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The Reserve Bank of India’s restrictions on the amount of foreign exchange resident individuals can remit abroad is likely to affect Indians making investments in property overseas. Remittances by resident individuals during a financial year under the Liberalised Remittance Scheme have been reduced from $200,000 to $75,000. Om Ahuja, CEO, Residential Services, Jones Lang LaSalle India, in a statement said individuals who were planning to buy international real estate at attractive valuations and planning for their kids’ education and housing aboard will now see such plans challenged. “Currently, the variety of options available on the international property market offer very attractive rental yield and valuations, making the proposition of investing in property abroad a potentially lucrative one”, he felt.
rishikumar.vundi@thehindu.co.in
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