In the past couple of decades, there has been a steady rise in NRI investing in the real estate markets of India. According to recent statistics, out of the 80 billion US dollars India earned last year, more than 13 billion dollars was from the real estate market. Specific factors like the falling value of the Rupee and uncertainty in other investment options have made the path clear for investing in the real estate market.
Even though there are no specific restrictions, NRIs must know a few things before investing in the Indian real estate market.
1. Identify the best location.
Due to rapid urbanization and quick development, many areas in India have gained prominence. Certain places like IT hubs have become the top choice for investment as numerous IT organizations set up their offices. These localities are not only gaining popularity, but they are also experiencing unprecedented value appreciation.
These factors make these areas attractive real estate investment destinations for NRI.
2. Choose a popular developer.
While buying Apartments or commercial properties, an NRI has to pick the correct builder who has enough experience in the market and is reliable. It is one of the essential factors that you have to keep in mind.
Most NRIs looking to invest in 3BHK Flat in Gurgaon find it convenient to work with reputed and honest developers who usually have the necessary qualifications and certificates.
3. Housing loans available
Most banks and financial institutions in India offer NRIs funding options like housing loans. As the payment will be in INR, you have to open an NRE or NRO account. However, you need an excellent CIBIL score to qualify for a housing loan.
Also, you need to have an Indian resident as a co-applicant.
4. Learn about RERA
As most builders and developers have to follow rules recommended by RERA, NRIs are also protected from any offenses or misdeeds of these builders.
As an NRI, you can rest assured that the project will be completed within the deadline and receive all the promised aspects like carpet area and amenities.
5. No restriction on the number of properties
An NRI can invest in as many properties as they want. The only thing that they have to know is the type of tax liability they have to bear. As an NRI, you do not have to get any special permission to invest in real estate property in India.
If you buy more than one property only one of them will be considered for their own self. The other properties will be categorized for leasing purposes. Therefore, the rent which you will receive from them will also be taxable.
India is one of the fastest-growing real estate markets in the whole world. With the ability to withstand any type of pressure and even sustain recession on a global level, the Indian real estate market is a lucrative option for NRIs to invest in. Additionally, the rules and regulations in India are pretty lenient. If you are searching for a 2BHK flat for sale in Gurgaon, then you can visit the official website of Krisumi Japanese Waterfall Residences.