Recently, the demand for residential properties from NRIs has increased because of the global pandemic-induced uncertainties and subsequent lockdowns. After the first lockdown, when the borders opened, there was a significant increase in the queries on buying real estate in India. The pandemic changed the perspective for home-ownership, especially among NRIs. The resurgence of cases, the second wave, further prompted NRIs to look for places to call home instead of renting in when traveling to your home country. To boost demand further, several state governments, including the Maharashtra government, have introduced a slew of incentives to boost the demand for real estate properties.
Government’s incentives for NRIs —
Apart from low home loan interest, favorable currency movement, technology like digital inspection of the property, smooth document submission procedures all at the click of a button further eased the home buying process for NRIs. Moreover, reputed builders, including Urban Space Creators, ramped up the construction of luxurious properties to mitigate the growing demand.
Urban Skyline phase 2 in Ravet —
Urban Space Creators has launched a luxurious project in Ravet named Urban Skyline phase 2. The project is the tallest residential building in Pune, housing 2,3,4,5 and 6 BHK homes and commercial spaces. Standing tall at 450 Ft height, the property has 40 floors with 70 plus amenities. When it comes to comfort, Urban Skyline phase 2 is not just limited to a swimming pool or well-furnished fitness center but to unparalleled luxuries at different heights! One can find an infinity pool, moon deck, sun deck, and glass-covered skywalk at the height of 450 ft!. At 150 ft height, one will get indoor game rooms, coffee library, toy library, and podium amenities like an open-air gym, sandpit area, and many more.
Retirement home benefits–
Those planning to invest in real estate in India can invest in Urban Skyline phase 2 to reap the benefit of reverse mortgage policy. Also, the benefit of having a place to call your own in your home country. There won’t be any need to rent when visiting the country and have the advantage of rental income. However, the rental income of NRIs is taxable, but they can claim a deduction for the maintenance of the property under section 80C.
High returns on the property —
Investing in real estate in India will reap high benefits as NRIs can transfer the money to their NRO account and pay the seller. They can directly transfer the funds to the seller’s account directly. They can reduce the tax burden under section 80 C to 80 TTA and avail bank loans of up to 80 % of the property value. Also, the depreciating rupee value and regulatory environment after implementing reforms will further ensure high returns on the property.
This is the right time for NRI investment in Pune, as Indian real estate brings many opportunities for NRIs who are looking to invest. With more transparency and accountability through RERA, NRIs can have the benefit of a high return on investment and lower capital investment