NRIs/OCBs will be permitted to invest up to 100% in the new issue of equity shares/convertible debentures of Indian companies engaged in the following areas:

(i) Development of serviced plots and construction of built up residential premises;

(ii) Real estate covering construction of residential and commercial premises including business centres and offices;

(iii) Development of township;

(iv) City and region level urban infrastructure facilities including roads and bridges;

(v) Manufacturing of building materials;

(vi) Financing of housing development.

Repatriation of original investment in this case will be permitted by Reserve Bank only after a lock in period of three years from the date of issue of the equity shares/convertible debentures. Applications for the purpose should be made to Reserve Bank (Central Office) in form ISD(R).

NOTE: OCBs will be permitted to repatriate net profit (up to 16 per cent) arising from sale of such investment after the lock-in-period of three years.