The real estate scenario in India is getting bigger with each passing day and attracting attention from more and more foreign investors. Also, add the foreign exchange glut in the country fuelled to.
May 29, 2007 (Press Release) --
The real estate scenario in India is getting bigger with each passing day and attracting attention from more and more foreign investors. Also, add the foreign exchange glut in the country fuelled to a great extent by Non Resident Indians (NRIs) investing their dollars in the market.
NRI participation in Indian realty has certainly brought greater transparency in the sector which in the past had been considered unorganized and solely banked on the actual users. Different money-spinning avenues are being created to invite maximum NRI property investments.
With parking money in infrastructure projects as a preferable route, NRIs are increasingly looking forward to upcoming commercial and residential real estate projects in India. There is not much difference in status of an NRI as property owner and a Resident Indian, just like another owner. NRIs are required to pay property tax, though NRI property tax is, however, different from what an Indian resident pays on purchase of property. Both NRIs and PIOs can invest in immovable properties in India, except agricultural land, a plantation or a farm house.
In addition to commercial properties, also witnessing a major growth in terms of NRI investments is the residential sector in India. Their contribution is undoubtedly bringing rich lifestyle in the country. Also, second homes are becoming increasingly popular with those who are looking for feasible and productive investment option.
The drive can be attributed to buoyancy in property market and middle class people considering it as one of the safest market to invest. With availability of easy NRIs home loans, owning a house in India is no difficult task now. Today, nearly all the banks offer customized home loan products to provide breakthrough solutions for unique property needs of the customer.
Taking a cue from the ongoing trend and considering the incoming foreign investment, several property developers are coming up with unique options like construction of apartments in IT cities where they are assuring lucrative rental returns to buyers. Renting property is another good prospect which is largely taking shape in cyber cities like Gurgaon and Noida.
NRI participation in Indian realty has certainly brought greater transparency in the sector which in the past had been considered unorganized and solely banked on the actual users. Different money-spinning avenues are being created to invite maximum NRI property investments.
With parking money in infrastructure projects as a preferable route, NRIs are increasingly looking forward to upcoming commercial and residential real estate projects in India. There is not much difference in status of an NRI as property owner and a Resident Indian, just like another owner. NRIs are required to pay property tax, though NRI property tax is, however, different from what an Indian resident pays on purchase of property. Both NRIs and PIOs can invest in immovable properties in India, except agricultural land, a plantation or a farm house.
In addition to commercial properties, also witnessing a major growth in terms of NRI investments is the residential sector in India. Their contribution is undoubtedly bringing rich lifestyle in the country. Also, second homes are becoming increasingly popular with those who are looking for feasible and productive investment option.
The drive can be attributed to buoyancy in property market and middle class people considering it as one of the safest market to invest. With availability of easy NRIs home loans, owning a house in India is no difficult task now. Today, nearly all the banks offer customized home loan products to provide breakthrough solutions for unique property needs of the customer.
Taking a cue from the ongoing trend and considering the incoming foreign investment, several property developers are coming up with unique options like construction of apartments in IT cities where they are assuring lucrative rental returns to buyers. Renting property is another good prospect which is largely taking shape in cyber cities like Gurgaon and Noida.
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