Mumbai is India’s most vibrant and affluent cities. With upcoming neighbourhoods such as Thane and Mulund adding to the city’s thriving culture, this city has become a perfect investment opportunity for Indians and NRIs.

However, the differing laws and legal complexities can make it overwhelming for NRIs looking to purchase a luxury 2 BHK home in Thane. In this guide, we cover all the important aspects to help NRIs navigate the complex real estate market of Mumbai.

1. Choose the Right Property

NRIs can purchase both residential and commercial properties in India. However, agricultural land, plantations, and farmhouses are not permitted and require special permissions from the Reserve Bank of India (RBI).

2. Opt for a Reputable Real Estate Agent

NRIs may be unfamiliar with the regulations and paperwork required. To ensure everything is legally compliant, always pick a reputable builder and developer in Thane, such as Ace Realty, that offers only compliant properties. Additionally, it helps to consult with a legal professional to ensure all your documentation is in order

3. Location is a Primary Concern

Like in every property decision, the first thing to consider is location. Mumbai’s diverse neighbourhoods can significantly vary creating mini hubs. It is important to consider whether you are looking for a studio apartment in the city or a 3 BHK residential apartment in Thane, a beautiful suburb. Some important aspects to consider are connectivity, future development, accessibility to schools and hospitals, etc.

4. Check the Tax Implications

Property purchases in India have specific tax implications for NRIs. It is important to know this well to avoid any future legal hassle. Along with TDS, rental income is also taxed in India. NRIs should consult a legal professional to ensure their tax obligations are timely and accurately met.

5. Correct Financing Channels

Property transactions need to be completed in Indian Rupees only. NRIs can opt for a home loan with a reputed bank to finance the purchase and repay the loan as per the agreed terms. It is important to note the currency rate as well as allow for exchange rate volatility to ensure all payments are made on time.

6. Documentation

Purchasing a property requires a lot of important documentation which increases for NRIs. Be sure to check with the relevant state for any additional documents that may need to be submitted. Some of the paperwork to be submitted includes passport, visa, bank statements, PAN Card, and Power of Attorney (POA), among others.

7. Check for Maintenance Costs

Based on the reason for purchase, additional expenses should be considered. Property management and maintenance costs can build over time. For properties with multiple amenities and higher security, the maintenance charge may be higher. Knowing these charges ahead of time and planning accordingly, whether it is a rental property or for self, can help with informed budget planning.

Conclusion

Investing in Mumbai’s property market can offer huge benefits. For NRIs, being diligent about the legal framework while accounting for the above points can aid in a smoother transaction. To know about upcoming real estate projects in Thane and best options to invest, reach out to a trusted developer like Ace Realty with multiple projects under their umbrella.