Can NRIs make investments in companies engaged in real estate development in India?
Yes. Investments up to 100% in the new issue of equity shares/convertible debentures of Indian companies engaged in the following areas is allowed: a) Development of services plots and construction of built up residential premises; b) Real estate covering construction of residential and commercial premises including business centers and offices; c) Development of township; d) City and region level urban infrastructure facilities including roads and bridges; e) Manufacture of building materials; and f) Financing of housing development through Housing Financial Institutions.
