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India ranks as one of the best real estate markets globally and thus, has a great number of NRIs invest in the country. While investing in their home country for emotional reasons is one motivator but good appreciation and a host of benefits is the major reason why NRIs make a beeline for property investment in Mumbai, more than the other metropolitan cities of the country.
Apart from the many emotional reasons why NRIs invest in Indian real estate, there are some more practical ones. Such as rent benefits, retirement benefits, and long-term benefits. An extra source of income has never hurt anyone and NRIs get tax compensation on the rental income earned. Additionally NRIs get same tax benefits as Indian citizens for investment in real estate.
Let’s take a detailed look into why real estate investment in Mumbai is a great option for NRIs and why they continue to opt for it, time and again.
1) Ease of exit
There are several transparent exit options offered by builders in Mumbai now. Apart from that, according to real estate trends of the city, Mumbai has a higher absorption rate for resales and has a good captive market.
2) Attractive discounts and schemes
From construction-linked payment plans or the subvention schemes like 80:20 or 70:30 scheme, there are several attractive discounts and schemes on the table for NRIs looking to invest in real estate in the country. One of the important points an NRI must keep in mind is the current property rates in order to be on top of everything.
3) Ease of investment
Booking a home for an NRI couldn’t be easier in today’s day and age. Banks have gone digital and they accept all major paperwork via mail and online submissions. Apart from that, the Indian government has created rules and regulations that facilitate more sales and bringing in of money.
NRIs investing in Indian real estate can expect reasonable returns over a long period of time. With steady economic growth, there is a healthy demand for residential properties in the city. This, in turn, is also indicative of the high returns investors can expect.
5) Infrastructure growth
The city of Mumbai offers an upgradation in the lifestyle of many and keeps the promise of best in class infra facilities. Be it transportation facilities, roadways, schools, hospitals etc. This makes Mumbai a great city to invest in for end use perspective or even for an investor.
Needless to say, keeping in line with all the above-mentioned points, apartments in Mumbai are high on the list for NRIs who are looking to reap continued and good benefits of their real estate investments. Lastly, NRIs need to ensure that are aware of all the rules and regulations that govern the real estate transactions so that they don’t end up with a misstep.