Property investments for NRIs may appear an overwhelming task on the surface. However, with relaxed norms and new regulations in place, this task has been simplified. So, how’s the outlook for NRIs interested in purchasing investment property in India? Are there legal provisions facilitating this purchase? What are the rules and regulations one must be aware of, at the time of planning a property purchase?
If you are seeking the answers to these questions, read on to know it all.
Is property investment in India profitable for NRIs?
Yes, definitely.
The depreciating value of the Indian Rupee against the US Dollar is one major factor facilitating NRIs in investing in Indian real estate business. Additionally, the demand for real estate in India continues to make this a lucrative investment option for NRIs. This has been boosted by the formation of RERA and developers and properties that are registered under RERA.
To top it all, India is currently being viewed as the next major production hub. NRIs interested in tapping this opportunity can now make their next property investment move.
If you too were undecided yet, you can make a property investment now – provided you are looking at:
But, before you start looking to buy properties in Delhi NCR or Pune, here’s what you should know.
Property in India: Eligibility Criteria for NRIs
In the wake of the pandemic and organizations facilitating work from home (WFH) for most professionals, the scenario has quite changed from what it was in the beginning of the year. Irrespective of whether you want to buy from properties for sale in Mumbai or from a host of residential properties for sale in Bangalore, you must look at the current trends that indicate:
The rising demand in co-working spaces
If you’re interested in buying a commercial property in a prominent destination such as Bangalore, Mumbai, Gurgaon, Hyderabad, Ahmedabad, or the NCR, investing in co-working space would be profitable. That’s because, with WFH and remote working now becoming commonplace, companies are avoiding incurring huge investments in the form of leases and rentals. Rather, co-working spaces, equipped with amenities, are becoming popular. This rise in the demand has driven this sector to feature as one of the topmost preferred property types for investment. Consider the location, in-house facilities, and the space (area) while making a purchase.
The preference for co-living spaces
Similar to co-working spaces, end-users are now looking at staying in co-living spaces rather than independent houses or flats in bigger apartments. Other than the affordable price, co-living areas are also preferred for their amenities and location. As people with shared interests live in these spaces, there’s a lot of familiarity and comfort for the residents living there. So, if you are planning to buy residential property in India – you could consider investing in a co-living space for better returns.
The average rate per sq. ft. as on September 2020.
First Published: Dec 09, 2020, 15:29
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