With high proliferation of business activities, India has certainly undergone a paradigm shift owing to its definite competitive niche in the real estate sector. Growing at 30% each year, Indian realty market features a price tag of $12 billion. Key factors boosting such a great growth rate includes corporate retail and investment in residential property.
Over the past few years, NRIs have played a crucial role in transforming the Indian real estate market. Opening-up of the Indian economy offer them the new prospects which encouraged them to show a great deal of confidence in the changed set up.
There is a growing buzz about the Indian Government simplifying the process of investments by NRIs in residential property. Now, they will not need any kind of approval either from NRE Account, FCNR account or NRO rupee account. The frequent rental income earned on letting out of property is also freely repatriable.
Indeed, the income tax on house property income in India would depend on whether the property is kept free or let out.
Can all NRI frnz now have the comfortable feeling to have stood on their own ground without any nuisance???
