The Non-Resident Indians popularly known as the NRIs have again started taking the Indian property market seriously. Here the word again is used to remind you that the new reforms and property prices shoot up were the few reasons that made the NRIs hesitant to invest in the Indian Real Estate for the past sometime. But, now the situation has altered as these people are willing to invest back here as India is their home and the implementation of new rules is making them confident enough to put money in the property market here. So, below we are listing the main reasons that intend maximum investments from the NRIs here in India:
- Reforms in Indian Real Estate
The implementation of new laws such as the Real Estate (Regulation and Development) Act, 2016 commonly known as RERA, Good & Tax Services [GST] and the Benami Property rule has brought in huge transparency in the Indian property market. Thus, the investment making idea is the proving beneficial for the NRIs as they are now assured of better ROIs [Return on Investment] as the entire buying procedure includes documentation. Also, some places have the availability of online documentation records which help the NRIs as they no more required to make frequent visit to India in order to look the property they have invested in.
- Moderate Property Price
There was a time when the property prices were too high but today with the rise of several commercial options, the property costs are being moderate and thus the NRIs feel that this is the right time to invest here in India. Apart from the residential properties, the commercial and mix land has also uprooted as investment options for the Non-Resident Indians as these people prefer investing in the projects that promise to offer better returns. Today the rise of Indian real estate sector along with infrastructure and economy paves way for huge construction including residential, commercial and a mix of both.
- Rebates for NRIs
It’s a privilege to be a Non-Resident Indian as you can save tax too. The availability of tax deductions after owning property here in India make the NRIs eligible for huge relaxation in the tax payable amount. Also, the investment made by the NRIs in their own name or declared to be taken care of by some relative here help you pay less tax and save more. Also, the Non-Resident Indians get attractive discounts from the developers/realtors. The NRIs are heading back to the Indian real estate market due to the concessions they get under the RERA, GST and discount offered to them from the developers and hence the Indian real estate market is blooming.
- REITs Platform
The last reason why the NRIs are getting attracted towards the Indian property market is the trust for investment. The REITs – Real Estate Investment Trust is a platform where the Non-Resident Indians can browse listings of all properties to invest in. Also, the listing here gives the NRIs upper hand as they can easily compare and find out which is the better property to earn better ROI [Return On Investment].
These are the factors that make the Non-Resident Indians invest their money here in India which they have felt years back or only have few relatives living here.