Burgeoning IT industry, increase in the number of high
net worth individuals and increasing connectivity are
few reasons that are empowering Bangalore's real
estate segment. All the IT folks of the city, who have
migrated here from abroad, are seeking for residential
property in turn setting a stable growth of demand &
supply in the realty sector. Another major aspect that
is turning the face of realty factor of Silicon city is
the NRI interest.
There are many NRIs who aren't just showing interest
however keen to invest in real estate Bangalore, turning
it an investment-friendly market. Well, Non Residential
Indians have always been rapt about investing in Indian
property, strong currency of their country and
affordability being the reason. However this time
metropolitan city as Bangalore is the focus. For all
those NRIs, first time making an investment overseas
here are few quick tips before they seal the deal.
As compared to local buyers NRI buyers aren't spoil
for choices and need to adhere to many commandments by
the Government. As a matter of fact non residential
Indians aren't permissible for buying any
agricultural land. Consequently the legality and the
nature of the property under question are the primary
things buyers need to get themselves acquainted with.
Not being familiar with nature of property can lend the
buyer in a tight spot such as, if the property is build
on an agricultural land then the government holds the
authority to consider it illegal.
For NRI citizens sitting miles away, the whole procedure
of buying a property in another country and specifically
documentation isn't a piece of cake. There are few
needs as PAN (permanent account number) that the buyer
is required to fulfill before deciding upon an
investment. If the NRI is heading for an apartment then
it makes sense to get themselves noticed about
credentials as IOD (intimation of disapproval), title
deed, Commencement Certificate and other legal
documents.
NRI citizen can only deal with a developer or seller who
is authorized by the government of India as states by
the Foreign Exchange Management Act. Thus it becomes
imperative for the foreign buyer to be cognizant of the
seller’s authentication, track record, reputation and
legal history. Further before making the final financial
transaction, ownership of the property is with whom or
does it hold any legal dispute are the question, getting
the answer to which is imperative for an investor.
In case the NRI wants to give the residential property
on rent, then he has to file tax in India as his income
from India would be liable for taxation here. Also there
would be maintenance amount on the account of
electricity bills, property tax and water charges to be
paid monthly or yearly.
Well it's certain that an NRI needs to go the extra
mile in the lieu of local buyer to stay away from any
hustle, accordingly it's always advised to take help
from a lawyer or trusted broker to make a safe and sound
decision.
