As the real estate market in Patna continues to grow and evolve, NRIs (Non-Resident Indians) are increasingly recognizing its potential. With government reforms like changes in the Land Acquisition Act, the Real Estate Regulatory Bill, and relaxation of FDI rules, the property investment landscape in India has improved significantly. This makes it an ideal time for NRIs to consider real estate investments, particularly in emerging locations like Patna.
Saakaar Aqua City, located in one of Patna’s prime areas, is a modern, well-planned residential project perfect for NRIs looking to invest in property in Patna. If you’re thinking about buying a property at Saakaar Aqua City, here’s a guide to the seven important things every NRI investor should consider before making a decision.
1. What Type of Property Can an NRI Buy in Patna?
As an NRI, you are allowed to purchase residential and commercial properties in Patna, but agricultural land, plantation property, and farmhouses require specific permissions from the RBI and the government. For the majority of NRIs, residential properties like the ones at Saakaar Aqua City are the best investment option. Whether you’re looking for a home for personal use or an income-generating rental property, Aqua City provides well-designed flats and apartments to suit your needs.
2. Financial Planning for NRI Property Buyers
One of the most important aspects of purchasing property in Patna is financial planning. Before buying any property, it’s essential to map out your finances carefully. Consider factors such as the property cost, associated fees, taxes, and potential rental income. A clear financial framework will help you assess how much you can afford without affecting your savings or emergency funds, ensuring a smooth investment process.
3. Loans and Payment Methods for NRIs
When buying property in Patna, all transactions need to be conducted in Indian Rupees (INR) through an Indian bank. For this, NRIs should maintain an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account with an authorized Indian bank. This makes transactions more convenient. According to RBI guidelines, you can avail of loans of up to 80% of the property value, provided you meet certain eligibility criteria like a good credit score. Saakaar Aqua City provides assistance in obtaining loans through various partner banks, ensuring that you get favorable terms and competitive interest rates.
4. Tax Benefits for NRIs in Patna
NRIs investing in property in Patna are eligible for tax benefits just like Indian residents. Under Section 80C of the Income Tax Act, NRIs can claim deductions for property-related expenses. However, if you plan to rent out the property, rental income is taxable. It’s important to note that if you own more than one property, only one can be declared for self-use, and others will be considered as taxable assets.
5. Best Areas for NRI Property Investment in Patna
Patna’s real estate market is booming, with several areas showing promising potential for NRI investment. Saakaar Aqua City, located in a prime area of the city, offers excellent connectivity, access to key amenities, and an emerging infrastructure, making it one of the best choices for real estate investment. Areas with better connectivity, infrastructure, and future development prospects are ideal for securing a good return on investment. As Patna grows, these areas will likely appreciate in value, ensuring that your investment in Aqua City grows over time.
6. Power of Attorney (POA) for NRIs
Appointing a Power of Attorney (POA) is crucial for NRIs buying property in Patna. Since you may not be physically present to handle paperwork or make decisions regarding the property, the POA will act on your behalf. The POA will handle tasks such as signing documents, managing transactions, and overseeing inspections. This ensures that everything goes smoothly, and your interests are protected throughout the purchase process.
7. Choosing a Trusted Builder
Choosing a reputed builder is vital when making a significant investment in real estate. Saakaar is a well-established name in Patna’s real estate market, known for delivering high-quality projects with a commitment to customer satisfaction. Saakaar Aqua City is one of the top residential developments in Patna, offering modern amenities, prime location, and sustainable living options. With Saakaar, you can be assured of a trustworthy and transparent buying process, ensuring that your investment is secure.
Conclusion
For NRIs looking to invest in Patna’s booming real estate market, Saakaar Aqua City offers an ideal opportunity. With its modern design, excellent location, and strong investment potential, it is the perfect choice for those seeking a property in Patna. By keeping the above considerations in mind—understanding property laws, financial planning, securing a loan, tax implications, and choosing a reliable builder—you can make a seamless investment.
Investing in Patna’s real estate, especially at Saakaar Aqua City, is not just about buying property; it’s about investing in your future. Contact us today to explore the investment opportunities at Saakaar Aqua City, Patna, and take the first step towards owning a property in one of the most promising locations in the city.
