Is it a good time to buy a property in India for An NRI?
NRI stands for Non-residential Indians, which live outside of India but are of Indian origin and were born in Indian origin. They are also known as persons of Indian origin (PIOs). NRIs can invest in both residential or commercial properties in India as they wish. They are restricted or barred from owning some specific kinds of properties like agricultural lands etc. However, if they have received any of such properties in inheritance or from their parents or families as gifts, they can own them as NRI properties.
Anyone can be curious about NRI property management services etc. There are actual people whose job is to manage these NRI real estate investments, and they provide NRI related services.
In this article, we will talk about the right time to buy NRI property in India, NRI property services, buying NRI properties in Bangalore, NRI properties for sale etc.
Things that you must consider in mind before buying an NRI property in India are-
- Local area, i.e. availability of schools, hospitals, market, entertainment centres, hotels, pollution levels, etc.
- Construction quality
- Parking space for cars
- Quoted area of the flat, i.e., carpet, built-up area and super built-up area
- Enough water and electric supply
- Seller’s reputation
- Any other advantages or distinguishing features of the property
- Cost components like costs of utilities, stamp duty, price levels, transfer fees, registration charges, society charges and monthly outgoings
- Potential for further resale or renting out of the property
Following given are some reasons to buy NRI properties in India-
- An emotional connection for origin country, India
- It will build a foundation of investment for current and future uses.
- It can help you to grow your financial portfolio by utilising your funds.
- To flow back money in India to their relatives.
Buying NRI properties in Bangalore
Any NRI will need to hire NRI property management services in any area they are trying to buy real estate property. No limit is there on the purchase of the number of commercial or residential properties for an NRI to buy, but a restriction on agricultural or plantation land is definitely there.
Hence, to buy NRI property in Bangalore, you must hire an NRI property management service in Bangalore, which will help you in knowing which property will be the best according to the desires for which you need to buy that property. These NRI property management services are meant to show you and guide you for the best NRI property you can buy as you may not have the required knowledge of that property because you live outside India.