Real Estate is the most lucrative sector to invest your money in as it assures good returns. Capital appreciation is a great way to gain financial benefits. As an NRI, you might be interested in buying property in India just for financial gain or you might be looking for a retirement home. Whatever your purpose, it is easy to feel intimidated by the various legal aspects of investing in India but the fact is that NRIs have it almost as simple as a regular Indian citizen when it comes to buying real estate in India.
Start by checking the track record of the builder in whose project you are interested. Make sure that all the legal documents are in place. For making a safe and beneficial investment, you can check offers by The Confederation of Real Estate Developers Association of India (CREDAI) as they keep coming up with exhibitions and deals specially meant for NRIs.
With everything in place, you need to know the following rules and regulations for NRIs wanting to invest in real estate in India-
1.For NRIs, the real estate deals have to follow the rules under Foreign Exchange Management Act (FEMA).
2.NRIs holding an Indian Passports do not need any prior permission for property investment.
3.NRIs can invest in any number of properties; there is no bar. The no restriction policy is applicable on residential and commercial properties and not on agricultural land.
4.The transactions for property investment in India have to be done in Indian currency through Indian banks. You need to have an NRI account in an authorised Indian bank.
5.NRIs can take advantage of specific home loan schemes for them and can take a loan of maximum 80% of the value of the property. The rest of it, should be from your own resources.
6.If you are interested in buying in a property that’s under construction, you will need to give power of attorney to an associate or your builder.
7.NRIs are eligible for most of the tax benefits offered to Indian property buyers. Under section 80 C of the Income Tax Act, 1961, you are eligible for a deduction of Rupees One lakh.
8.If your purpose of buying the property is good return, wait three years before selling it to avoid short-term capital gain tax. If you decide to sell the property after 3 years, you can invest in another property to reduce the long-term capital gains tax.
Akshat Apartments Pvt. Ltd. is a well-known builder in Jaipur and is a safe option for NRIs wanting to invest in real estate in India. Jaipur is a prime-spot for property investment and you would do well if you put your money in a trusted place. The projects by Akshat are on good locations of the city and are always built in the promised time duration. You can be assured of the built quality and good return on your investment with Akshat Apartments Pvt. Ltd.
Akshat Apartments Pvt. Ltd.
“Akshat House” A-27/13-A,
Kanti Chandra Road, Bani Park,
Jaipur – 302016, Rajasthan, India
MOBILE : +91-99298 05777, 8890005666
TEL : +91-141-6604755, 56
FAX : +91-141-6604799