NRI SERVICES

Sure you are happily settled across the borders, but there’s never been a better time to invest in a property in your home country! Varenyaa Properties Pvt. Ltd. is an ethical and transparent organization that can help you buy a property in India.

We understand that the biggest challenge in order to fructify your decision to purchase a property in India is fraught with doubts and lack of information. At Varenyaa Properties, we understand the entire buying cycle for NRI customers and also go a step further to help you track your investments!

We hope that the following sections shall help you gain useful insights in helping you make a prudent decision, in line with your investment objectives.

WHO IS AN NRI?

CAN NRIs INVEST IN INDIA?

SHOULD I CONSIDER INVESTING IN INDIA?

FUNDING THE PURCHASE – LOANS

WHAT TO BUY?

PURCHASE CONSIDERATIONS

WE ARE HERE TO SERVE YOU


WHO IS AN NRI?

Being an NRI, you might find the following information useful for a better understanding.

Per the Foreign Exchange Regulation Act (FERA) of 1973, a Non Resident Indian (NRI) is an Indian Citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. Organizations and Officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents).

Main categories of NRIs are:

  • Indian citizens who stay abroad for employment or for carrying on a business or Vocation or any other purpose in circumstances indicating an indefinite period of stay abroad.
  • Indian citizens working abroad on assignment with foreign government agencies like United Nations Organization (UNO), including its affiliates, International Monetary Fund (IMF), World Bank etc.
  • Officials of Central and State Government and Public Sector undertaking deputed abroad on temporary assignments or posted to their offices, including Indian diplomat missions, abroad. It is useful to note that the residential status of a person is decided under two different Acts, one under Income Tax Act, 1961, (I.T. Act) and another under Foreign Exchange Regulation Act, 1973 (FERA). Under Income Tax Act, the residential status of a person is determined on the basis of number of days he stays in India whereas under FERA, it is the intention of a person to be in India or outside India would be an important factor determining his residential status.

CAN NRIs INVEST IN INDIA?

Of course! NRIs can invest in India in an immovable residential property and do not require any permission from RBI to make such investments. However, all requests for the purchase of agricultural land / plantation properties / farmhouse must be sought from appropriate government authorities.

Further, there are no restrictions on the number of residential properties that an NRI can buy. There are however restrictions on the repatriation of funds from the sale of more than two residential properties. Further, Reserve Bank of India (RBI) has granted general permission for sale of such property. It is important to note that where another foreign citizen of Indian origin purchases the property, funds towards the purchase consideration should either be remitted to India or paid out of balances in non-resident accounts maintained with banks in India. For complete details on repatriation of funds, it is advisable to consult a legal expert on the subject matter.

SHOULD I CONSIDER INVESTING IN INDIA?

Investing in real estate in India is a very individualistic decision; there are compelling reasons in favor of having an exposure to this asset class purely from an investment point of view. There are, of course, several emotional reasons for NRI’s, like yourself, to invest here - be it to maintain roots in India, have a home of your own for holiday visits or simply as a retirement home.

India continues to be one of the fastest growing economies in the world and is experiencing unprecedented interest from investors all over the world. Large government and private investment in infrastructure is improving connectivity and creating new pools of investible real estate. The housing sector is also keeping pace with this trend and large developers are betting big on the strong demand for residential homes as millions of Indians are buying their first homes. Price trends for residential and commercial properties clearly show that there are excellent investment opportunities in and around key metros & towns, and a well researched investment can generate excellent returns – both in terms of capital appreciation and rental realizations.

We could help you not only in making your investment, we would be happy to assist you in putting the investment to use as well. Do consider using our renting / leasing services for your prized possession!

Do subscribe to our Real Estate Alerts and we shall keep you posted on the latest products/offers/events from time to time.

FUNDING THE PURCHASE – LOANS

NRIs can use their foreign funds to purchase a residential property in India. These funds can be routed through the domestic branch of various multinational and Indian banks without any hassles. Further, you can also explore the many options of NRI home loans from various banks.

It is useful to note that as an NRI you have the opportunity to harness the benefits of the currency exchange rates prevailing at the time of purchase as well as sale to your advantage! You may use our ‘ Currency Convertor’ to know the latest exchange rate for your ready reference. In case you are keen to explore the option of taking a loan to support your purchase, we are confident you shall find our ‘Home Loans’ section quite useful for an overview of the process and documentation involved.

