Andhra Pradesh receives the highest amount of money remitted by NRIs. A number of NRIs hailing from Andhra Pradesh have approached the government with ambitious investment proposals, too. Is it just about the returns or do NRIs from Andhra Pradesh want to invest in their home state to connect with their home state forever? Are you, too, from Andhra Pradesh and thinking of investing in this state? Here’s some information you can use.
Despite living abroad for years, most NRIs are strongly attached to their home state. It’s no different for NRIs from Andhra Pradesh. Consider their support for charity and various development projects. Dr Parilla Malla Reddy, President and CEO of Bactolac Pharmaceuticals, an NRI from AP, donated over $250,000 to help villages in his hometown in Andhra Pradesh. Apart from philanthropic activities, many NRIs are considering investing in the growing towns of Andhra Pradesh as well.
Why invest in Hyderabad
Are you an NRI wondering how to buy a home in Andhra Pradesh? There’s good news for you. Thanks to the Indian government, it’s now easier for people of Indian origin to own a piece of property in their home state. India is a buoyant market, and Hyderabad is better known as a hi-tech city today. In fact, Hyderabad has been rated as the 4th largest growing city in the world (Source: US International Market Research Report). The growing cityscape has led the Hyderabad Metropolitan development authority to step up the infrastructure and facilities in the city.
What you should know
Interested in buying property here? Should you invest with the help of a property lawyer or would you be able to manage without one? You’ll be glad to know that as an NRI investor, you don’t require RBI approval to buy property in your home state. However, ensure that you have a PAN card ready before you to invest. Follow these guidelines, too.
- Get all the information on the property, seller and any agent you’re dealing with.
- Make sure that you make all your payments through your NRI/NRE account.
- Hire a property lawyer if you’re based abroad and if you don’t understand property rules and tax implications.
A large number of NRIs are buying property in their home state. Andhra Pradesh has emerged as one of the most favored destinations for real estate or property investment in India not just for NRIs hailing from Hyderabad Andhra Pradesh.
(Source: The Hindu Business Line)