There are also no restrictions on the number and type of properties that NRIs can invest in. Whether it is a residential property or a commercial property, NRIs can invest in both cases with no prior permission, all they need is an Indian passport.
With the passing of the Real Estate Regulation Act (RERA) and the introduction of GST, the whole process of buying and selling real estate has become more transparent. This development has caught the attention of NRIs.
In the recent years, there has been a rise in NRIs investing in real estate in Mumbai.
But why Mumbai?
Read on to find out.
1. Expanding Market
Mumbai is an ever-expanding market. There is always someone looking to make a trade. This means that it is not difficult to find a property to invest in Mumbai. If you think that the city is saturated and there is no more room for expansion, you are wrong. Mumbai is constantly rebuilding and expanding its boundaries. Thane and Navi Mumbai are excellent examples of this. The new international airport set to open in Navi Mumbai is making it a hot property among investors.
2. Metropolitan Atmosphere
One of the main reasons NRIs buy property in India is to have a place to call home. After living abroad for many years, you want a place that has all the facilities you had abroad. Being a metropolitan city, Mumbai fits the bill perfectly. The infrastructure in the city is constantly improving. The city will have complete metro connectivity by 2021. If you get a place on the outskirts of the city, you will still have access to everything the city has to offer.
3. Diversity
A place to settle down is not the only reason to invest in real estate. NRIs are also looking for a place to expand their wealth. The commercial real estate business in Mumbai is also booming, making it an ideal NRI real estate investment option. The returns on these properties are much more than those from residential properties.
4. Returns
Just a casual look at the real estate business in Mumbai will tell you that there is only profit to be made, no losses. The prices are always going up. Also, you stand to gain profits which are many times more than what you had invested. Areas such as Goregaon, Chembur, Bandra, etc. have seen over 20% return on investment in the last year alone.
5. Ease of Exit
One of the main reasons people think twice before investing in real estate is the liquidity. It is not usually easy to find a buyer who wants to pay the price you expect when you want to sell. But this problem does not exist in Mumbai. The absorption rate of properties in Mumbai has seen a significant increase so far this year compared to last year. There is always someone looking to buy and ready to pay the price you ask.
Start Investing
Real estate in Mumbai has been attracting more and more NRIs, and now you know why. If you are looking to invest in a property Mumbai, it is still not too late to do so, and this is a decision that you will not regret.
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