4
August 25-31, 2013
Vol. 4, Issue 52
Bengaluru is high priority investment destination for NRIs
B
angalore: The Rupee's sharp dip against the US dollar has made temptations for non-resident Indian (NRI) to buy property with realtors expecting an increase of 35% in business enquiries from the expatriates this year, reveals the associated chamber of commerce and industry of India (ASSOCHAM) recent findings.
Dera basi, Mohali and Panchukla. This time, there is a lower demand for the Delhi-NCR market, adds the ASSOCHAM survey. ASSOCHAM conducted a random survey of nearly 1250 real estate developers in Delhi-NCR, Dera Basi, Mohali near Chandigarh, Mumbai, Kolkata, Bangalore, Hyderabad, Ahemdabad, Pune, Dehradun, Chennai etc. The survey reveals that interest for buying property by NRIs have increased due to favourable exchange rates.
Releasing the ASSOCHAM paper on “Falling Rupee sparks property boom from NRIs” Mr. D S Rawat, Secretary General ASSOCHAM said, “With the rupee riding low against the dollar, Indian residents are looking to accelerate investment plans back home”. The rupee has fallen by about 34 per cent against the US dollar since August 2011 and crossed 65 against the dollar.
“The Indian property developers are anticipating a 35% surge in enquiries to NRI-based purchasers as the rupee dip against the dollar last six months. The decline in rupee has increased property sales because people want to get value for their money”, added majority of developers.
The survey highlighted that Bangalore is the most favourite property investment destination for NRIs followed by Chennai nd rd (2 ), Mumbai (3 ), th Ahemdabad(4 ), Dehradun th (5 ). A lot of Punjabis settled in Canada and UK are expected to invest more in Chandigarh sub-urban like
Mr. Rawat further said, “It's definitely not good news for people back at home, but for a non-resident Indian (NRI), this is definitely the best time to invest. At the moment any non-resident Indian buying a property in India can save around 20-30% on his/her property value. The enquiries may go up further
if rupee continues to slide, adds majority of the real estate developers. The majority of real estate developer said, the NRI traffic is coming primarily from the UAE/Gulf region, US, Singapore, Australia, UK, Canada, South-Africa etc. The demand is more for high end properties and commercial buildings. As per the recent estimates, nearly 5 million Indian expatriates live in the six Gulf Co-operation Council (GCC) countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, and they remit close to $30 billion to India every year and have been growing over the years. Buying a property back home is the top-most priority of every nonresident Indian, at least for those living in the foreign countries as the weakening rupee has given an impetus to fulfill that objectiv e,
added 75% of the real estate developers. The Indian developers are optimistic and expecting to get a good number of booking this year. Their confidence is based on the fact that the rupee is plunging and has fallen 35% in last one year, adds the survey. The enquiries from NRIs especially from the Middle-East, Europe, the US and Singapore for buying property in India have also risen by 20-25% following the rupee's depreciation. The record decline in the value of the Indian rupee and the sluggish realty market, proved to be a double delight for overseas Indians investing in property here, adds the Secretary General.
Upakarma observed with great diligence Marathalli: Avani Avittam is an important ritual associated with the Brahmin community in the world. The day is of great significance to Rig, Yajur, Sama Vedic Brahmins. On the next day, Gayatri Japa Sankalmpam is observed. In other parts of South India, the observance is known as Upakarma. This day is also auspicious as the Brahmins offer libations of water to their ancestors to whom they owe their birth and to the great Rishis to whom they are highly indebted for spiritual knowledge and the Vedas themselves. In Bangalore Yajur Veda Upakarma was conducted in many temples - Sri Murugan temple at Ulsoor, Sree Ayyappa Temple at Bannargetta road, Sree Ganesha Temple at New Tippasandra, Sree Basavewshwara Gayathri temple at HSR Layout,
Sankara Eye Hospital Ganesha Temple, Kundalahalli, Sri Booneela Sametha Venkartamana Swami Temple, BEML Layout and many other temples. On the day of Avani Avittam, the sacred thread worn is changed and it is usually a community observance and takes place on the banks of a pond or river. Avani is the name of the Tamil month and Avittam is one of the 27 nakshatras or stars. On this day, a Mahasankalpam or a vow is taken for atonement of all our sins in the past year. The Brahmins take a holy dip and wear a new holy thread called Yajnopavit or Janeyu. The first step is a 'prayashchita' A prayer to atone the sins. It says, “For the removal of all my sins and thereby to secure a divine blessing and for qualifing myself to perform the
essential duties of Brahmanas as prescribed in the vedas and smritis and adopted by the really good in their conduct I put on this Yagnopavita”. When the thread is worn another mantra is recited which means -”I put on the sacred thread which is highly pure, is inseparable from God, is capable of prolonging life and is the foremost in the accomplishment of a Brahmana. May such pure Yagnopavita bring strength and dignity. While removing the old thread, the mantra means -”I throw away the broken dirty old thread, may the new one bring on long life and Brahmana's brilliance.