Published October 1, 2012 | 6:21 pm
Toronto: It’s a great time to be a non-resident Indian (NRI) if you repatriate money to India or invest in the country. The rupee has fallen 20 per cent against the US dollar, giving you more bang for the buck. One US dollar sent to India was fetching Rs 44 last year, while it is fetching around Rs 55-57.
When it comes to smart investing, timing is of essence. So if you are a non-resident Indian (NRI) wondering where to invest, real estate could be a good option given that the rupee is still floundering.
To provide NRIs about special investment opportunities in India, a seminar was held in Toronto on Sunday about the Mohali based mega project ‘Mohali Junction’ and was well attended by a large number of people, keen upon investing in India.
“NRIs have always been interested in investing in India as they are familiar with the location, and realty has traditionally yielded good returns in the short to medium term,” says Parm Sidhu, Associate Sales Organizer for the project, Mohali Junction.
“There are two distinct types of purchasers. One comprises pure investors, who want to reap good returns on their investment, and the other category is the end-users, who purchase property to provide for their families in India or to stay after retirement,” so Mohali Junction is one stop for all your real estate needs in India, Parm added, elaborating about the project.
Parm added that leading retail brands are coming up at the Mohali Junction in Sector 57, adjoining the Verka Chowk on the National Highway-21. Part of the Rs 500 crore mega project that envisages first-of-its-kind 18-storeyed air-conditioned Inter-State Bus Terminal (ISBT)-cum-commercial complex, 10 screen Cineplex, 4-star luxury hotel and a mall, the total space covered under the project is a whopping 10 lakh square feet. Of this, 3 lakh square feet is demarcated as the office space and 5.5 lakh square feet as the retail space.
To invite NRI investments, the Reserve Bank of India has deregulated interest rates on NRI deposits. In response, banks have increased rates on such deposits by up to six percentage points.NRI deposits, which used to earn less than 4 per cent a couple of months ago, are now fetching up to 10 per cent a year, so experts are terming it a great opportunity to invest in Indian real estate.
For more information on Mohali Junction Project, You can contact Parm Sidhu @ +1 780 940 0888