Posted on: 05-02-07 15:14:25
Here is what I think.
1. What is better to buy? A farmland, a residential plot, an apartment, a bungalow
As you are NRI you don't have option to purchase farmland. NRI's are not allowed to purchase farmland legally in your name.
I think Investment in residential plot is best provided that you have somebody to look at it and plot is freehold and there is no encroachment fear. Buying land is very difficult and expensive in big cities and also we don't have very good title recording system in India.
Next best investment is residential apartment with low maintenance cost.
2. Assuming the corruption existence buying anything there and staying away from India can cause any problem like someone capturing your property
If you purchase property through reputed developer/builder then there is no issue of cheating and corruption.
3. How do you transfer money to India and how to you get it back, once you sold your property? Do you have to pay taxes to Indian Govt?
You can transfer money by any bank like SBI.I think repatriation is possible but not sure if it’s easy to do. I think if you sale your property and made profit then profit is taxable. Rental income is also taxable.
4. What are the restrictions for NRIs?
Farmland purchase is not allowed.
5. Can you buy a property without Visiting India? How?
You can purchase property by giving power of attorney to someone like you father, brother etc.
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Desi Lion
Thanks.
A question on farmland. If you are already owning a farmland before your immigration, you should be allowed to buy a farmland. I am not sure about it. Can anyone confirm?
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A Proud Indian Canadian
how do i become an active member of this group?
Simply reply the way you did just now!
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A Proud Indian Canadian
Hi Garvo Gujarati,
Here are few links.
http://accommodationtimes.com/freesection/NRI_Article.htm
http://www.ggproperties.com/nrilinks.html
http://sify.com/finance/fullstory.php?id=14026257
You may also search google.
Ram
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Desi Lion
I have a question regarding giving Power of Attorney for someone in India to buy property on your behalf.
How do you go about giving this POA if you are not in India and have not already done the POA while in India ?
Someone suggested to me that it has to be done at the Indian Consulate in the city/country that you are. Can anyone confirm if that's the case and has anyone done this ?
I looked up at the services offered by the Toronto consulate, and they did not have anything on this.
I literally purchased a property in India 4 months back when I was on vacation in India. It happened 2 days before I was to leave back for Canada, so did not have the time to do a POA.
The property is not registered yet, but it was already owned by the current owner under a POA, so now I want to register it under my name.
I transferred funds from here to pay for that property, but since it cannot be registered in my name, I am unable to take the benefit of showing some deduction in my income tax here for the expenses to acquire that property, as it is an investment property.
So anyone who has done a POA agreement sitting here in Canada, please advise the process you underwent to get this done.
Just wondering if anybody is observing Indian Real estate market?
Is it down or stable?
Ram
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Desi Lion
