NRIs Guide To Buying A House In The Tech City, Bangalore
For everyone looking to make it back in India, the number of concerns are huge. From the difference in culture to settling in a new job environment, that is if they have managed to be employed in the nation. For those who are in the process of finding a job, a city like Bangalore comes as an alluring option. Being the mecca of Tech jobs and start-ups, Bangalore tops the list of everyone, especially NRIs, who wishes to make their way back here.
While they already have so many things to worry about, let us see how to make buying a house in the IT hub city cross from their list –
According to RBI and FEMA’s regulations, NRIs are allowed to invest in any immovable property as long as it is not a farmhouse and/or some agricultural land and in Jammu and Kashmir. Above that they are not even required to intimate RBI of any purchase. As far as funding is concerned, the payment needs to be made in Indian Rupees value; for this they can open an NRE or NRO account through RBI to help with the funding.
The tax implication for the NRIs for buying a house is that the individual has to pay up the stamp duty along with the registration fees when the purchase is made. They are entitled to take advantage of all the benefits that are at par with the Indian residents on the interest given on the home loan.
Although Indian property laws are very lenient when it comes to NRI investments here, it is advised to hire a lawyer to overlook the whole before and during process of property purchase.
NRI Friendly Areas of Bangalore
Now that you have an idea of the top factors that you will need to consider to buy a house in the IT city, it is time to see some of the top localities, which are preferred by the NRIs. The investment cordial market of Bangalore attracts NRIs attention in almost regions, but the areas that have with time emerged as the most demanded ones are East and North Bangalore –
East Bangalore localities that have been getting maximum eyeballs include Old Madras Road, Whitefield, and Electronic City. They are most popular because of its proximity with the various IT/ITES companies and the presence of developed and functional social infrastructure such as hospitals, schools, shopping and multiple entertainment hubs. This makes it easy for them to shift in here with family.
While the East of Bangalore continues to be an excellent investment decision, it is a matured submarket. As an alternate, North Bangalore localities, especially those near the airport are chosen by the NRIs. They offer better appreciation in terms of property value as the area has been seeing a considerable infrastructure related investment from the state’s government to deliver better transportation routes to the city over and above the development of IT parks and SEZ.
The real estate of Bangalore is known to show an equal rise in the appreciation value across all the regions. But NRIs are known to opt for East and North Bangalore for their property buying decision.
From the above discussion, it is pretty clear that it is not difficult to buy a house in the Tech city as long as you know the nitty-gritty of the laws related to buying a house in this nation and are open to doing some research to find the right house that suits your needs.
Tripti writes for 99 acres.com, with articles focused on real estate industry. Being an avid reader and a keen observer, she keeps herself informed about the new realty developments in real time. You can reach her on G+ and/or LinkedIn.