Non-resident Indians (NRIs) have a crucial role to play to make Indian economy booming. The Indian government always wants them to invest in different infrastructural development projects of the country so that the economy of the country can be benefitted. At the same time, NRIs can grow their wealth by making meticulous investments in India. There are a few sectors, where investments are regarded as safe. Among those sectors, real estate is such a sector where investment is considered as highly secured and profitable. When it comes to property buying in India, you can choose the city of Hyderabad. This city offers top class properties at reasonable prices.
With the advent of time, Hyderabad is growing rapidly as an epicenter of commercial activities in India. As different companies have shown keenness in investing in this city, the real estate industry has started booming. With more commercial activities, people would get better job opportunities. With more job opportunities, the real estate industry of the city will keep improving. There will be new residential and commercial real estate projects. Being an NRI if you are seeking to purchase a property in Hyderabad, you can follow the guide in the following section of this article.
Reasons to Invest in Properties in Hyderabad
Before going to the steps to invest in properties in Hyderabad, it is crucial to discuss the reasons to invest in properties in Hyderabad. Some of the major reasons are discussed in the following section of this article.
- Fast Growing Commercial Activities: Various commercial activities are taking place at rapid pace in Hyderabad. Leading companies like Google, Amazon, Microsoft, Wipro, Genpact, Capgemini and many other companies have made significant investments in the IT sector of the city. Many other companies from different parts of the globe are eyeing to make investments in this city.
- India’s Startup Hub: Hyderabad is a place where startup businesses can grow. If you have an innovative business plan, you can roll it down in this city. Many startup businesses have originated here. Many startups want to expand their commercial activities to this city. Overall, it has turned into a hub for commercial activities for startups.
- Safety for Citizens: Hyderabad has been regarded as one of the safest cities in India. The crime rate of the last 5 years of the city is extremely low in comparison to other metropolitan cities in India. Nevertheless, the crime rate is also decreasing. Hence, it has turned out to be a perfect place for those who are planning to live in this city in future with their family members.
- Soaring Property Price: NRIs generally want to invest in properties which can give them excellent return on investment. In Hyderabad, property prices are soaring. With the advent of time, the price of your property can grow exponentially. This is why it is always good to invest in properties in Hyderabad.
Steps for Investing in Properties in Hyderabad
So, what are the steps to invest in properties in Hyderabad? What should an NRI do to purchase a residential property in this city? A few guidelines are furnished in the following section.
Find a Property in Hyderabad
The first step is to find a property in Hyderabad. Choosing a property depends on many factors. The most important thing is the location. You need to choose a property which is located close to commercial zones of the city. The suburbs of Hyderabad are getting developed at a rapid pace. These regions have become the obvious choices for buying property. For the NRIs, a few places for buying properties have been recommended below.
- Kakatiya Hills: This place is ideal for property buying, as you can get properties at reasonable cost here. With the advent of time, this place has the potential to grow as a commercial zone. It also offers proximity to IT hubs of the city. Hence, the Kakatiya Hills region is the best place for property investment for the non-resident Indians.
- Gachibowli: This is the budding industrial zone of the city of Hyderabad. Blue chip companies like Amazon, Google, Microsoft and many more have invested in this place. If you want to purchase a property at the most happening place of Hyderabad right now, Gachibowli is the place for you.
Apart from these places, a lot of other places are there in Hyderabad for buying residential properties. Being an NRI, you can take help of a property advisor for finding the right properties in Hyderabad. You can also check ongoing projects in this city, and contact the property developer directly.
Reliable Property Developer
The next stage is to find a reliable property developer. There are many property developers, and thus buyers have many choices. If you want to purchase an apartment in Kakatiya Hills region of Hyderabad, you shall find many residential projects at this place. You can check the ongoing residential real estate projects in this region. Once you finalize a property, you need to contact the developer for the further deal. A reliable developer follows transparent business policies. You can book a property with a fixed amount, and then you can physically pay a visit to check the condition of the property. The developer will arrange a tour to its residential complex for you.
Property Loans for the NRIs
For buying a property, most of the people prefer to go for a home loan. Getting a home loan for NRIs has been made easier by the Government of India. You can apply to any nationalized bank or private bank for your home loan. At the first stage, you have to open an NRI bank account in the bank. The second step is to apply for a home loan. The bank will verify the loan application, and associated papers. It also checks the agreement between buyer and seller. If documents are authentic and transparent, loan approval will happen within a month.
Know the Tax Benefits and Compliances
At the final stage, you need to understand tax benefits and compliances when you are purchasing a property. Non-resident Indians can get exactly the same tax benefits that a resident can obtain. For tax compliance, you need to visit the government portal. Nevertheless, you can consult a person who is an expert in this matter.