As defined by the Foreign Exchange Management Act of 1999 (FEMA) an NRI is a person residing outside india who stays outside India for the purpose of employment or carrying on business or vocation outside India or any other circumstances, which indicate his intention to stay outside India for an uncertain period. As per regulation of FEMA an NRI is a non-Indian resident whose is either a citizen of India or a person of Indian Origin. Students studying abroad also can be treated as NRIs under FEMA and are accordingly eligible for foreign investment and NRE/FCNR account. Ravi Puravankara was President of International Housing Federation (FIABCI), Paris, which has representatives from 62 countries. He received the ‘Lifetime Achievement’ award the Realty Plus Excellence Awards-2012.