NRI investment in India, especially in the Indian real estate market, has always been a significant contributor to the Indian economy. Among the various cities in India, the city of dreams, Mumbai, has always been a favourite among the NRIs (Non-Resident Indians).
Besides being the financial capital of the country, the city is one of the most populous and rapidly growing metropolitan regions in the world, with a thriving real estate market. Such is the appeal of owning a part of Mumbai that some of the top real estate investors in Mumbai are NRIs. Let us understand the benefits of property investment in Mumbai for NRIs
Why Should NRIs Invest in the Mumbai Real Estate?
Infrastructure and amenities
The Mumbai real estate market offers a good avenue for NRI investment in Indian real estate due to the excellent social infrastructure, world-class amenities, well-developed private and public transport networks, seamless connectivity with the rest of the country and world, and amazing employment opportunities with the presence of major domestic and multinational employers. Recently, Mumbai has seen the proposal and development of a slew of infrastructural projects, such as the Metro Rail Project, Coastal Road Project, Mumbai Trans-Harbour Link (MTHL), and Navi Mumbai Airport, Pune-Mumbai Hyperloop Project, Delhi-Mumbai Industrial Corridor (DMIC), and so on. These infrastructural projects promise a highly connected and developed cosmopolis, thereby attracting NRI investment in Mumbai real estate.
The glittering metropolis
Mumbai is the cultural hotspot of India with a glittering cosmopolitan lifestyle, teeming suburbs and a panoramic coastline. The ‘chakachaundh’ (dazzle) of Mumbai attracts millions, especially NRIs who plan on coming back for work or settling down in the city.
Mumbai Metropolitan Region
The development of employment hubs, office spaces, commercial centres, industrial belts, etc., in the up-and-coming suburbs surrounding Mumbai and their seamless connectivity with the rest of the city has made property investment in Mumbai and the greater Mumbai Metropolitan Region attractive for NRIs.
Attractive residential projects
Major and leading developers in India, such as Piramal Realty, are focussing on the development of luxurious, sprawling and environment-conscious residential projects in the Mumbai real estate space.The four residential projects of Piramal Realty in Mumbai offer an ultra-luxurious and peaceful sanctuary for the residents amidst the bustling metropolis. With properties in coveted South Mumbai locations of Mahalaxmi and Byculla and the teeming suburbs of Mulund and Thane, Piramal Realty offers an enviable choice of premium residences for NRI as well as domestic investment in Mumbai real estate.
NRIs looking to invest in the Mumbai real estate for themselves or their parents back home can check out the self-contained, biophilic and amenities-rich residential complexes of Piramal Realty for a global living experience.
Can Foreigners Buy Property in India?
As per the guidelines laid down by the Reserve Bank of India:
- Irrespective of the residential status, citizens from 11 countries, including Afghanistan, Bangladesh, Bhutan, China, Democratic People’s Republic of Korea, Hong Kong, Iran, Macau, Nepal, Pakistan and Sri Lanka, cannot acquire immovable properties in India, without due and prior permission of the RBI. They can only lease a property for up to 5 years. This prohibition does not apply to OCIs (Overseas Citizenship of India) living in these countries.
- Apart from the 11 countries mentioned above, foreigners of non-Indian origin who are currently residing in India can acquire immovable properties in India.
- In the case of foreigners of non-Indian origins not residing in India, acquisition of immovable property in India on lease for up to 5 years is allowed. They can also acquire property in India through inheritance from a resident.
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