NRI can buy a property in India. In the Indian real estate market, 20 % of investments are belongs to NRIs only. The NRI investment is a profitable option. There are some legal provisions, but the NRI should be aware of them before owning immovable property in India within the foreign exchange management act. The NRIs are treated as paramount when it comes to real estate investment.
The Reserve Bank of India has to permit NRIs to buy any residential or commercial property. This means any NRI can buy a property in India. The NRI need not take any permission from the reserve bank of India. With general permissions, only the NRIs can buy any number of properties. But the income tax permits to NRI as many properties as he owns. If in the case of an NRI not visiting India, the property documents of purchase of the property can be performed by a person who has the power of attorney. NRIs can buy residential or commercial plots, but he has no right to buy plantation or agricultural land in India. If an NRI is interested in buying a farmhouse or plantation land, then he has to take permission from the Reserve Bank of India.
When buying a property NRI should carry the transaction in Indian rupees via local banks. If the NRI is interest to invest in Indian property he should have the NRI account in any of the Indian authorized banks. If an NRI can purchase property in India, he couldn’t offer home loans through Indian banks. Just like other Indians, NRIs also pay taxes like registration fees, stamp duty, and GST.
For NRI investment in India, a real estate is an ideal option. Investment in other countries is a big decision. So, take more time and do the research on your own, and choose the right person to take the power of attorney. Make the decision taking into account every aspect of NRIs‘ investment in real estate. For More Information Visit, www.openplot.com