Abroad windows for Indian property seekers opening up
It may have become the case that it is cheaper to buy a flat abroad such as in Dubai than at a posh location in Mumbai or in Delhi.
The property price deflation in foreign countries since 2009 has given opportunity for Indians to buy houses abroad. Of late, most Indians seem to buy under-construction property abroad as they only need to pay 10-30 per cent of the total amount upfront. The residual amount is paid when the property is ready, that is only two-three years later.
Countries in the Asia Pacific region especially Malaysia, Indonesia and Thailand are being more and more considered for property investments, reason being rental yields on residential properties are better than in India.
However, few things have to keep in mind before buying property abroad. The property might have to be bought by two people of a family, as the Reserve Bank of India allows a single person to invest only $200,000 a year. Moreover, while buying large value property it has to be ensured not to violate foreign exchange rules and at the same time be aware of tax rules of the country where one intends to buy the property.
To read more real estate news:
Corruption to be blamed for high prices in Mumbai realty sector
Source: Business Standard
Asia-Pacific, Delhi, Dubai, Indonesia, Malaysia, Mumbai, peorpert prices, property price, property price deflation, property tax, RBI, Reserve Bank of India, Thailand
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