Date: February 11, 2022Author: Team Piramal Realty
Non-resident Indians buy properties in India not JUST for residential purposes but also for investing in the Indian real estate market. In some cases, the purchase is out of pure emotional connection to the country as they want to keep a house ready for their homecoming after retirement.
With the introduction of the Real Estate Regulatory Act (RERA) and Benami Bill, there is an increase in NRIs investing in real estate in India. These regulations by the Indian Government have made it safer for investors to enter the real estate market.
A Non-Resident Indian is an individual who resides outside of India. According to the Foreign Exchange Management Act, the duration of stay outside of India should be more than 182 days.
An NRI can invest in residential and commercial properties. There is also no restriction on the number of properties you can purchase. But there is a restriction on buying plantation property, farmhouses, agricultural land, and Adivasi plots. NRIs can own such properties only if they have been gifted or inherited.
While the procedure for investing in real estate has become a hassle-free job, there are a few factors that NRIs should keep in mind.
A common mistake that NRIs make is finalizing the deal in a hurry. You should appoint any of your friends or relatives in India as power of attorney. This way, if you are unable to decide on a property during your short visit, your friend or relative can continue the research on your behalf and fulfil your dream of investing in real estate.
Disclaimer- This article is based on the information publicly available for general use. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.
EXPRESS YOUR INTEREST
Please enter your details to know more about Piramal Aranya
EXPRESS YOUR INTEREST
Please enter your details to know more about Piramal Mahalaxmi
EXPRESS YOUR INTEREST
Please enter your details to know more about Piramal Vaikunth
EXPRESS YOUR INTEREST
Please enter your details to know more about Piramal Revanta
Contact Us
Please enter your details to know more about Piramal Mahalaxmi
Contact Us
Please enter your details to know more about Piramal Vaikunth
Contact Us
Please enter your details to know more about Piramal Revanta
Contact Us
Please enter your details to know more about Piramal Aranya
Contact Us
Please enter your details to know more about Piramal Aranya