With majority of the world’s tycoons owe their fortune to real estate, it is one of the most reliable industry to invest over other investment alternatives. Meanwhile, Indian real estate industry is also on the verge of ushering towards a golden era. As history has it, that Indian market has been the most favorable place for the Non-Resident Indian (NRI) community to park their money. But, it has been long observed that for them, it is a matter of financial emotion more than a financial security.
In addition, steps taken by the government to simplify acts and regulations (including RERA and GST) can be undoubtedly attributed in gaining back customer’s faith. Moreover, the Reserve Bank of India has further streamlined the rules lately, so as to attract more foreign investments.
Since a great part of real estate properties owned by NRIs in the country is either acquired or inherited, they tend to generate high returns on these investments by capital appreciation as well as rental yields. Unlike people of foreign origin, Non-Resident Indians, who hold Indian passports are endowed with similar rights in property possession norms as an Indian resident under FEMA guidelines. It means that they need no prior permission to make investment in a residential or a commercial property (excluding forest and agricultural land) in India.
Moreover, an NRI is also entitled to reap tax benefits, which are enjoyed by an Indian resident on a purchase of property. They are free to claim a deduction of Rs.1 Lakh under section 80 C on the Income Tax Act, 1961. However, if the NRI keeps a property for more than 3 years of its purchase, he/she will be able to reap long term benefits from it.
Investment Opportunities for NRIs in Mumbai
Mumbai, being the top investment location for NRIs, has plenty of scope for high future returns. Real estate giants like The Wadhwa Group have marked its niche in the heart of people by being reliable and building their trust. The Wadhwa Group is acknowledged for creating state-of-the-art buildings in premium locations. It is one of Mumbai’s leading real estate companies and has developed residential and commercial projects spread across approximately 1.4 million square meters (15 million square feet). Timely completion of projects coupled with strong planning and design innovation gives the group an edge over its competitors.
At The Wadhwa Group, we take utmost care of our NRI customers who are keen on making the crucial decision of making an investment in their homeland. Furthermore, The Wadhwa Group offers one of the most reliable and real-time customer systems in the industry through our NRI corner. Apart from that, we have been extending special benefits to NRIs for a while now.
These reasons make The Wadhwa Group a better choice to invest in, for NRIs.