With so many upcoming mega projects in Trivandrum, this capital city is witnessing a boom in the construction industry. Trivandrum has been adjudged to the be the best city to live in, three times in a row and its potential for growth – both horizontal and vertical, is making it one of the best cities to buy property in.
Trivandrum is known for its old-world charm and green ambiance. It has a heritage going back to 1745 when it was the capital city of the Kingdom of Travancore. Modern-day Trivandrum however is known for its booming IT hub, Technopark and another upcoming one called Technocity. This has created a plethora of job opportunities, changing lifestyles and huge growth in related infrastructure in the city.
The real estate sector is reigning with massive commercial and residential projects going on at full swing. This is the right time to invest in Trivandrum before property prices go up too high. NRIs who invest in property now stand the benefit of rising rental incomes as well as appreciation of the property value as costs of properties are only touted to go up. However, there are a few things the NRI needs to understand before taking the plunge.
-Anyone with an Indian passport or a Person of Indian Origin (PIO) can buy a property in Trivandrum, provided it’s not agricultural land, plantation or farmhouse.
-Being an Indian passport holder means you don’t need anyone’s permission to invest in real estate according to FEMA Act (Foreign Exchange management Act).
-Just like any resident Indian, an NRI is also eligible to apply for a home loan, provided he has an account with an authorized Nationalised bank. The transaction also needs to be carried out in the local currency (rupees) and the repayments of the loan need to be done through an NRE/NRO account or through an FCNR account.
– The NRI needs to provide 20% of the fund value of the property and is eligible to take a loan of up to 80% of the property’s value. All your paperwork needs to be clean and your transactions done through Indian banking channels.
-Just like a resident Indian, an NRI is also eligible for tax benefits as per the laws termed by the Indian government. Charges for the registration fee, processing fee, stamp duty and municipal tax are all applicable for tax deduction.
For those NRIs wanting to buy property in Trivandrum, prestigious builders like Malabar Developers have innovatively designed villas and apartments available.