Looking at an increasing shift in the Indian real estate industry, a lot of experts are betting on it. Not only Indian investors are keeping an eye on this sector but it has also successfully grabbed the attention of NRIs (Non-resident Indians). However, it has been a debate in past that whether Indian real estate has some good future prospects for NRIs or not!
Here are few criteria that should be considered by NRIs while investing their money in this sector:
- Currency: NRIs living in countries like UK, USA, Dubai, etc. earn in the currencies of respective countries that are comparatively trading strongly against the rupee. So, they have an advantage of investing more in Indian real estate due to the gap between the currency values.
- Indian real estate scenario: Various real estate developers in India have realized the demand for better designed and more efficient products by NRIs in cities like Delhi, Gurgaon, Noida, Delhi, Chandigarh etc. and thus, are working on the respective demands. In fact, Wave Infratech is working on various luxury realty projects in Noida, Ghaziabad, and Mohali considering the same demands and choices of NRIs. Thus, investing on good projects by NRIs will definitely be a wise choice.
- Income tax: The biggest advantage for NRIs is that if they invest their money in any immovable property in India then they are liable to comply with hardly any legal formality. In real estate, they just need to complete registration formalities. Although, if they earn a rental income from the property then they are supposed to comply with income tax compliances. However, their investment in realty projects needs no major legal formalities.
Above are few reasons that make real estate investment an attractive choice for NRIs. However, it is equally important for NRIs to know various things about the property like circle rates, registrations process etc.
Whereas, circle rate refers to the minimum rate of the sale/transfer of the property. In India, it is defined by the revenue departments of the local governments or local development authorities. The stamp duty is charged on either the minimum circle rate or the actual price (whichever is higher). This can help NRIs to work on their budgets.
Therefore, investing in real estate is a good choice for NRIs, however, choosing a good real estate project is important.
A project like Wave Estate in Mohali is a good choice for them to earn good returns and find better-designed properties. Because, Wave Estate is located in Mohali near Chandigarh, which is the desired place for many, mostly for NRIs. It can either be a residence while they move to India, otherwise, investment is always going to reap here.
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