Buying a Property in India: A Dream Come True for NRIs

 By definition an NRI is a person who is born in India but is living abroad in other countries and have a dual citizenship in both the countries. These people are often considered very rich and always contribute directly or indirectly to Indian economy. For them connecting with their country also mean to have a home in India. The rules and laws regarding the purchase of property in India by these people are governed by RBI (Reserve Bank of India) and FEMA (Foreign Exchange Management Act). First of all the to buy a property in India the NRIs should have a good knowledge of various conditions regarding the purchase of property in India by NRIs.

These rules are that NRIs can buy property anywhere in India unless it is not an agricultural land and plantation property. Traveler’s cheque and foreign currency notes are not accepted in the transactions regarding buying of property. Loan facility is also available for eligible NRIs according to the FEMA policies. The loan can be repaid through normal bank transaction, rental income or through a cheque from a relative’s bank account.

The people with knowledge of all the rules and scenario of Indian property market are less likely to get into any problem while buying property in India. The property in India is selling like a hot cake and becoming a very profitable affair for anyone who wants to invest in the real estate properties in kundli sonepat as it is returning very high profit margin in a very short time period. The main driving force behind this upward trend in property market is the entry of many private builders in Indian real estate market which increased the quality and affordability of property. So for NRIs buying property in India is a very good prospect in both ways – investment and connection to their mother land.