Bengaluru the capital of Karnataka has become one of the most important cities in India. Most people prefer moving or settling in Bangalore due to it being an important hub economically and housing several international companies. As a result, there is a great demand for residential accommodation both in and out of Bangalore. And accordingly one can find several construction projects to meet the demand. One such property one could think of is the villa projects near ITPL.
Now, in this article we are specifically concentrating on NRIs. As an NRI one might think that only those working in the Whitefield area would benefit from purchasing properties here. However, an NRI always purchases property in India either for the purpose of an investment, to rent it out or as a dream vacation home. Whatever may be the reason, this particular area and the city of Bangalore has lots to offer for NRIs.
What are the various kinds of accommodations an NRI can find in Bengaluru?
In Bengaluru, one can find several kinds of residential properties – townhouses, apartments, bungalows and villas. Come to think of it, naturally apartments would be more reasonable and probably secure too. However, NRIs prefer freestanding properties owing to the freedom and space that they can offer.
Benefits of an NRI owning a property in Bangalore –
Villa projects in Whitefield which are within gated communities are quite a favorite choice among expats as they are like mega complexes. You get the privacy of living in your own space and yet you can be a part of the social activities with other residents and families of the community. Being in a gated community one would also have the luxury of no water or electricity issues which generally trouble the other residents of the city.
Such villa projects which are within gated communities also have the luxury and convenience of facilities like entertainment, clubhouses, gyms, swimming pools and so on. Most expats prefer keeping a vacation home in such communities so that they have the security and they have a place to come to when they are holidaying. These are a favorite choice especially among those living and working in the Gulf.
These days the purchasing formalities and NRI loans are also pretty straightforward which makes it very easy for an NRI to buy a property in Bangalore.
Benefits of making your villa a rental home –
Some NRIs also prefer letting out their property so they can earn while having the security of their own property back home. As an NRI it makes sense to rent your villa while you are away. And if your property is in a very desirable area like the Whitefield then the rental property can give you a good source of income. It would also be a good idea to check with your tax consultant about how the rental property would work for you as far as taxes or deductions are concerned. This being said, there would be some local homeowners associations or ordinances which you would need to follow especially if your property is within a gated community.
Benefits of building on the home equity –
We all know how much the housing market fluctuates and accordingly the home values. Hence as an NRI you cannot be certain that the property value would give you a large return in the future. This being said if you purchase a property or villa in vibrant and booming areas like the Whitefield, then the chances of your property appreciating is quite high.
But before you do buy your property it is suggested that you check the price trends, nearby areas, access to all amenities, malls, restaurants, public transport and so on – so you can be sure that your investment move is a smart one.