5Aug

How Thane Has Emerged to be a Major Residential Destination

As far as buying a house is concerned, a lot of people prefer buying it for investment purpose. While there are some, who buy to shift their base. Whatever your choice, it is important to make a wise choice keeping in mind a number of factors. When talking about residential areas, it is Thane that has grown to be a major one. In fact, Thane is considered over other parts of Mumbai Metropolitan Region or MMR. Well, there are a number of reasons that show why Thane is growing to be a major residential destination. This has led to a number of upcoming and new projects in Thane.

Know the Benefits Thane Offers to Its Property Buyers

Well, there are a number of benefits that are associated with the growing popularity of Thane. Several factors have contributed towards making Thane a major residential area. To help you understand better, the list majorly includes:

  • Strategic Location
  • Rapid infrastructure development
  • Realistic and affordable property prices
  • Availability of land for housing

These are some vital factors that have contributed towards making Thane as a major residential location. In fact, it meets the needs of new-age home buyers. According to real estate experts, it is believed, Thane has evolved remarkably than what it was earlier. This is one of the major reason why people prefer shifting their base from Mumbai to Thane. Affordable rates for the property are one of the major reason among the others. It is found out that the rates of the property are much reasonably priced as compared to what you find in Mumbai. Apart from this, though reasonably priced, the real estate companies offer great amenities, greenery and open spaces.

As compared Mumbai Metropolitan Region, home buyers get bigger houses in Thane with all the modern facilities. Besides, home buyers, investors too can benefit with better returns.

Some Prominent Developers and Prime Areas In Thane

Knowing how potential home buyers are interested in investing in 2 or 3 BHK in Thane, real estate developers are taking advantage of this by offering new projects. A lot of builders and developers are making most of this situation by offering reasonably priced flats with all the modern amenities. Besides, the properties lie on some of the prime areas in Thane. This further works in the favour of home buyers. Apart from this, it also boasts of other facilities like schools, healthcare facilities, premium malls and more.

So, if you are planning to invest in a property, how about considering Thane?

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10Jul

NRI Investment – Can an NRI purchase or Own a Property in India?

A non-resident Indian or NRI can purchase certain property types, while other property types will require special permission, under the guidelines of Reserve Bank of India or RBI. As an NRI it is important you are aware of various legal process and provisions that are related to purchase or owning an immovable property in India, under the Foreign Exchange Management Act (FEMA). NRI property investment is not easy as it seems to be. However, it is not that difficult once you get your base right.

Types of Properties an NRI Can Invest In

According to the circular passed by the Reserve Bank of India, RBI, an NRI can purchase any commercial or residential property in India. For the same, it is important for the NRI to seek any special permission or is required to send any intimation in this regard to the RBI. As per the existing permissions, an NRI can purchase end number of commercial or residential properties in India. Besides, even the income tax laws allow NRI to own and invest in any number of properties – residential and commercial. In case, an NRI is not able to come to India, the documents relating to the property can be executed by any person, only if given a valid power of attorney. Under the general permission of RBI, an NRI cannot purchase or invest in plantation property or agricultural land in India. Apart from this, an NRI cannot purchase farmhouses too. Hence, an NRI who wants to invest in a farmhouse or plantation, he/she is required to approach RBI for special permission.

Joint Ownership

A Non-Resident Indian can buy the property, either jointly or as a single owner. However, a resident Indian who is not allowed to invest in a property cannot be a joint holder for a property with an NRI. No matter what the contribution the second holder has in the purchase of the property.

Continuance of Ownership of Property, After Being An NRI

You are bound to wonder what will a person who already owns properties in India, becomes an NRI. Well, this person can continue to hold the property under his/her name. An NRI is allowed to continue to own agricultural land, farmhouse, or any plantation property that he earlier owned before becoming an NRI, which is otherwise not allowed after becoming an NRI. Besides, an NRI is also allowed to gift or sell an immovable property to any person who is the resident of India.

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