NRI Section

Golden Opportunity Beckons NRIs

If you have been considering making an investment in property in India, there couldn't be a better time than now. The window of opportunity is wide open with the US dollar reaching an all-time high. As an NRI, you can now expect to get more value for your dollar.

KUL is here to help NRIs from the US, UK, UAE and other countries to make the most of this golden opportunity.

Kumar Urban Development Ltd (KUL) brings you not one, but a myriad of opportunities for investment in the form of its top-of-the-line real estate projects in major Indian cities such as Pune, Mumbai. If you're looking for a little tranquility, we even have a getaway project in the dainty hill station of Panchgani.

As a leading real estate developer in India, KUL understands your need for property that connects you with your Indian roots while providing a sound investment. Browse through our website to see a wide platter of projects that does just this.

Headquartered in Pune, we have over 39 residential and commercial projects and 2 mega townships across major Indian cities.

KUL Offers Dedicated Services for NRI

NRIs have unique requirements that need special attention. We are well-versed with the financial and legal intricacies of NRI investments in Indian real estate. KUL's dedicated NRI services team is equipped to address all your queries and concerns and help you find an investment that meets your needs.

We understand your need for a unique lifestyle that brings together the best of the east and west. Our team represents the best minds in the industry and our professional services make every step hassle-free. .

NRIs, here's how to invest in real estate in India

Non-resident Indians (NRIs) are a lucky bunch right now. While they earn in foreign currency, they can invest back home in rupees, which during a time of currency weakness can give them more bang for the buck. .

Given the rupee's depreciation over the past few months, NRIs have been flocking to India's real estate market, even as local buyers shy away. Typically, NRI investors tend to be of two kinds - those who want to earn good returns on their investment and those who purchase property for their family in India.

First, NRIs have no restrictions on how many commercial or residential properties they can own in India. However, there are restrictions on the repatriation of sale proceeds, which is limited to two units. Effectively, this means that while they face no restriction when investing in commercial or residential real estate in India, repatriation of sale proceeds can only be done for two units.

NRIs can invest in real estate by remitting funds to India through normal banking channels, or by investing in funds in NRE/FCNR/NRO accounts maintained in India. They cannot make payment via travelers' cheque or foreign currency notes. They are also restricted from making any payments outside India or settling payments through exchange of funds outside the country.

Recommended Projects for NRIs

Other Location - Panchgani

Windsor Park - Windsor Park, Panchgani is an ensemble of over 100 exquisite, spacious bungalows, overlooking the picturesque Krishna River. It's your very own luxurious getaway in the hills. Check Project section for further details.

NRI / PIO Guide

While the basics - such as income, financial obligations and re-payment track record remain the same, there are different rules for Non-Resident Indians (NRI), Persons of Indian Origin (PIO) and foreigners of Non-Indian Origin. A large part depends on the residential status and the kind of property you wish to buy.

However, even if you are an NRI or PIO, you do not require permission from RBI to acquire residential / commercial premises in India (other than agricultural land/farm house/plantation property and others which are specifically prohibited by RBI and other concerned authorities).

Also, NRIs are eligible for loans. However, repayment of loan should be made within a period not exceeding 15 years out of inward remittances or out of funds held in the borrower's NRE/FCNR/NRO accounts.

Tax Benefits

Buying a home is considered both an investment as well as a good asset. You may get a tax benefit on the principal and interest component of the EMI while the asset appreciates with time.

Under section 80C, you can claim tax deduction up to Rs. 1 lakh for the principal repayment of a home loan. This is along with other investment instruments like life insurance premium, PPF, ELSS, NSC etc. However, you can avail of this benefit only after construction and possession of home.

Regarding the tax benefits on interest component of the home loan, you can claim a tax benefits on interest payment of Rs. 1.5 lakh.

In addition to the above, from April 2013, additional tax benefits on home loan interest by way of deduction of interest upto Rs.1,00,000/- has been granted. In total, this assessment year 2014-15, you can claim a deduction of Rs. 2.5 lakh for interest on your home loan.

You can claim this deduction under the following conditions:

You take a loan sanctioned by the housing finance company / banks during 1st April 2013 to 31st March 2014.

This is your first purchase. You should not own any other residential property on that date

The property value does not exceed Rs. 40 lakhs.

The loan amount does not exceed Rs. 25 lakh.

Disclaimer:

Nothing contained herein amounts to financial/taxation advice. It is recommended that the visitor consults their personal financial/tax advisor before taking any decision based on the above and it is agreed by the visitor that, the visitor shall in no way hold Kumar Builders KUL liable and responsible for the same.

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