The NRI Connect section aims at providing helpful information to NRIs regarding purchase of real estate properties in India. This has special reference to properties and upcoming locations in Pune, once pensioner’s paradise, now the next Silicon Valley of India.
Why should an NRI buy property back home?
To an NRI, a base in one’s homeland brings a sense of security. In addition, properties in fast growing cities by reputed real estate developers are a safe and growing investment too. The presence of a premium property in a well developed city is also handy when an NRI returns home after many years of work or after retirement. The government and the RBI, through various acts have liberalised the rules and regulations for NRIs to encourage investment in real estate. Repatriation of income is yet another inducement to invest in India.
Which are the growing cities in India?
With the Indian metros becoming megapolis, cities like Pune, Hyderabad, Mysore, Gurgaon, etc., are fast catching up to be the next metros! These cities offer excellent investment opportunities that bring returns as well as serve as potential towns to settle comfortably.
I wish to settle in Pune. Which are the emerging locations in Pune?
While Pune city is fast growing in all directions, special mention has to be made about the western suburbs and along the Bombay-Pune expressway. Bavdhan and Wakad are two emerging locations showing great promise of growth. Real estate developers in Pune have understood this preference for Wakad and Bavdhan properties. This has led to many new residential properties in Bavdhan. Not to be out done, gated communities and properties with high standards that meet NRI tastes are also on the rise in Wakad! On the eastern side, Kharadi and Wagholi are also growing destinations which are ideal for people working in the same locality.
What are the advantages of Bavdhan and Wakad properties?
Bavdhan properties offer a cosmopolitan ambience in west Pune. It has the best IB, ICSE and CBSE schools in its vicinity and institutes like National Defence Academy (NDA) and Ambrosia Institute of Hospitality Management. Great entertainment, shopping and relaxation spots from top restaurants to clubs and access to modern shopping malls are added attraction of Bavdhan properties. Real estate developers in Pune have come up with exotic living ideas in their Bavdhan properties that surpass any international apartment houses. Bavdhan is also strategically located and takes just 15-20 minutes to reach Hinjewadi, Wakad, Aundh, Baner, Pashan, Pirangut, Kothrud or Senapati Bapat Road.
Wakad is the new residential haven in Pune for young executives, working couples or senior citizen alike. Wakad properties are the preferred choice today due its proximity to Hinjewadi and accessibility to Mumbai express-way. In addition, Wakad properties offer proximity to many educational institutions – right from play schools to top brand management colleges making it convenient for all types of family units. With good hotels and restaurants, commercial complexes, nearness to Pimpri-Chinchwad and a majority of the arterial roads of Pune, real estate developers in Pune are upbeat and recommend investing in Wakad properties.
Where can NRIs get loans from?
NRIs can raise finance from financial institutions to purchase residential apartments, flats and bungalows from approved real estate developers. In Pune, there are many real estate developers who aid NRI property buyers to get housing loans quickly. NRIs are preferred customers for financial institutions due to their quick repayment capabilities. You can repay using your income in INR by way or rent, dividends etc or by inward remittances.
Since real estate developers also prefer customers with approved home loans due to guarantee of payment, it is a win-win situation for NRIs.
Can you throw some light on the dealings with real estate developers in India?
The real estate scene in India, especially in Pune has changed radically for the good. Some of the highlights of this change are:
- There is transparency about the project offerings and fairness in the deals
- Construction quality has become world class in India today among reputed real estate developers
- The design and aesthetics, amenities and safety features are equal to any western condominiums
- Gated communities are also on the rise
- Real estate developers have come up with allied services helping their customers to find finance options and taking care of all legal aspects