RBI puts curbs on overseas property investments
Mumbai (PTI): The Reserve Bank of India's curbs on Indians investing in international real estate under the liberalised remittance scheme will...
Mumbai (PTI): The Reserve Bank of India's curbs on Indians investing in international real estate under the liberalised remittance scheme will dampen investor sentiment, property consultancy firm Jones Lang LaSalle said. The RBI, seeking to support the battered rupee, announced measures to reduce foreign exchange outflows.
The steps included disallowing the use of remittances by resident Indians to buy property overseas. "The new restrictions have been introduced in an effort to stabilise the rupee. This move will have medium to long-term implications," said Om Ahuja, JLL Chief Executive Officer (residential services).
Individuals who were planning to buy international real estate at attractive valuations and planning for their kids' education and housing abroad will now see such plans challenged, he said.