NRI Top Stories, News – March 2007

Hotelier
Chatwal to invest Rs 45 billion in India
Indian American business tycoon Sant Singh Chatwal plans to invest Rs.45 billion in India by 2009 for setting up a chain of hotels, which will also include a seven-start hotel.

Government
to conduct survey on overseas Keralites

India will conduct the first major survey to count the number of
non-resident Keralites (NRKs) working in different nations this
month and the report will be made public by July.

Banks
trying to woo NRIs in Singapore
Every major bank wants to attract Indian expatriates working in
Singapore and the adjoining regions. And now, HSBC has opened a
separate section called NRI desk focusing specially on non-resident
Indians (NRIs).

Shyam
Kothari buys Land in Chennai for Rs. 175 crore
After American International Group (AIG) and RMZ Corporation bought
11-acre land for Rs 298.10 crore, now it’s a turn of Shyam Kothari,
brother-in-law of Mukesh Ambani, who bought IDBI’s 2.5 acres Boat
Club property in Chennai for Rs 175 crore.

Sacha
Dhawan nominated for Britain’s RTS award
Actor Sacha Dhawan has been nominated for Royal Television Society
(RTS) award for his role in Bradford Riots, a television drama.
The RTS award function, which will held on March 13, is for excellence
in all aspects of broadcasting in Britain.

Indians
make the largest immigrant group in Canada
According to a survey done in Canada, Indian immigrants, who are
at number two position among the immigrants, will top the chart
by 2009, said Ted Menzies, Canada’s parliamentary secretary to the
minister for international trade.

Indian
Real Estate Poised to Surge
Indian real estate is all set for further growth feels, Kalpana
Jain, a senior director of Deloitte Haskins & Sells in New Delhi,
a member firm of Deloitte Touche Tohmatsu of New York.

ndian
Real Estate Profits Likely To Fall
Everything that goes up comes down too. It seems the profit margins
on the Indian real estate, which was quite high for the property
developers in the last two years, are likely to take a beating due
to abundance of commercial and residential supply in 2007, reports
a business news channel.

IT
boom to push reforms in Indian real estate
Indian IT success stories have impressed one and all and many like
Dubai-based Gowealthy.com CEO, Peter Penhall, who feels the ongoing
IT boom is going to fuel the Indian real estate market and will
attract a lot of non residents Indians (NRIs) to India.

Major
victory for Indian doctors in Britain
Britain-based Indian doctors have won a major battle when the British
government agreed to withdraw a "discriminatory clause"
that could have doomed their future in Britain.

Domestic
Realty Funds’ to be Taxed from April
Firms earning more than US$ 1 billion through domestic real estate
funds will now have to cough up tax from April this year, as per
the budget unveiled by the finance minister, P. Chidambaram.

Financial
Institutions looking up to: Morgan Stanley, Citi, $ Actis
Morgan Stanley, Global financial services firm, Citigroup, one of
the largest financial services company in the world, and a private
equity firm Actis have collectively bought a 6% stake in the National
Stock Exchange (NSE) for an disclosed amount.

Kerala
to Set up Special Cell to tap NRKs Resource
Kerala tourism ministry has decided to set up a separate cell to
tap its non-resident-Keralites (NRKs) for developing its tourism
infrastructure, said Kerala Tourism Minister Kodiyeri Balakrishnan.

Real
estate firms turn to theme townships to woo clients
These days the mantra for real estate industry is “theme townships.”
These are very much evident by the plethora of huge hoardings that
stare at you while you are on the move, like a home on the bank
of the Ganges or an abode facing sea beaches etc.

Asian
Women Carving Out a Niche in Politics
Thursday, March 08, 2007:Women are fast
emerging as great political leaders and business persons in Asia,
especially India, but have been under represented in a national
level government, as according to a US group dedicated to the region.

Australian Bank Eager to Make investment in India
Thursday, March 08, 2007:Needless to say, India’s economy is making rapid strides with each passing day. Stirred by the same, the Commonwealth Bank of Australia has launched a new investment fund for prospective investors of Australia to encourage them to park in Indian market.

2i Capital Group Launches Indian Infrastructure Development Fund
Wednesday, March 07, 2007:The renowned 2i Capital Group held a presentation on the US$300 million “Indian Infrastructure Development Fund” yesterday at the Ritz Carlton Hotel.

RTI Act Helps NRI to Get Tax Refunds
Wednesday, March 07, 2007:Since the Right to Information (RTI) Act came in application, many harried people who were fed up with the treatment they got from income tax officials known for their laidback attitude got their work done.

AXA, Bharti Join Hands to Launch a Realty Fund in India
Wednesday, March 07, 2007:French Insurer AXA and Bharti Enterprises have fastened their seat belts to carve a substantial niche in Indian real estate. The same seems to have encouraged them to launch a realty fund in the country, extending their current partnership for insurance and asset management.

Non Resident Keralites Taking State to New Highs
Tuesday, March 06, 2007:Recognizing the potential of its Indian Diaspora, Kerala invites 50 leading non-resident Keralites (NRKs) based in Gulf countries next week to carry out a new Government project, Infrastructure Kerala Limited (InKel), to facilitate development and make the state a favorable investment destination.

UK Medical Service Cos Carving Niche in Bengal Medical Sector
Tuesday, March 06, 2007: The British Healthcare Mission is scouting prospects in the healthcare sector of West Bengal. Five renowned British medical service companies came here on Monday to participate in an interactive seminar with health sector players of the state.

Badal To Work in Welfare of NRIs from Punjab
Monday, March 05, 2007: Parkash Singh Badal, who sworn in as Punjab Chief Minister for a record fourth time, expresses concerns for NRIs from Punjab settled overseas. The minister also wants the educated youth of the state to get reasonable employment.

Chandy
all praise for Non Resident Keralalites
Wednesday, March 07, 2007: Kerala opposition leader Oommen Chandy appreciates non resident
Keralites for contributing in development works for the state in
the last 50 years of its formation.

Massive
protest by Expat workers in Dubai
Thursday, March 01, 2007: Dissatisfied with unreasonably low wages, construction workers in Dubai, mainly Indians protested and stopped rush hour traffic on
the city’s main highway, demanding a Dh2 (Rs. 24) hike in
their daily wages of Dh25 (Rs 301)

Property
fair show in Dubai by Indian Builders
Thursday, March 01, 2007:Buoyed by the country’s economic growth, Indian real estate is certainly
zooming and has emerged as one of the most lucrative options to
invest in the international market.

RRBs
allowed to accept NRE Money, says budget
Thursday, March 01, 2007: Top priority
has been given to agriculture sector by the United Progressive Alliance,
present ruling coalition of political parties in India.