Check List- NRIs to buy a house in India

Delhi Central - Tuesday, April 24, 2012 6:52:41 PM

Investment from any source in the Real Estate sector is an appreciated aspect in today's Indian real estate scenario, from an industry perspective. It is essential if they have decided on a property they must know about the property- who is the seller, whom they are dealing with. It is a kind of due-diligence process that one must undertake before they acquire the property.

A due diligence process would help them to understand what the problem areas could be or what the grey areas could be and they must also acquire the property through proper NRI or NRE account and this can be done in conjunction with the attorney or dependable real estate agent. The Indian government now has recognized the demands of the NRI and people of Indian origin to own piece of property over here in India and over a period of time what we have seen is that the investment is both for them to come back and some form of speculation because India as a market now is giving good returns and the economy is booming so a lot of people are looking to come back. The rules have been much simplified and it is become much easier to buy property for the NRIs.

NRIs or even companies, constructing houses creates jobs for a lot of people and the duration of the employment will depend on a number of factors like-
•    Nearness to a supply sources for material and labour,
•    Access to high tech equipment, architecture, etc.

Real Estate market in India has so much to offer that it is impossible for NRIs to keep track of each development while staying overseas. Now NRI (Non Resident of India), PIO (Person of India) or OCI (Overseas Citizenship of India) an individuals who doesn’t reside in India and is staying far off land pursuing a career or just living abroad can buy land in India but with some restrictions applicable. It has become very difficult for them to think of investments.

The RBI has laid down some guide lines about NRI investments which can make the lives of NRIs easier. NRIs have many options available to invest in India where all your property needs under one roof and also facilitates the customers in buying, selling and also tracks’ your investment through our unique portfolio management.

NRIs and PIOs can receive property as gifts from a person resident in India, from another NRI or from a PIO. However, the property can be only a commercial property or a residential property. Agricultural land, plantation property and farm house in India cannot be acquired by way of gift.

The parents got the shock of their life, when they landed at the apartment complex the day before the poojas. The complex had only one sample apartment finished (the one in the video). They were told by the Project Manager at the site that the poojas can be done at anytime but the apartment can be delivered only after “6 months”.

A foreign company which has established a branch office or other place of business in India can acquire any immovable property in India, which is necessary for or incidental to carrying on such activity.

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