Can NRIs buy a 2BHK flat in Goregaon West?

1. Can NRIs buy a 2BHK flat in Goregaon West? Real estate in India is considered the best investment option for NRIs (non-residential Indians). If you are also an NRI wanting to invest in a property in Mumbai, then there are several locations where you can find good properties. For instance, you can look for options in areas like Andheri, Goregaon or even Navi Mum- bai. Goregaon is a sought-after location for property investment in Mumbai city. There are several reasons why investors are flocking to this location for buying residential as well as commercial units. Initially, what used to be an area for middle-class residents has now turned into a wealthy suburb. This location is well-con- nected to other parts of Mumbai, with a station on the western line of the Mumbai local railway network and the western express highway. Social infrastructure in Goregaon is also quite good due to which prop- erty buyers are choosing to invest here. Whether you wish to invest in a 2 or 3BHK flat in Goregaon West or any other part of Mumbai, here are a few benefits that you will get to enjoy: •You need to consider the regulatory acts when investing in a property in Mumbai or any other part of In- dia. If you have an Indian passport, there is no need for you to take prior permission for making an invest- ment in the property market. Rules have been simplified by the Reserve Bank of India in order to attract more investment from foreign countries. All the transactions made by NRIs in the real estate sector are governed by the FEMA (Foreign Exchange Management Act) rules. •You can enjoy tax benefits too. For instance, if you buy a 3BHK flat in Goregaon West, you won’t have to pay taxes on the profit that you will be earning due to the increment in property value for two consecu- tive years. As an NRI, you will also get to enjoy claims on home loans as well as their repayments. •You will get price benefits too that are being offered by the government in India. There are several schemes relating to FDI that have made investment easier and cheaper for NRI investors. •Next benefit on the list is of rental income. If you are buying a 2BHK flat in Goregaon West or in Andheri, then it can be a great mode of income via leasing. High profile properties can generate a huge income in the form of rent even after TDS has been deducted. •For NRIs, there are no restrictions on the number of properties they can invest in. They can purchase as many residential or commercial properties in the country as they want. Restrictions are also applicable on investment in agricultural land, farmhouse or plantation properties. When buying a 3BHK luxury penthouse or a 2BHK flat in Goregaon West, it helps to hire a broker. A reliable broker will leave no stones unturned in helping you make a profitable investment in Mumbai’s real estate market.