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An Attractive Opportunity For NRIs
NRIs based in Dubai can look forward to owning their dream home in India
Buying a property back home is one of the biggest dreams for NRIs, irrespective of which part of the world they live. NRIs have always shown great interest in the Indian real estate market. India is expected to remain the fastest growing major economy in the world. Healthy growth in economy and structural reforms in the real estate sector in past few years have renewed the NRI community’s interest in this sector.
Searching the right property necessitates careful planning which includes scanning through numerous options based on ones needs. While a homebuyer may be very enthusiastic about buying a property, the actual process can be an onerous task, especially while residing out of India. Given this scenario and the inherent need for numerous Indians living abroad to invest in property back home, some points must be considered before deciding to buy a property.
Initial Planning: Buying a property requires detailed planning as for most it is a single largest investment decision. Initial groundwork must include checking property price trends, builder’s track record for timely delivery, potential for resale or rental income in different cities and locations.
Check Finances: NRIs can take home loans of up to 90 per cent of the property's agreed value in India, subject to loan amount and repayment capacity. Repayment can be done through standard banking channels like NRO/NRE accounts in India.
Documentation: Typically, certain documents like self-attested copies of passport, valid visa and work permit, employment contract, work experience certificates, salary statements, statements of non-resident external (NRE) or non-resident ordinary (NRO) accounts, and local bank records, etc. are required.
Factors favouring Indian Real Estate Sector:
- The Real Estate (Regulation and Development) Act, 2016 (RERA) was introduced, effective from May 1, 2017. RERA aims to regulate the real estate sector and ensure sale of properties in an efficient and transparent manner. This has instilled greater confidence in homebuyers.
- Ongoing reforms and incentives introduced by government has bolstered the real estate sector.
- An encouraging trend is the growing confidence in opting for under construction properties from developers with strong track records, as opposed to preference for ready-to-move-in properties.
- The Indian real estate sector has benefited greatly from India’s strong economic growth. Being the second largest employment generator, the real estate sector plays a significant role in shaping the economy and maintains direct or indirect links with over 269 industries.
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