WHAT TO BUY?

This is the tough part! We understand that staying away from the country you may not be in touch with the latest developments and trends in the Indian real estate market. Good, informed and unbiased advice is by far the biggest input that shall determine the quality of your purchase decision!

Whether you are exploring the purchase of a holiday home or an investment or even a retirement abode, there are several factors that have a significant bearing on your property options. Some of the factors that you might consider include:

  • Location-Location-Location! It is a well established fact that the location of the property is the most important factor in a property purchase decision. Pollution levels, water, electricity, distance from schools, business districts, markets; etc. are important factors to consider. The relative importance of these factors is however dependent on the purpose of your investment.
  • Quoted Area of the Property: There are various terminologies used while ascertaining the size of the property. In case of an apartment in India, most properties are sold per the ‘super built up area’. Super built-up area is the sum of the carpet area of the apartment plus the area occupied by the walls of the apartment plus the apportioned area of the common facilities including lifts, stairs, building lobby, club facilities, gardens etc. The unit of measure most commonly used is ‘square feet’. In case of land, the unit of measure is either ‘square yards’ or ‘square meters’. You may consider using our ‘Area Converter’ for reference.
  • Facilities: Modern constructions offer a host of facilities and may include lawns, jogging tracks, swimming pools, sports facilities, 100% electricity back up, assured water supply and 24x7 manned / unmanned security. Most apartments come with one or more reserved car parking.
  • Builder/Seller Reputation: Buying a property from a large builder, sure, is safer and there is greater peace of mind. Investments in properties from some of the upcoming builders can give great returns for a more reasonable cost. Prudent decision making in choosing the right project requires local market knowledge.
  • Resale Potential: It is an important factor to consider when buying a property where the ultimate objective is to realize capital profits.
  • Cost Components: There are several cost heads that come into play while buying a property from a builder. Besides the basic sale price (BSP), there are several other charges that have to be borne by the investor. Some of these cost heads include mandatory car parking, club memberships, maintenance deposits etc. There is, of course, the cost of transferring the property in the name of the buyer i.e. stamp duty, registration charges etc. and these costs may vary from one location to another.

PURCHASE CONSIDERATIONS

Varenyaa Properties shall be obliged to assist you in your property purchase throughout the buying process, including your hunt for identifying relevant investment options basis your unique needs and expectations.

A quick rundown of the steps involved are mentioned below:

  • Create a shortlist for your investment options (keeping in view the factors mentioned above!)
  • Determine market trends for the city/town, neighborhood, location, and the project
  • Narrow your options to one or two investment options
  • Obtain information on the ownership title of the property in case of a resale scenario. If it is a purchase directly from the builder (original booking), determine whether the necessary government approvals and licenses are in place.
  • Confirm availability of home loans for the shortlisted property, if applicable
  • Negotiate the price of the property
  • Close the deal!

Looks fairly straightforward, but, of course, there is need for expert inputs on every step. At Varenyaa Properties, we set the process in motion even before you book your flight to India!

Contact us to share your requirements and we shall be happy to help.

A few market observations that you may find useful are listed below:

  • Typically, construction schedules for apartments in a large group housing project take 36 months or more for completion.
  • Builders offer various options for making the payments for your property purchase – construction linked plans (CLP) allow payments over the entire period of construction and most of the payments are basis the stage of construction. Under down payment (DP) plans, builders generally offer some discounts on the total cost of the property.
  • Capital Gain tax is applicable on the sale of a property. Long term capital gains tax rate slabs are lower than short term capital gains. You can save on the capital gains tax if the proceeds from the sale of a property are re-invested in another property within a stipulated time period. It is advisable to consult a tax expert for full understanding.
  • If you are looking at property as an investment, it is advisable to keep a medium to long term horizon to maximize returns on your investments. In the recent past, two to three years of holding period has given maximum returns on investment.

WE ARE HERE TO SERVE YOU

Our team at Varenyaa Properties is driven by the passion to deliver the highest levels of service and aim to be known for our professionalism and approach to real estate broking. Please feel free to ‘Contact Us’ for any property related queries / assistance and we shall respond to you at the earliest.

We are confident that you shall find your interaction with us pleasing and praiseworthy.

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