NRIs guide on getting the perfect house on rent in Bangalore - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Tuesday, April 26, 2016

NRIs guide on getting the perfect house on rent in Bangalore

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.

Get to know more about real estate market and trends follow G+.
NRIs guide on getting the perfect house on rent in Bangalore Reviewed by S Chitra on April 26, 2016 Rating: 5 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...

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