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What should NRIs look out for before buying real estate in India?
Non-residential Indians have been significantly investing in real estate in recent years. In case you are willing to buy a flat in India, you should be looking out at certain factors, that might have a profound impact on your investment. With the rupee weakening against the dollar, buying Indian real estate has turned out to be a lucrative deal for the investors. Have a look at the following factors, which you should be considering when you invest in real estate in India.
Power of attorney
In case you are unable to be present in India physically during the transaction of property, the Power of Attorney (PoA) will be necessary. This will empower a person in India to act on your behalf. As the responsibilities are delegated, it assists the NRIs to manage their properties in India efficiently. A POA can be used while dealing with lease, mortgages, sell, collecting rent, managing and selling disputes, borrow, and perform acts that are necessary according to the bank norms. Besides, the government may be amending the laws to make it mandatory to have a registration to deal with properties, curbing frauds and evasion of stamp duty.
Investors buying property in India should know that the country has avoidance of double taxation agreements with more than 90 countries. You may have a look into the best commercial property sites in India and go for the purchase. Besides, people investing in residential property can also get the tax benefits. The NRIs need to pay tax on the capital gains that arise in India. In case you hold an immovable property for more than 24 months, it will be treated as a long-term capital asset. With the taxation at 20%, the NRI can get the indexation benefit. Besides, under Sections 80C to 80TTA, you will get certain tax deductions. This will reduce the tax amount to a certain extent. The best way to buy a flat in India is to explore the reputed property sites and make the purchase.
Right way to buy the property
With new norms coming in, investing in Indian real estate no longer remains a challenge for the foreigners. Most of the NRIs believe that the regulatory changes made in recent years in the real estate sector in India are more transparent and efficient. It renders an environment that favours the investments in property in the country. You should be having a checklist when you invest in the property. This includes a list of all the necessary documents, tax implication norms, payment plan, KYC and much more.
In case you are seeking the best place to buy a flat in India, you can get across to the reputed portals and get a property in one of the key cities in the country.
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