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Property Buying in India's Real Estate Market Today

When one considers the vast size and scale ofacquire, hold, transfer or dispose of by
India, it is perhaps a little surprisingsale, mortgage, lease, gift, settlement or
that it has not yet fully emerged as anotherwise any immovable property situated
economic powerhouse; as well as attractingin India.' In practical terms, this means
more interest from overseas propertythat unless a buyer is resident in India,
investors. India is one of the BRICthey must have the permission of the Reserve
countries, along with Brazil, Russia andBank  of  India  (RBI).
China, the four economies that are
predicted to provide the most substantialThe rights to buy property in India are
economic growth in the world in the nextreserved for certain groups that qualify, but
few years. Add to this the fact that India isfor a foreign national is it illegal to
home to the largest company in the worldown property unless they satisfy the
(by numbers of people employed); has carvedresidency requirement of 183 days in a
itself a niche in the IT services sector;financial year. Tourist visas last for 180
and has the people and resources to continuedays, so it is also impossible to buy a
growing, and it makes an attractiveproperty  on  a  tourist  visa.
investment  proposition.
Buyers who are able to find their way through
Part of the reason that India has not madethe buying regulations have the option to
more of an impact on the internationalbuy along the 7,000km of coastline that has
property scene is the fact that propertymade India so popular with travellers
ownership laws are far more restrictivesince the 1960s, or to make an investment in
than in most other countries. Whereasone of the fast-growing cities that
elsewhere it is often enough to set up aservice the IT sector. While it can be argued
bank account and tax status in order to buy athat the major growth in New Delhi has
property, in India you must be either aalready taken place, the 'second-tier' cities
Non-Resident Indian (NRI) or a Person ofof Bangalore, Chennai, Jaipur, Hyderabad
Indian  Origin  (PIO)  in order  to  buy.and Mumbai are seeing huge growth. By 2015 it
is predicted that a further 2.9 million
The FERA (Foreign Exchange Regulations Act),Indians will be employed in the IT services
1973 states that those 'who are notsector, the majority of whom should be
citizens of India (whether resident in Indiaearning a wage well above the average for
or not) and companies (other than bankingthe country. All of these newly-rich workers
companies) which are not incorporated underwill need places to live in the cities,
any law in force in India are required toand this is fuelling the building boom in
obtain prior permission of Reserve Bank toregional cities across India.



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