Introduction
An NRI is a person who is an Indian citizen, but presently resides outside India. He could be living in the USA, Canada, UK, Europe, Australia, New Zealand, Singapore, Malaysia,Indonesia and other countries across the world. This person does not live in India for over 180 days in a year due to work commitments. NRIs have a lot of investment opportunities in Chennai and Coimbatore real esate in Tamil Nadu.Real estate sector is booking in Chennai and Coimbatore. Land prices are sky rocketing.So is the infrastructure growth and the economic growth. Also today India Growth Story cannot be missed by the NRIs and hence they are in great hurry to invest in properties in India Today.For people who travel to other countries for jobs or studies, owning property in their native place is a dream because they may have intentions to settle their homeland in the future.
What Type of Property Can NRIs Buy in Chennai
Chennai is one of the places where the real estate market is enormous. NRIs can buy any immovable property in Chennai that includes land, apartments, villas, except for agricultural land.NRIs can transfer their property to other NRIs who are people of Indian origin or people resident of India. When buying a property, NRIs should make sure that the property has all the needed approvals.
Best cities for NRIs Buying Property in Tamil Nadu
For NRIs who are looking to buy property in Tamil Nadu, the best city is Chennai, Coimbatore and Madurai. Many top villa builders’ like VNCT Global are known for offering the best properties at a reasonable price. Villas in ECR are highly preferred as it offers huge appreciation with strong rental potential. The property appreciation is high in ECR due to huge demand, scarcity of land with approvals, scenic coastal drive and huge developments in that zone.
Return on Investment for NRIs
- Some major benefits for NRIs include high returns, as luxury villas in Chennai can generate up to 10 to 12% in annual rental yields, which exceeds many other global markets. Tamil Nadu’s continued economic growth will lead to property appreciation over time,which is well proven over last several decades.
- The currency exchange rates and depreciating Indian currency value makes property buying in Tamil Nadu an attractive option for NRIs.
Emotional connection
The NRI real estate investment in Tamilnadu is a lucrative option. The evolving trend of buying property by NRI is driven by a mix of emotional ties, appreciation of capital and the goal for a stable future. Buying the best villas in Chennai is more than just an asset and it is a step for planning for the future. Compared to gold and the volatile stock market, the real estate market always provides stable returns.
Diverse Investment Options
The real estate market offers a variety of choices, including premium villas, apartments, and plots catering to diverse budget ranges. There are the top villa developers like VNCT Global in Chennai known for building quality properties which is best for investments. VNCT has identified several growing areas in Chennai that are best suited for investments and appreciation.
Long-term appreciation
While other investments may have limited returns, real estate properties, especially investment in villas with land ownership appreciates well over time, yielding good profits through resale and rental income. NRIs buying property in Chennai can benefit from the steady demand and rising prices in the real estate market. Individual villa for sale in Chennai has the potential to beat inflation and give better returns than most asset classes.
Simplified taxation
The tax liabilities involved are capital gains tax, property tax, and TDS. This awareness is important for financial planning. When an NRI sells a property, the buyer is liable to deduct TDS @ 20%.
Conclusion
NRI buying property in Chennai offers a blend of sound investment,safety net and individual connection. With the booming real estate sector, NRIs can benefit from growing capital values and increasing rental yields. But, ensuring legal compliance, understanding tax implications selecting the right location in major cities and selecting trusted builders are vital to making informed decisions.
FAQ
- How many properties can NRIs buy in India?
There are no restrictions on the number of properties that a NRI can buy in India. - Can NRI invest in any property in Tamil Nadu?
Yes, an NRI can buy any property in Tamil Nadu except for agricultural land. - Is it a good idea for NRIs to buy properties in India?
Buying any property in India is a best choice for NRIs for many reasons, including huge appreciation and being part of India Growth Story, buying profit because of devalued Indian currency to that of the NRIs. - How many documents are required for NRI to buy property in India?
To buy a property in India, an NRI typically needs the following documents:
Aadhaar card, Application for a home loan, Bank statement for qualifying NRI accounts, Work permit,
Salary slips, Income tax returns, PAN card, Passport, Passport-sized photos. - Can a person own 100 acres of land in India?
The amount of land a person can own in India is about 32 acres, but this varies by each state. In Tamil Nadu, the amount of agricultural land an individual can buy is 59.9 acres.
- Which is best investment in real estate in India?
Plots do not exponentially grow because of no development in that land area for a long time. Also safe guarding empty plot in Chennai is not an easy task.
Apartments do not Appreciate.over years, the build becomes old and does not fetch a good resale value.
The most Prefered investment is villa with land Ownership,which gives you maximum appreciation as well as joy of living with freedom.
