There are many people who have become Millionaires today because of investing in real estate due to its potential of generating capital return. The Real Estate price in the world is stagnating but it's escalating in India and no wonder that the investment in Realty is a Cash Cow for NRI's. Even NRIs who have settled down abroad now prefer to own a residential property back home. As long as you are an NRI holding an Indian passport, you have quite similar rights to the resident Indians in terms of property ownership under the FEMA (Foreign Exchange Management Act) rules and can invest in residential and commercial properties
Here are some tips for the NRI to consider for joining the bandwagon of property-owners
As long as you hold an Indian passport, you don't need prior permission from government agencies before investing. You can either do the transaction directly, or through another person to whom you have given power of attorney (POA). You can own as many residential or commercial properties as you can afford, but the transactions will come under the FEMA act.
You should have a clear purpose in mind before investing in property – is it for personal use or for investment purpose – and choose the location of the property accordingly.
Promoter Credibility is an important factor to consider before delving into any transaction. There are quite a few reliable realtor companies in Chennai including "Adityaram Properties" who have a proven track record.
NRIs in India get the same tax benefits as residents get as far as property tax rules are concerned.
Finally to conclude with it's a great opportunity for NRI's to invest in Realty Market of India especially in Chennai.