Why is India an Investment Goldmine?
India’s real estate sector is a beacon of growth, catalyzing the nation’s emergence as a global force. With a market size projected to reach US$ 1 trillion by 2030 and contribute 13% to the country’s GDP by 2025, the sector symbolizes India’s unstoppable progress. From customized residential living to office spaces and commercial real estate, the demand is surging, reflecting the nation’s dynamic spirit.
Why invest in Pune?
Investing in Pune can be a transformative decision, thanks to its thriving infrastructure. The city has experienced remarkable growth, driven by the upcoming metro line, improved intra-city connectivity, well-planned road network, and the planned airport. Despite facing the challenges of the pandemic, Pune’s real estate market has demonstrated remarkable resilience, with residential development in and around the city serving as a backbone for key infrastructure projects such as the Pune Metro and the Mahalunge-Mann Hi-Tech city. With plans for around 50 township schemes along the 128-kilometer stretch, Pune offers a world of opportunities for those looking to make a positive impact through their investments.
A Non-Resident Indian (NRI) is an Indian person who remains abroad for employment/business or profession, or who stays abroad under conditions suggesting a desire to stay abroad for an indefinite period. Persons posted in United Nations Organizations and officials deputed overseas on temporary assignments by the Central/State Government and Public Sector Undertakings (PSU) are also considered NRIs. Non-resident foreign citizens of Indian origin receive the same treatment as NRIs.
A person of Indian Origin (PIO) is someone who has never possessed an Indian passport and is not a citizen of Pakistan, Afghanistan, Bangladesh, Iran, Sri Lanka, Nepal, China, or Bhutan (57 of 1955).A PIO is also a spouse (who is not a citizen of Pakistan or Bangladesh) of an Indian resident or a person of Indian descent.
An NRI can acquire any property in India, according to Reserve Bank of India (RBI) regulations. Any Person of Indian Origin (PIO), an individual who is not a citizen of Pakistan, Bangladesh, Sri Lanka, China, Afghanistan, Nepal, Iran, or Bhutan, can purchase immovable property in India if he/she held an Indian passport at any time or (ii) his/her father or grandfather was a citizen of India under the Indian Constitution or the Citizenship Act, 1955.
- What are the necessary documents required to purchase a property in India?
- A pan card (Permanent account number)
- OCI/PIO card (if applicable)
- A passport (In case of NRI)
- Passport-sized photos
- Address verification
In most cases, an NRI/PIO cannot purchase agricultural land, plantation property, or farm buildings in India. Proposals to purchase such land must be explicitly approved by the RBI in collaboration with the Government of India. They can only obtain agricultural land by inheritance.