The Government have also formulated a scheme for investment by NRIs and OCBs predominantly owned by them, in the housing and real estate development sector. The scheme and concessions approved cover the following areas:-

1. Development of serviced plots and construction of built-up residential premises.

2. Investment in real estate covering construction of residential and commercial premises, including business centers and offices;

3. Development of townships;

4. City and regional level urban infrastructure facilities, including both roads and bridges;

5. Investment in manufacture of building materials;

6. Investment in participatory ventures in (a) to (e) above;

7. Investment in housing finance institutions.

Until now Reserve Bank of India was permitting investment in real estate and housing on non-repatriable basis. With the decision now taken, NRIs and OCBs predominantly owned by them can invest upto 100% equity on repatriable basis subject to observance of prescribed parameters in this regard.

Source: Doing Business with India

Last Upate: July 31, 1998