NRI Buying Property in India made easy with the best expert advice

A major section of the population of India settles aboard due to jobs and other commitments. They shift aboard but their roots remain in India. Concern about their parents and the possibility of returning to their home country motivates them to buy and invest in Indian real estate property. In past years India has seen tremendous growth in investment in real estate property. Not only citizens but NRI also have shown their interest in investing in Indian real estate properties. With favorable currency rates, the investment in Indian real estate properties has further shown a boom. NRI Buying Property in India is increasing as they want to diversify their investment and have some securities for their parents in India. If you are an NRI and desire to invest in real estate property, you can go through Myre Capital.

Types of property an NRI can invest in

An NRI can invest in all types of real estate property whether it is residential or commercial property. The only requirement in investing in real estate property in India is that NRI needs to comply and make the investment as per FEMA (Foreign Exchange Management Act) and its rule. However, buying agricultural land and other similar properties need some extra compliance and permission.

What an NRI needs to see before investing in Indian property

An NRI may not know investment rules and regulations. An expert may help them know where, why, and how to invest in India. Here are some aspects that an NRI should know before investing in real estate property in India:

  • They are allowed to invest in residential and commercial property except for agricultural land and plantation.
  • They are allowed to take several home loans for buying property in India.
  • They have the authority to appoint an authorized representative on their behalf to perform necessary functions and do transactions related to investment in the property. It needs to execute power of attorney in favor of the authorized person.
  • NRI is under obligation to pay various taxes and duties connected with buying Indian real estate property. Stamp duty, property taxes, registration fees, and other charges to be paid by the NRI.
  • Generating income in the form of rent from the investment property is allowed to NRI. After deduction of TDS, the amount gets repatriated under FEMA regulations.
  • Sales proceeds from the property are also taxable and thereafter repatriated as long-term or short-term capital gain.

Why investing in India is preferred?

There are many reasons why NRI prefers to invest in Indian real estate properties. Some of them are:

  • Since India is a developing country, the rate of return is high compared to other countries. With a higher interest rate, the rate of return also increases. So, it becomes a profitable avenue for NRI.
  • It gives a sense of security to the family of NRI as a secured fund.
  • It has various tax benefits also.
  • There is a regular flow of income in the form of rental income which helps generating good income for NRI and their family.

So, buying real estate property in India is a profitable venture for NRI. If you are thinking buying property in India and facing any issues, Myre Capital can help you solve them and make an investment in real estate in India seamless.

Leave a Reply

Your email address will not be published.