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NRI - Global Realty
+91 9206-001-002 sales@globalrealtygroup.in

Real Estate in India

Real estate is one of the most crucial, significant and distinguishing factors that contribute immensely to the growth and expansion of a country’s economy. The Indian real estate sector stands second after agriculture in regards to employment generation and is anticipated to grow at 30% in the next decade.  

The development of this industry is complemented by the corporate sector and the rise in the demand for urban accommodation and office spaces. The ranking of India has reached 9th spot among the list of 55 international marketplaces, thanks to the appreciation in the prices of residential as well as commercial sector. 

The Indian real estate sector is flourishing well and the construction work of apartments is at its all-time high these days owing to the recent initiatives taken by the Indian Government. Real Estate Regulatory Authority (RERA) and lower Goods and Service Tax (GST) rates have also succeeded to encourage not just home seekers but, also investors alike to look at the realty sector as an option for investment. The Government of India has adopted friendly policies for Foreign Direct Investment (FDI) in the last past few years. This has made India a favorable and promising place to invest in the real estate sector for other countries.

Market Size

The Indian real estate sector holds a lot of potential and is one of the prime sources of generating revenue for the government. The market size of the realty sector in the country is likely to attain US $180 billion by 2020. To meet this soaring demand of the infrastructure in India, hospitality, retail and commercial real estate will also nurture significantly to complement this surging demand.

Prime industrial sectors, such as Information Technology (IT) and IT Enabled Services (ITES), e-commerce, consulting and retail have recorded a high demand for the office space in the last past year. As of September 2017, the office space absorption in the top eight megalopolises of the country accounted for around 18 million square feet (msf). Owing to the surging demand of the office sector and IT/ITES real estate, the private equity inflows have grown to reach 150% between 2014 and 2017. Apart from this, the new retail space of around 6.4 million has been finished and another stock of about 20 msf is expected in 2019.

The NRI Real Estate Trend in India 

It’s not just Indians who get lured with the glitter of the real estate, but there are numerous NRIs who rides a huge amount as an investment in the realty sector of the country. Nowadays, investors do not see real estate as a real asset, in fact, their mindset has been changed to a great extent in recent times. The developers have now started portraying the property investment like it is an integral part of one’s lifestyle. This change in their market policy has succeeded to build trust and woo the NRI investors. There is a drastic rise in the purchasing of NRI property buyers in the country who are looking forward to shifting their base permanently in the coming years.

Why NRIs Should Invest In India?

  • India is one of the fastest-growing economies so, it is a melting pot for NRIs to make investment
  • The Indian real estate is reliable, risk-free and assures high returns on your investments
  • The presence of the most reputed and globally-known companies ensures that the demand for commercial space will never sink in the country
  • Real estate investments ensure fixed monthly rentals. NRIs are also liable to get tax benefits like any other Indian citizen

Questions For NRIs

As per the Reserve Bank of India (RBI) norms, NRIs are free to purchase properties in India. Any Person of Indian Origin (PIO), and any individual who is not a citizen of Pakistan, Sri Lanka, Bangladesh, Iran, Afghanistan, China, Bhutan and Nepal can buy immovable properties in India, if (i) he/she, held Indian passport, at any time, or (ii) whose father or grandfather was an Indian citizen as per the Constitution of India or the Citizenship Act, 1955 (57 of 1955).

No, NRIs do not require any permission to purchase any immovable property in the country.

No, NRIs do not require any permission from the Reserve Bank of India while purchasing residential or commercial property in the country.

While buying a residential property in India, the NRIs are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within 90 days time period from the date of purchase of that property.

NRIs can also submit a final payment of purchase consideration along with a certified copy of the document which can be used as evidence of the transaction and the bank certificate relating to the consideration paid.

Yes, the RBI has given general permission to NRIs for selling immovable properties. The funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.

Foreign nationals who are born in India, irrespective of the fact that they are residing in India or abroad, have been granted permission to buy immovable properties in India.

NRIs are given the following facilities:

  • Keep and maintain bank accounts in India
  • Investment in immovable properties
  • Investment in shares, securities, deposits of the Indian firms and companies