A Detailed Guide For NRIs Who Want To Invest In Under Construction Projects In Thane

As we all are aware of the fact that everyone loves their own motherland. In most circumstances, NRIs sell all personal and ancestral property to go abroad. Hence, their attachment to the motherland grows over time, and a nostalgic emotion drives them to buy a house in India, which they use as a home when they visit India every now and then.

NRIs also look for better investment opportunities, but few have the money to invest in the correct property and expect high returns. If they decide to rent their property, they will require a Property Management Consultant to handle it while they are gone.

Another reason is to buy a 2 BHK Flat in Thane for other family members or parents in India. So not only do the family members receive a great place to stay, but they also get a place to stay when they visit India. As an NRI, you don`t need permission to buy a piece of land. As for residential or commercial properties, you can buy them, but you can`t buy agricultural plots, farms, or plantations.

So, what are the benefits of investing in India or particularly Under Construction Projects In Thane?

• Regular Rental income.
• The government considers NRI/OCI/PIO investment to be on par with that of residents
• In addition, just a few developers are releasing NRI-focused projects.
• With increased demand for office space by MNCs and start-ups, this is another high-return investment opportunity.
• The falling rupee has created a great opportunity for foreign investors. In addition, a slew of new policies and reforms have gotten the Indian economy back on track. As a result, foreign investors can expect high returns on their investments.
• Finally, the emotional quotient has encouraged many foreign Indians or those with origins in the country to invest here in the expectation of returning to the country or benefiting relatives.

Here’s A Quick Checklist Of Things To Consider Before Buying Under Construction Projects In Thane:

1. Property Type

NRIs are permitted to purchase both residential and commercial property in India, but not agricultural land, farmhouses, or plantation estates. However, if an NRI wishes to purchase agricultural land in India, the Reserve Bank of India must grant authorization. Aside from that, an NRI may purchase as many properties in India as he or she likes. If an NRI is unable to travel to India to purchase Under Construction Projects In Thane, someone with legal power of attorney must do it on his or her behalf.

2. Taxation & Benefits

When an NRI acquires a property in India, TDS (tax deducted at source) is calculated at a rate of 20.6% on long-term capital gains and 30.95% on short-term capital gains. However, the final taxation rate for NRIs and permanent Indians is the same. If an NRI falls into a reduced tax bracket, he can ask for a TDS refund by filing their income tax return.

NRIs are entitled for a large portion of the tax breaks provided to local Indian buyers. If they sell the property within three years, the proceeds will be taxed because they are considered short-term capital gains. If they sell the property after three years, they can use the money to reduce the long-term capital gains tax they owe by purchasing another Under Construction Property In Thane.

3. Power of attorney (PoA)

NRIs are supposed to give a power of attorney in the name of the builder or an associate when purchasing Under Construction Projects In Thane. A lawyer would be able to assist an NRI in this area in order to prevent forgeries. This is done to ensure that his/her investment is protected during the development period.

As they live abroad, NRIs have the option of granting Power of Attorney (PoA) to friends or family in order to finish the property acquisition procedure in India. The powers of attorney can be generic or particular in terms of the rights that your agent may exercise.

4. Finance and Funding

When buying New Projects In Thane, NRIs must use Indian currency and use local banks. NRIs who want to buy property in India must have an NRI account with an official Indian bank.

A properly documented NRI can readily obtain funds to purchase property. Many financial institutions offer NRI house loan plans. However, they must be able to invest at least 20% of the property`s value themselves. This means they can borrow up to 80% of the property`s worth.

As NRI property investors must utilise Indian banks for all transactions, it is critical that they use their NRO/NRE accounts for all remittances. They can also submit post dated cheques or use Electronic Clearance Service (ECS) from their NRO, NRE, or FCNR accounts.

Before approaching a bank for funds, NRIs must have all their documentation examined by a professional lawyer. They should also get a certificate from the seller certifying that the property is free of liens. If the seller owns the property jointly or inherited it, the title deed must be cleared. NRIs must also ensure that no debts or other dues are unpaid to any authorities.

5. Registration Documents

AFor the sale deed registration, you will need to provide your current address proof documents (such as utility bills) and passport size photographs, in addition to your identification proof documents (such as your passport and PAN card).

To purchase Under Construction Projects In Thane as an NRI, PIO, or OCI, the following documents are required:

• NRI Passport
• Copy of Visa
• Passport Size Photographs
• PAN Card (Permanent Account Number)
• Address Proof
• OCI or PIO Card (Person of Indian Origin)

Additional documentation for salaried individuals include:

• A copy of the appointment letter
• A copy of the appointment letter
• Bank statement over the preceding six months

Additional documentation for self-employed individuals include:

• Income proof
• Copy of the business`s certificate of incorporation
• Deed of partnership (if applicable)
• Bank statement in the applicant`s name for the last six months
• Bank statement for the preceding six months in the business`s name
• Proof of office address

Conclusion: Final Thoughts!

To sum it up, buying New Under Construction Projects In Thane as an NRI is a simple and stress-free procedure if you remember the aforementioned considerations. Choosing a Power of Attorney intelligently and keeping all of your paperwork in order is all that is required. Only RERA-registered projects and RERA-registered real estate brokers should be dealt with. Builders` advice on packing marketing brochures is not to be taken as truth. Also, research thoroughly and ask specific questions to the sales department of Builders by email or phone.