“Buying property is not the only the best or quickest or safest way, but the ONLY way to become wealthy”
Everyone wants to become wealthy, and an NRI is also not an exception to it. Those who have been settled in other countries, still want to have an emotional connection with India, their own country. Most of them do it by owning some property in India.
Sometimes, people think it is a tedious and time-consuming task. However, it is not when you know the procedure well and follow it well.
Before you get into the process of buying a home, apartment, commercial place, or Open plots for sale in Hyderabad; it is essential to get an insight into a few points.
- What type of property an NRI can buy?
- What are the documents required?
- Is there any possibility of getting loan?
- Is it allowed to have a joint property?
- What are the tax liabilities …. And so on.
This blog is for the benefit of NRIs who are looking for property in Hyderabad or any other city in India.
How does BBG India help NRIs in buying property?
Building Blocks Group or BBG India is amongst the fastest growing company in the Southern part of India. It carries a rich experience of over three decades in the field. The group is known for its core values like transparency, prompt delivery, growth and integrity.
The core philosophy of the group is that the property is the means for a person to achieve true wealth, it is not merely a piece of land or a structure made from concrete. Hence, it is most important to invest in the right property at the right time so it gives the most return.
The mission of BBG India is to make land investment affordable for every investor.
Points to be considered by NRIs
It is the first thing that should be checked. Who is the current owner and what is the chain of title? Is the current owner the legal owner? Does he have the authority to sell the property?
The chain of title can be verified by checking the revenue record. Also, the property should not have any liability. The property is issued a No Objection Certificate by the sub-registrar when it is clear.
Nowadays, property experts recommend checking the records of CERSAI to make sure there are no charges.
Who is the seller?
The property seller has to be a legitimate seller and owner. It can be verified by property documents. It safeguards a buyer from buying the Benami property.
When you buy one of the Open plots for sale in Hyderabad, make sure that it has been approved by the HMDA or Hyderabad Metropolitan Development Authority (HMDA) or the Directorate of Town and Country Planning (DTCP) in Hyderabad.
Also, the plot should have approved layout by the relevant authority.
What does it mean? A demarcated boundary and defined identification mark the plot clearly. There is no ambiguity about its size and shape. The dimensions mentioned on the paper need to be verified on ground as well.
Not just that, it is equally important to check FSI, applicable building regulation, and land usage norms.
Being an NRI, you have to comply with applicable Foreign Exchange Regulations. Check it with the help of the consultant.
There are regulations for payment issued by the RBI for NRIs. The payment has to be made through banking channels and it should be subject to payment of all applicable taxes and levies or duties. It is important to keep the applicable limits on repatriation of funds outside India.
This ready reckoner will help NRIs in buying Open plots for sale in Hyderabad without hassles.