India has become the fastest ever-growing economy, opening the door to many foreign investments at large. All these investments and constant demand for housing solutions have led to the boom- the real estate sector is enjoying today. Since its inception, the real estate sector has only witnessed growth and now is faster than ever despite the pandemic.
The pandemic has made people realize the importance of owning a home in their motherland. The Indian government has introduced numerous benefits for NRIs investing in the properties. All lands except for the agricultural lands are available to make investments and reap benefits. Recently, the purchasing procedure has become entirely hassle-free. Here are some more reasons to invest in Indian real estate.
1. Mode of extra income
This period of transitioning into the urban lifestyle is witnessing a high swell. Therefore investing in a property and renting it out later is can help you earn an extra income regularly. If we estimate the revenue generated from renting the property, you may reap up to 200 % returns on the initial investment. If you wish to resell a house after a while, three years is an ideal time to wait. Within three years, the property rates usually go high due to the constant development in the country.
2. Ample of investing options
Initially, the metro cities were a plethora of real estate investments from the NRIs as they were most beneficial when it comes to buying a property. However, it held back many people to invest in property due to the sky-high rates. Since 2014, India has been undergoing rapid development, especially in the real estate sector in tier-II and tier-III cities. This development has opened many avenues for NRI investors to find their perfect investing options in any city they like at fair rates.
3. Constantly declining INR
We are all upset with the constant decline in the rupee as it indicates a damaged economic situation concerning the country. However, it has made more NRI investments possible. The property rates are now cheaper and much more affordable than any foreign currency. It means that NRIs can buy more land in India in their budget than the space available in the foreign lands.
4. Relaxed investment laws for NRIs
To make the market much more approachable for the NRIs- RBI has eased some investment laws to favour the NRI investments. Now, the property buying process in India is much faster and requires less paperwork than before. The compulsion to acquire RBI permission before buying a property is revoked. However, a permit is needed in the case of agricultural land.
5. Transparent transaction
RERA act was passed in 2016 to reduce the delay of project compulsion and fraud associated with buying properties. The act has empowered property buyers. Dealers and developers are now compelled by the law to disclose complete information about the property. RERA also gives investors many privileges along with rights. Implementation of GST is an added benefit for the NRI investors as now they cannot be duped into paying extra money for the property due to this uniform tax system.
Learn more about the benefits of investing in the Indian real estate market. Consult our real estate experts.