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Tips for NRIs Looking for Flats in Mumbai

by kulpune

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In the last six months or so, the dollar significantly appreciated against the rupee. This provided NRIs the great opportunity to get more value for their money. While there are several Indian cities such as Pune, Bangalore, and Gurgaon that have been showing immense potential, investing in Mumbai never seems to go out of fashion. The Mumbai property market is mature and thus it is possible to foresee the expected return on investment. There are thousands of NRIs every year that come looking for flats in Mumbai, and usually don’t go back disappointed.

There are a number of properties on offer in Mumbai at any given time—both residential and commercial. In fact, all of these NRI investment sentiments have received a boost with the government implementing several favorable policies. In addition to NRIs living in the US, there are NRIs from UK, the Middle East and Hong Kong that look towards Mumbai for flats for sale in Mumbai.

While there is little doubt that Mumbai is a favorite destination for NRIs, property experts suggest that expats should consider certain points before investing in property or flats in Mumbai:

  • As an NRI, the Indian government entitles you to purchase residential or commercial property in India. These transactions come under the purview of FEMA.
  • Secondly, you don’t need RBI permission to purchase residential or commercial property in India. This policy change has been implemented by the government to encourage investment in India from expats.
  • It is very important to note that as an NRI, you can only inherit agricultural land or farmhouse plots. You cannot purchase these types of properties or even receive them by way of a gift. Knowing this fact helps you from making a wrong investment or being defrauded.
  • If you purchase a single property, it is assumed that this property is self-owned. According to the Indian rules, you are not liable to be charged income tax on such property. However, any addition property that you own will be charged proportionate tax.
  • According to the RBI, an NRI is entitled to avail loans for purchasing residential property or commercial property. In addition to just purchasing a property, you can also avail a loan for repair and renovation to your home.

These tips are intended to give you a basic background if you are looking for flats for sale in Mumbai. If you are considering an investment in the Indian real estate market, you might want to seek the services of an advisor or speak to a real estate development firm for more assistance. There are several real estate development firms that have an NRI help desk. Availing these services will make it easier for you when you finally come down to India looking for flats in Mumbai. To sum it up, always remember that all transactions should be done by means of proper bank remittances. This will ensure that you property isn’t jeopardized by any problems in the future, especially when you wish to sell it or transfer it on another person’s name.

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