The Essential Checklist For NRIs Buying Property In India
The non-residential Indians prefer investing in the real estate industry in India, mainly because of the returns that are assured given the rate of development and growth. The reasons why people invest in real estate can be for a secure future or the family or to create generational assets. All these reasons are tending toward the future because of the potential that this industry has. Commercial and residential verticals of real estate, both are equally benefiting for investors especially nonresidents of India due to the affordable economy of the country and the low-interest loans.
There are specific rules to invest in real estate that can be marked by the checklist mentioned below:
When an NRI plans on investing in new projects in Dahisar, they should be aware of the tax they are liable to pay. This calculation of taxation is done in the same method for a regular Indian citizen who invests in the property. However, the benefit that NRIs have is that they can demand a deduction on head reimbursement and stamp duty, registration of the property.
There are multiple channels of payments that you can use like Foreign Currency Non-Repatriable, Non-Resident External, or Non-Resident Ordinary accounts. You can also make your payments in cash or cheques from the banks if you have applied for a loan. Know which payment method can get you better discounts.
As an NRI you must be aware of the property details like the RERA registration which is a validation of genuineness from the government. The RERA registration provides the property with a RERA number which ensures that the property is legally listed.
The minute you finalize on flats in Dahisar East, you must understand that your important documents should be ready for the government procedure which includes an NRI or PIO, or OCI to be eligible for buying a property in India.
Always have a lawyer:
When living outside a country, you are bound to not keep tabs on every single law change that country undergoes. This calls for a backup and that means having a lawyer who can overlook all your decisions and processes makes a big difference. It not only saves you time at work but also gets you an upper hand in facing fewer problems to own a property in India.
NRIs face an issue in keeping real-time updates of the market and real estate is an industry that changes to the everyday demands of homebuyers. Finding the right time to make the investments that are worth and potential to increase the returns value for you in the future requires a lot of studying the Indian market. Make sure your sources of information are right.