The real estate market is attracting more foreign investors. Due to many regulations, Indian real estate market is opening very slowly to foreign investment. But now things have changed and many NRI’s are showing interest in purchasing property for investment. However, it is recommended to take legal advice in India before you purchase a property. To purchase a real estate Chennai or any other cities in India, you need to have a residence permit.
Points to be considered at the time of purchase
NRI’s without residence permit are not allowed to purchase property in India. An NRI holding residence certificate must have lived more than 183 days in India to purchase a property. Private individuals can only buy residential property and if you are looking to buy commercial space, you need to establish your company in India. If you are looking to earn rental income from a property, you can’t transfer the money to your home country. There are certain points to be kept in mind while investing in India
The property name should be cleared from all issues and the seller should hold the right to sell it.
There should be no outstanding utility bills to be paid.
You must ask for bank release letter if the property had been engaged in mortgage.
You must check all the permits needed for the construction of a new house.
Benefits for NRI’s investing in India
NRI’s always remain opportunistic investing in real estate property in India as they look for great return benefits. People who are looking to earn profit make an investment in their motherland.
Tax benefit – If you own a residential apartment in Chennai, you will be in touch with your relatives. NRI are treated with tax implications if they own a property in India. They are not required to pay additional duties and cusses. If they have purchased a property, there is no upper limit to the deduction while repaying the loan.
Will get great returns – NRI’s find it feasible investing in a property in India because the return on investment keep on increasing. The trend of investing real estate Chennai by NRI’s is increasing because they are finding it worth investing in metros.
Easy government policies – The government policies have become favorable and they wish more NRI’s to invest in India. The rules and regulations have been simplified for people living abroad, looking to purchase property in Indian soil.
Tags : Vietnam travel , Vietnam Cambodia travel