The real estate market in India in the current landscape is at an all-time high as the demand for commercial and residential projects like Saan Verdante Sector 95 Gurgaon. It is not only gaining interest from Indians but even from Non-residential Indians. As we know the Indian Diaspora is the largest in the world, there are many NRI settled abroad, but have family members in India. While the real estate market booms, in the country, it attracts interest from many NRI worldwide wanting to invest in real estate builders like Saan Verdante and own a house in India.
While the NRI,s always have an option of owning a house or investing in some property in the country, there are certain guidelines implemented by the government that help in the smooth process of them being able to own a home like Saan Group projects. Given the economic rise in the country and booming growth and emergence of the real estate sector, owning or investing in a commercial or residential project can be a lucrative choice for owning an asset in the country which can provide fruitful results in years to come. So let's study some of those guidelines through which NRI can own a home in India.
Permission
There is no restriction on an NRI from wanting to purchase land or property in the country irrespective of residential or commercial purposes. However purchasing land or property for them is limited as the government doesn't permit purchasing agricultural land, farmhouses, or plantation land. However, investing in them can be possible by getting approval from the RBI.
Ownership
Any NRI living in any part of the world is entitled to own a commercial or residential property in India as per laws set by the Foreign Exchange Movement Act and RBI. Besides this, they also have the option of going for a home loan to purchase a property in INR. NRI also gets the option of either being a sole owner of a residential property like Saan Verdante New Launch or having joint ownership with an Indian citizen, who meets the criteria of owning a house.
Power of attorney
Power of attorney plays a crucial role when any NRI wishes to purchase a property in India, according to the Registration Act. As per the registration act, the initials of the buyer and seller of the property need to be validated by the registrar of the location where the transaction is carried out. Hence, if the NRI is not present in person to purchase the property in the country, the chosen power of attorney needs to be certified by the consulate of the country where the NRI lives.
Payment
The important thing to note for any NRI is that they can only purchase a property in India through Indian currency. Payment for a residential property in India like Saan Verdante would not be accepted otherwise in any other currency. But this can be done through a hassle-free process as NRI can opt for a non-resident account such as an NRO, NRE, or FCNR account, based on the guidelines set by the Foreign Exchange Management Act under the regulations by RBI.
Conclusion
The rising demand for residential projects, especially luxury housing in Gurgaon like Saan Verdante New Launch makes it an ideal time for the NRI, to purchase or invest in these new properties. Real estate properties like Saan Verdante Sector 95 Gurgaon can be pretty good investment in Gurgaon where the real estate market is booming and still have a lot more to offer.
For more information - https://saan-verdante.in/