Indian real estate
market is one of the most profitable investment ventures. Though there are
ample other choices including the stock market, mutual funds, and gold, but
real estate seems to be one of the best options. Not just investors from India,
but from all across the world find Indian real estate market a profitable venture.
NRI investors make a lot of money every year by investing in property in India.
They invest both in residential as well as commercial projects to get a high
return on their investment.
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With so many improvement
and new regulations, the government is further making the market more suitable,
transparent and profitable for NRI investors. If you are also in NRI and
looking for a perfect property in India, you should first have knowledge of
some facts related to Indian real estate market. Just have a look at five
important facts to get the best from realestate
in India.
1. Permissions
NRIs have got permission
from the government to invest in any residential or commercial project in
India. They don’t need any special permission from
RBI or any other government
body to buy immovable property except agriculture land.
2. Formalities
As an NRI investor, you
need to fill and submit a declaration form IPI 7 with the central office of the
RBI. You need to submit the form within 90 days of the date of purchase of
immovable property. Make sure you submit the form along with a certified copy
of transaction and the bank certificate as evidence of payment.
3. Loan
NRI investors who don’t
have enough money to make complete payment for a project are allowed to apply
for a loan from any Indian bank. Many banking organizations in India have got
permission from RBI to provide a home loan to NRI investors as they provide for
Indian property investors. Some of the best property sites in India also
provide a list of these banks to help investors find the right bank to apply
for a loan.
4. Gifting property
Foreign nationals of
Indian origin are allowed to gift their property or to get the property as a
gift from their relatives up to the limit of two houses. So, if you want to
dispose of your property or want to get a new home, you can opt for gifting
choice.
5. Payment methods
As far as payment
options for the NRI investors are concerned, they can pay for the property
through inward remittances in foreign exchange, through general banking
channels and through funds from NRE/FCNR accounts.
If you are an NRI
investor seeking a right investment in Indian real estate, it is better to find
properties
websites dealing with NRI clients.
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