The Benefits of Buying Property Online for NRIs and Overseas Buyers

The COVID-19 pandemic was a global economic setback, and the Indian real estate sector was among the worst hit. However, with the aftermath of the pandemic now receding, it is time for an economic resurgence in India and many other countries of the world.

What we see, though, is that this is not a perfect bounce-back situation. Some of the top global stop exchanges, including the New York Stock Exchange, the NASDAQ, the Shanghai Stock Exchange, and the SGX, are experiencing unprecedented volatility. With the banking crisis causing fears of a prolonged recession, investors fear losing their finances in the US and across Europe. The UK is already mired in an economic crisis it is struggling to contain.

Amidst all this uncertainty, India remains a bright spot with a stable investment front. Returning to the domestic scenario, gold is at an all-time high, and after a couple of mercurial quarters, equity seems an uncertain investment option. The real estate sector remains the best bet for NRIs and foreign investors (both institutional and private). Here are some of the top benefits and advantages you can leverage as a foreign investor looking to buy property online.

• Forex advantage - Through the past few years, the depreciation of the rupee in the global currency market has made for higher purchasing power. You can opt for larger, more luxurious properties in great locations and top-tier cities as an NRI.
• Asset appreciation – The appreciation of real estate assets in India, particularly in metro cities like Mumbai, far outdo the rise in property values in countries like the US, UK, Canada, Australia, and the Middle East. This means that the ROI potential of your investment when you buy property online in India is far higher than elsewhere.
• Ease of financing - New RBI rules make it easy for NRIs to secure funding from Indian banks. The banks can offer NRIs home loans in INR, but the repayment must also be made in the domestic currency through the NRO/NRE account of the borrower.
• Taxation benefits - Over the past few years, the taxation laws on NRI investment have been greatly relaxed. This has been done to attract more investment, particularly in real estate. Under Section 80C of the Income Tax Act 1961, NRIs can avail of tax deductions on real estate purchases.
• Home at home – The greatest benefit remains the pride and joy of owning a home in your country. Looking at resettling for retirement or returning for the holidays just got easier.

Buying real estate online

One of the major concerns that assail foreign investors and NRIs wanting to buy property online is the lack of support. Can the seller be trusted? How can the documentation be verified? How can site visits be conducted? How do we get personalised guidance? These are some of the top questions that NRIs ask.

Blox is a revolutionary online portal offering the perfect solutions to most of these challenges. Blox makes it possible for you to go from searching to buying your dream property in seven clicks. The properties listed on the site come directly from verified builders with a track record of delivering quality and trust. Every property is RERA verified, offering legal protection to the buyers. Furthermore, Blox offers personalised guidance from an expert, a relationship manager who can handhold you through the process and offer virtual site visits. All this at zero brokerage charges. If you are an NRI or foreign investor looking to buy property in India, partnering with Blox is a good idea.