Living abroad for work, study, or any other purpose is of immense pleasure. But remaining connected with the roots of the origin is a tough task, yet the most important one in today’s time. Most people who wish to have a place in India despite moving out of the country plan NRI investment in Real Estate.
Well, for those who don’t know, Non-Resident Indians (NRIs) residing outside the country can buy property in India without even visiting the country.
Who is an NRI?
An NRI is an Indian-born citizen who has emigrated to another country for education, work, residence or other purposes. When it comes to real estate investment, they do not require prior permission from the RBI for the acquisition and transfer of immovable property in India other than agricultural land, plantation property and farmhouse.
Why NRI investment in Real Estate in Ludhiana is a wise decision?
Undoubtedly, real estate in Ludhiana is on the boom and pulling many people towards it. Along with people from India, especially from the North, NRIs, too, have a keen interest in real estate here. This is because, after Chandigarh and Mohali, which have reached saturation point, Ludhiana is the most desirable city to live in. Therefore, the investment of NRIs here definitely impacts the fluctuation of the real estate market here, eventually giving it a big push.
The top two factors why this city is considered a good investment place are –
- Ludhiana or natives of nearby cities who have settled abroad desire a home back home
- People prefer Ludhiana because of its proximity to Chandigarh and peacefulness
Moreover, the depreciation of the Indian rupee against the US dollar is a key factor driving these people to invest heavily in Indian real estate. For foreign currency-earning NRIs, buying properties in Indian currency is much cheaper and more lucrative in the long run.
What are the steps to follow for NRI investment in real estate in India?
- The first and foremost step here is that an NRI needs to issue a power of attorney favouring his relative, friend, family member or any other person he can rely on most.
- Secondly, they need to execute a special power of attorney in favour of the chosen individual to undertake all the formalities, which include execution of the agreement of sale, registration, and possession as well as the deeds, mortgages, contracts, leases etc.
- Lastly, having a passport, PAN card and Power of attorney is mandatory for an NRI to purchase property in India.
Affordable flats in Ludhiana, especially on the Chandigarh-Ludhiana highway, are considered one of the prime to invest in. Nowadays, many real estate developers offer a particular NRI corner on their websites or social media handles where NRIs (Non-Resident Indians) can quickly know what is required and how to purchase the property.
Hampton Homes by Finton Homes offers the best flats in Ludhiana for those who desire ultimate luxury. Located at a prime location in Ludhiana, it offers 1/2/3 BHK at an address that says everything.