As the real estate sector is booming in Gurgaon everyone wants to invest in residential properties. NRIs also don’t want to miss the chance of owning a home in the most thriving place in the country. NIRs (Non-Residential Indians) can own property in India irrespective of the time duration they have been living out of the country. They are allowed to buy residential and commercial properties in India but they are restricted to buying agricultural land, farmhouses, or plantation properties.
Investing in residential properties in Gurgaon is a lucrative opportunity because DLF Privana West has immense potential for value appreciation and rental income. It offers a luxurious and fulfilled life that touches all aspects of your life. DLF Privana West Sector 76 is receiving healthy demand from NRIs because of the location advantage and the tempting luxurious amenities. Let’s have a look at the things you must know about NRI investment.
1. Permissions
In some cases, NRIs have to get permission to buy property in India. But, to buy DLF Privana West Sector 76 Gurgaon NRIs do not have to seek any permission unlike agricultural land, farmhouses, or plantation properties. If you want to buy property other than residential or commercial in Gurgaon, you have to seek permission from the Reserve Bank of India (RBI).
2. Ownership
An NRI can hold ownership of property in India and as per the laws under FEMA (Foreign Exchange Management Act) and guidelines of the RBI (Reserve Bank of India). They can also buy a residential property in DLF Privana West Sector 76 Gurgaon in partnership with anyone. Their partner of the property can be an Indian or another NRI. However, they cannot buy agricultural land, farmhouses, or plantation properties even with the partnership of an Indian without permission.
3. Power of Attorney
If the NRI purchases a property in DLF Privana Sector 76 Gurgaon and he cannot come for the registration, he can take the benefits of power of attorney. According to the Registration Act, the signatures of the buyer and the seller are mandatory in the documents and have to be validated by the registrar of the region where the transaction of the property is being carried out. So, if the NRI is not physically present, he can take the help of power of attorney and the same should be certified by the consulate of the same country where the NRI resides.
4. Payment
The non-residential Indian buying a home in DLF Privana Gurgaon has to pay in Indian currency. To make their payment valid and successful they can use accounts such as NRO ((Non-Resident Ordinary Account), NRE (Non-Resident External Account), or an FCNR account (Foreign Currency Non-Resident Account). You can use these as per the FEMA (Foreign Exchange Management Act) under the guidelines of RBI.
5. Loan
They can also opt for a home loan to buy a unit in DLF Privana New Launch. There of no restrictions on NRIs to apply for the home loan. Most of the banks and financial institutions in India are happy to offer loans. Most of the time banks and financial institutions also prevent them from unwanted hassles of obtaining a home loan. However, they have to pay higher interest rates and the rates vary from lender to lender. Considering a home loan increases the purchasing capacity of the NRIs to buy an ultra-luxurious property in the metro city.
6. Taxes and Charges
Taxes and other charges are applicable for NRIs in India as they have to pay stamp duty, registration fees, and GST according to the compliances in the Indian context. Moreover, if they earn a passive income like rentals from the property, they have to 30% TDS (tax deducted at source).
Conclusion
Considering the investment potential of the residential project, NRIs must book a unit on the DLF Privana Launch Date to own a property at the lowest possible price. The reasonable DLF Privana Price makes it feasible for you to book a unit and you must not forget to check the DLF Privana Floor Plan before booking a unit.
For more information - https://getdlfhomes.in/dlf-privana-west-sector-76-gurgaon/
