The real estate investment in India is ringing. This is the reality of the situation. To encash of this reality the Non-Resident Indians (NRIs) should now think of making investment in India in the real estate sector. INVESTMENT by Non-Resident Indians if made today in the real estate sector, then surely it will bring higher appreciation in the years to come.
Before venturing into investment in real estate in India, the Non-Resident Indians in particular should take care of the provisions contained in the Foreign Exchange Management Act as well as the Income-tax Act. A fair knowledge of these two enactments will help the Non-Resident Indians to take a wise decision of investment in real estate keeping in view the provisions of law affecting such real estate investment. As per the said Foreign Exchange Management Act an Indian citizen who resides outside India is permitted to acquire any immovable property in India other then agricultural/plantation property or a farm house. Thus, it is very clear that Non-Resident Indians enjoy almost all the privileges which are enjoyed by a resident Indian with reference to purchase of immovable property in India.
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