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THIS IS THE RIGHT TIME FOR NRIs TO BUY PROPERTY IN MUMBAI

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With significant stability returning to the property market in Mumbai, a lot of NRIs have begun showing interest in buying property in the metropolis. Through online channels and their sources in Mumbai, NRIs have kept a constant tab on the price movement of the property market since the beginning of the pandemic. Unlike the stock market, Mumbai’s growing property is not all that volatile and provides a safe investment for earning rental income, provided it is purchased at a reasonable price. The number of ready-to-move-in properties at lower price levels in Mumbai is now at an all time high, which gives NRIs a wider range of properties to suit their configuration requirement and budget. A slew of recently launched mid and upper premium housing projects, along with a significant makeover in the city’s infrastructure projects, has made Mumbai the go-to destination for NRIs looking at buying property. In this article, we will tell you why this is the right time for NRIs to buy property in Mumbai. panchshil towers kharadi

Depreciating Rupee

With the Indian rupee showing consistent devaluation over the years, and currently quoting at about ₹73 to the US$, NRIs can get the maximum value for every Dollar or Dirham spent in acquiring property in India, by taking advantage of the current exchange rates. They will spend lesser to buy the same property as they would have before the pandemic. Since most NRIs have the financial resources to pay for the property without taking a home loan, the deal happens much quicker and this is what builders also want.

Lowest interest rates

With the aim of motivating more and NRIs to go in for a housing loan for buying their dream home, banks and housing finance companies are going all out to compete with each other by lowering their interest rates. This has created an extremely beneficial situation for the NRIs, who can now transparently evaluate all potential lenders and choose the one which offers them the best deal, thus lowering their total repayment cost and the final price of the property. panchshil towers kharadi pune

Exciting Developer Schemes

Developers and builders are going all out to lure potential NRI buyers and pulling out all the stops in terms of payment plans and offering excellent amenities. NRIs are being offered customised and flexible payment plans which suit their payment schedule, along with freebies such as free parking, free club house membership, waiving off GST and annual maintenance charges. We suggest you scout the area where you wish to buy the property, for all the possible offers, discounts and freebies being offered by every developer in the apartment complex which has the kind of houses that match what you are looking for.

Safety with MahaRERA

MahaRERA has boosted the confidence of NRIs who wanted to buy property in Mumbai but feared that their money would get blocked and they would not get the possession of the property on time. The introduction of the Maharashtra Real Estate Regulation Act (MahaRERA) has played a significant role in encouraging NRIs to confidently buy property in Mumbai, as now they need not run behind builders to get timely possession of the property. Before MahaRERA came into being, NRIs were sold apartments on the basis of super built-up area, which included unnecessary elements and the NRI ended up with getting lesser liveable area. In case the builder delays possession, they will be liable to pay interest to the NRI till the time they hand over possession. Not doing so will attract heavy penalty from MahaRERA, which can also include takeover of the project in extreme cases.

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