One Should Know This Essential Points While Buying Property
Both for residents
as well as Non-Residents, property buying in India is quite a struggling task.
But the realty market recently has witnessed price corrections making the
investment in propertya lucrative option. If you are planning to capitalize
your money time could not be more superior for you. RBI has made favorable
changes to make property investment an easy process and attract foreign
investments from NRIs.
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| Godrej Kharghar |
If you are also an NRI and planning to settle back in India by making an investment, the newest property at Kharghar by a renowned developer of the nation Godrej is the best and save option to put in your money.
The project Kharghar by Godrej stands out in both interior and exterior look, feel and facilities too. The area witnesses great commercial and industrial growth because of incessantly increasing demand for residential spaces. Therefore, the realty sector of the area is continuously booming. Also, with the construction of International Airport in Navi Mumbai, property prices in Kharghar area is further increasing making it a good place to indulge in for investment purpose for a secured future.
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| Godrej Residential Apartment Kharghar |
NRIs have become an important section of investors in realty market they generally commit their capital in India to settle back after retirement. If you are also investing in Godrej Kharghar project, abreast yourself with some indispensable points before making such big purchase.
Buy your luxurious
abode Apartment in Kharghar keeping these crucial pointers in mind:
- Understand the type of property you can indulge into: There is no restriction on the number of properties the NRI want to buy. You can initiate your investment in both residential and commercial properties but can definitely not go for agricultural lands, plantation properties or farmhouse, unless the same is a gift to you by inheritance to become an owner.
- Separate Financial account: While buying the property all the financial transaction has to be done in Indian currency. Therefore, it is mandatory for you as NRI to have an NRI account with an authorized bank in India. For any transactions or payments related to property, money is remitted to India through normal banking channel. No foreign currency or traveler’s cheque will be accepted for any payment. Also, any payment from outside India will not be accepted.
- Funds availability: NRIs are allowed to finance their property by raising loans. Funding is available easily if your paperwork is clean. Various financial Institutions in India offer different schemes for NRI home loans. You have to invest a minimum 20% of the property amount from your own finances for 80% of can only be raised through loans. Before approaching any bank for funds, make sure all your paperwork is verified by the lawyer. There are no dues or pending bills with any authorities. Get the no-dues certificate from the seller, and if the property is jointly held or inherited get the title cleared.
- Give the Power of Attorney: If you are buying an under-construction property, you have an option to give PoA to any of your trusted associates. This will help you complete the process of property purchase easily. In PoA you can specify or generalize the rights you are giving to your attorney to exercise. Get the document od PoA worded appropriately by your lawyer to avoid any kind of forgery and to secure your investment while the property is being developed.
- Tax Benefits: All the tax benefits that an Indian resident is entitled to while buying a property, most of it is enjoyed by an NRI as well. The Income Tax Act, 1961, under section 80C, says, an NRI can claim a deduction of 1 Lakh rupees on the purchase of any property. Selling any property within 3 years of its purchase is considered as short-term capital gain and the earning through that property is taxable. Selling the property after 3 years can reduce your tax on long-term capital gain, only if you invest in another property.
- Exhibitions for Realty properties: The Confederation of Real Estate Developers Association of India and many other private developers organize various property exhibitions every year. It helps NRI buyers and investors to scan different options and spot loans from top banks. Various other offers like easy investment option, reduction in down payments are also offered. It is important to check on these if you are planning to invest in a property like Kharghar by Godrej in India.
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