Indian real estate is experiencing a boom. This is a result of the economy’s rapid expansion and the resulting ongoing demand for improved housing options. Buyers are more active in the market when they have more purchasing power. A growing number of NRIs are also thinking about buying real estate in India. They also benefit greatly from tax advantages and large returns on investment. It is now popular for NRIs to purchase real estate, and realtors depend on them for investment.
Canada, UK, UAE, and USA are among the top nations where NRIs invest in real estate in India. More Indians are now making investments abroad with the intention of returning home in the future.
Few Things NRIs Buying Property In India Must Know
NRIs can buy real estate in India without a specific permit. With the following exceptions, NRI investments in Indian real estate are considered equally to those made by Indian residents.
Type of Property
NRIs are allowed to buy all types of immovable residential and commercial properties in India, except agricultural land, plantation property and farm houses. Obtaining agricultural land, plantation property, and farm buildings requires the approval of the RBI and the government.
Power of Attorney (PoA)
Non-Resident Indians can give Power of Attorney to their relatives to execute the purchase of real estate in India on their behalf. Your representative may be granted either general or particular rights under the PoA.
Housing Loan
NRIs can get home loans to acquire real estate in India, just like Indian residents can. For NRIs, the majority of Indian lenders offer mortgages. The NRI home loan may only be repaid in Indian rupees, which is how it was disbursed.
Taxation
When NRIs sell real estate, tax withholding is applied at a 20% rate for properties held for longer than two years. TDS will be calculated according to the seller’s income tax slab rates for properties held for less than two years. In addition to the appropriate TDS, surcharge and cess would also be applied.
Paid in Indian Rupees Only
NRIs are permitted to purchase real estate in currencies other than Indian Rupees (INR). They must use the rupee-based money received through standard banking channels to make the payment. According to FEMA and RBI regulations, the money must be kept in an NRI account.
Wrapping lines
NRIs who wish to invest in residential properties in Vapi/Silvassa can ask us any question related to NRI investment.
If you are planning to buy from a residential property developer in Vapi, The Park by Nagjua is the finest pick when you’re looking for big 2, 3 or 4 BHK flats in Vapi. If you’re looking for Luxury Flats in Silvassa, then Tropical Greens in the heart of Silvassa, Dadra and Nagar Haveli, promises you a shelter of luxury 2, 3 and 4 BHK Flats.
