Indian real estate sector has proved its worth as one of the best and most sought after destinations when it comes to receipt of greater returns on both capital appreciation and rental yields. From a luxurious apartment, to majestic villa and a residential property in Karnal, for instance, property investment options in India are a plethora. As stated under Foreign Exchange Management Act, NRIs having Indian passports possess same property buying/investing/leasing rights as those extended to the citizens of India. NRIs also enjoy the benefit of funding or investing in a myriad variety of realty project with a few exceptions of course.
However, it’s not always NRIs experience a smooth process with least complications and interventions. This is mostly because of their lack of physical presence and dynamic realty rates. To buy residential property in Karnal, for say, an NRI must keep the following points in mind and adhere to them:-
State the Reason behind Investment – Of the many essential points, one that calls for utmost attention is defining the purpose of their investment in a property in the Indian real estate market. The reason can widely vary, such as, buying a real estate in Karnal for commercial purposes, or building a home for one’s retirement years and much more. If an NRI wishes to invest simply for earning high returns on investment, projects laid in Tier II and Tier III cities of Smart Cities make for excellent options.
Builder’s Authenticity and Credibility – Being an NRI, it’s quite difficult to look for a builder with high authenticity and credibility levels, and one assures that your investment won’t go in vain. Do a thorough research online along with an in-depth background check before you decide to partner with a realty developer.
Conduct an Enquiry on Housing Loans – Housing loans in India are generally synonymized with hefty paperwork and lengthy process. However, NRIs can breathe a sigh of relief as the home loan process for Non-Residential Indian is simpler than residential of India. Most reputed banks of India offer pre-approved loans for a handful of builders who has proved their worth and good track record to the banks.
Study the Tax Implications – More importantly it is vital to understand the tax implications in Indian when investing in, for say, real estate of Karnal. It is highly recommended to add the cost of taxes in the total value of the property in advance to have an approximate idea of what in investment in the Indian real estate market would cost an NRI.
With these points in consideration, ensure to choose the right property for investment in India and reap benefits.
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