforms in financial transactions are attracting overseas buyers. With a focus on luxury housing, India's real estate sector is poised for growth and economic benefits.
FPIs lap up realty stocks amid low inventories, sustained demand scenario
The increase in the weight of the sector can be attributed to capital appreciation and steady inflow of overseas funds. The Nifty Realty index has outperformed the benchmark Nifty 50 by 32% year-to-date.
Daibiru creates Gift City fund with Hines, invests Rs 1,000 crore in Gurgaon building
Daibiru Corporation, a subsidiary of Mitsui O.S.K. Lines, has invested Rs 1,000 crore in an upcoming office complex in Gurgaon developed by DLF and Hines. This investment facilitated the exit of Abu Dhabi Investment Authority (ADIA), with Hines holding a 33% stake in the joint venture. The project, named Atrium Place, spans 2.88 million square feet across 11.76 acres and is slated for completion in 2025.
Companies cautious on short-term hiring, but overall outlook stays upbeat
Employers in India are showing caution in short-term hiring for the July-September quarter, with a net employment outlook of 30%, six percentage points lower than the current quarter and the same period last year. While 48% of employers plan to hire more people, 18% expect a decrease in hiring or have no plans to hire. The most optimistic sectors are finance and real estate, healthcare and life sciences, and IT, while communication services and transport, logistics, and automotive are less optimistic.
NBCC Q4 Results: Cons PAT jumps 49% YoY to Rs 414 crore
The new business secured touched Rs 23,500 crore on the consolidated level and Rs 18,400 crore on the standalone level, registering a growth of more than 250% and 355%, respectively, in comparison to preceding financial year.
Should you buy a second house with a loan?
The key consideration in making this decision is to assess how it will impact their financial plan and goals. Shoaib or his wife might want to pursue alternative career options, take a break, or start their own business. They must ensure that they are not forced to continue with their jobs against their will because they find themselves in debt.
Will prime residential assets remain the mainstream investment avenue for HNIs in India?
Real estate, long favored by India's affluent, served as an inflation hedge in a socialist economy. However, liberalization altered dynamics, shifting focus to financial assets as domestic real estate faced cyclicality amidst changing economic landscapes.
Real estate sector needs more hands to plan, build & sell in boom time
The real estate sector in India has undergone significant transformation in recent years, from the increasing volume of sales to the implementation of regulatory reforms including RERA. These changes have brought about a heightened demand for professionalism, transparency, and expertise, not just in the primary market but also within the secondary market, particularly in the high-end luxury segments.
Pullback rally soon? Sanjiv Bhasin on 4 stocks to bet on in this uncertain market conditions
Sanjiv Bhasin recommends strategic investments in HUL, LTI, and Indiabulls Real Estate. He advises reallocation from heavyweight stocks to capitalize on growth prospects. Opportunities also lie in ICICI Bank, Bharti Hexacom, Voda-Idea, and IDFC Bank. Bhasin further says: "We are looking at one pullback rally because all negatives are slowly getting priced in. "
Design-driven demand: Global architects sought in India's luxury real estate
Singapore's Andy Fisher Workshop, Eco-Id Architects, HBA Designs, New York's KPF and LERA consultants, Hong Kong's Ptang Studio, UHA London, and global firm Benoy are among the architects engaged in multiple residential projects across Delhi-NCR, Mumbai, Bengaluru, and Hyderabad.
Evolving demand: Primary driver of NRI investment in Indian real estate
The Indian real estate sector is experiencing a surge in interest from Non-Resident Indians (NRIs) due to increasing prosperity among the Indian diaspora worldwide. This interest is driven by factors such as higher income levels, favorable economic outlook, and advantageous price differentials.
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