Indian real estate has always been the hottest destination for investing in properties, especially among NRIs. Nowadays, developing cities are becoming more popular than the developed ones. The real estate market in Meerut is one of them! Though, NRIs find this form of income generation extremely lucrative and profitable, however, those investing for the first time in the real estate market of India will surely face some difficulty in getting a hang of India’s realty purchasing/leasing rules and regulations. This post defines some basic guidelines that first-time property buying NRIs must know. Read to know more!
Real estate of Indian makes for one of the best and most lucrative investment options as it offers handsome returns in terms of both rental and capital appreciation, especially in the developing cities like Meerut. Non-resident Indians who hold an Indian passport are permitted to get property ownership and are given exactly the same property buying/investing rights as those extended to Indians under the Foreign Exchange Management (FEMA) Act, 1999. Under this act, NRIs can own both residential and commercial properties in India. The flats for sale in Meerut are an extremely viable option for the NRIs to buy or invest in due to their affordable rates with all-inclusive facilities and amenities. Purchasing and then renting them away helps in taking advantage of the rate differentials as well as acts as a steady source of income for them.
However, several stories surround the air whispering instances where NRIs become prey to fraudsters or unreliable developers. Therefore, if you are an NRI and planning to buy and/or invest in India for the first time, it is of utmost importance that you must know the rules and regulations that define property buying process here.
Mentioned below are some useful tips to follow-
- Always try to have a clear purpose in your mind before looking out for an appropriate realty investment option. If you are searching for a project that promises good value for money and high returns on investments, then opt for properties nestled in the developing cities of India. Meerut being one of the fastest developing cities in India offers highly luxurious flats for sale at the most competitive prices. The apartments in Meerut are smartly outlined by the top architects of the nation and promise a life full of comfort and convenience.
- As a buyer, it’s imperative for you to study the track record of the developer you are planning to partner with, before signing any contracts with them. Developers whose past records, in terms of implementation are not reliable, should be avoided. You can simply opt for properties in Meerut which are developed by the leading and trustworthy developers such as AlphaCorp. The real estate market in Meerut is flourishing and aims to offer highly luxurious residential plots at the most affordable prices.
- Furthermore, it is advised that you must cross-check if the property is actually under the claimed developer’s name or not. Any type of legal disputes, mortgage loan clearance, and local regulatory approvals documentations should be thoroughly checked.
- As a NRI buyer, you must think about the tax implications beforehand with the help of a reliable tax attorney. This includes – withholding taxes, rental taxes, and property taxes. If you are looking at capital appreciation in the long run, it is always recommended to invest in properties in developing cities for atleast three years, to avoid short-term capital gain tax.
- And lastly, being an NRI, it is highly crucial for you to opt for a reliable and trustworthy property management system that can take care of your property in the most efficient manner when you’re not in the country to look after it.
To conclude, property buying, especially on a land abroad is a gamble. Always ensure to keep the above-mentioned points in mind while searching for properties in India or any other country in the world.
The author is an ardent realty blogger who has been writing blogs and articles on real estate market of India since past 5 years. Her pieces of content on apartments in Meerut, commercial properties in Gurgaon, and many more are worth your read.