NRIs guide on getting the perfect house on rent in Bangalore
It’s now doubt how for every
person who shifted abroad for a better future but now wishes to come back to
the roots and settle in the nation again, the number of worries are massive.
From the different culture to adjusting in new job atmosphere, which only comes
when they manage to find a job in the nation, the concerns are a lot!
For the majority who lie in
the course of finding a new job, a city like Bangalore shines as one of the most
alluring option.
What has marked itself as the new mecca of Technology jobs for
the seekers, Bangalore has been topping the list of those NRIs, who wish to settle
their bases here, in India, again.
While for someone returning
after the long time, these NRIs already have a lot of things to be unsure
about, it is time we see how to cross finding a house on rent in Bangalore city
from their list –
Before we go into how to go
about finding the perfect rented apartment, let us look at the basic once
again.
The Basics
Rules & Accounts..!
According to the FEMA’s and
RBI rules, NRIs are permitted to invest in any of the nation’s immovable
property so long so that it is not some agricultural land and / or a farmhouse in
the state Jammu and Kashmir.
Other than that they are not required to inform
the RBI before renting any immovable property.
With rules covered, the payment
for property purchase has to be done in the Indian Rupees currency; for this
NRIs need to open an NRO
account or / NRE via the RBI to settle the funds department.
Tax Implication...!
The tax is deducted from
source by the rent payer. The tenant or payer of the rent, should get a TAN
number and then cut a TDS of 30% from the amount of rent. He should also submit
a TDS certificate for the NRI. Other than this one thing, the NRIs are entitled
to enjoy the benefits, which are in par with Indian residents.
Even though the Indian
property laws are extremely lenient when NRI investments are concerned but it
is recommended to appoint a property lawyer to look after the whole deal before
and while the process of renting a property.
NRI friendly areas of Bangalore..!
Now when you know the top things
that NRIs need to keep in mind before renting
house in Bangalore city, let us look at some of the prime localities that
are known to be the NRIs hub in the city.
The rent friendly market of Bangalore
attracts the NRIs attention in every single region, but
the localities, which have with time come out as the one of the most preferred
ones are the North and East Bangalore –
The real estate market of
Bangalore is extremely huge, with a lot to offer. But two of the most popular areas
for the renting of real estate are the East and North Bangalore.
The North
Bangalore area that starts near airport provides high appreciation in real
estate values as the region witnesses’huge infrastructure funding from the government,
it offers excellent transportation links with other parts the city along with the growth
in SEZ and IT parks.
The easternmost areas of Bangalore
that includes Whitefield, Old Madras Road, and Electronic City are also popular due
to their proximity with the IT / ITES companies complemented with the presence of a
number of social infrastructure likes chools, hospitals, shopping hubs, and entertainment
centers.
The real estate of Bangalore
is known to offer a constant increase in appreciation value among all regions.
But the NRIs are generally seen to opt for North and Eastern Bangalore for the
property renting decision.
This brings us to the end of
the property renting discussion. It is now clear that it is not a tedious task
to rent some house in the Bangalore city if you are sure about the
nitty-gritties of the various national laws associated with renting a house and
are okay with doing research to search for the ideal house, which suits the
needs.
About the author..!
Ms. Tripti writes on real estate market and trends, both national and
global.
With a professional expertise in introducing
readers to how real estate market functions, she strives to keep her readers
updated with every what's what of the turbulent market.
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