West
Hyderabad areas that are known to be getting maximum demand from the renters include
Hi-Tech City, Madhapur, and Kukatpally.
These are swears their popularity on their closeness with the top
IT/ITES corporate and the existence of functional and fully developed social
infrastructures like the schools, hospitals, shopping and various entertainment
hubs. These makes it extremely easy for the NRIs to move in here with their family.
It’s now doubt how for every person who shifted abroad for a
better future but now wishes to come back to the roots and settle in the nation
again, the number of worries are massive. From the different culture to adjusting
in new job atmosphere, which only comes when they manage to find a job in the
nation, the concerns are a lot!
For the majority who lie in the course of finding a new job,
a city like Hyderabad shines as one of the most alluring option. What has
marked itself as the new mecca of Technology jobs for the seekers, Hyderabad
has been topping the list of those NRIs, who wish to settle their bases here,
in India, again.
While for someone returning after the long time, these NRIs
already have a lot of things to be unsure about, it is time we see how to cross
finding a house on rent in Hyderabad city from their list –
Before we go into how to go about finding the perfect rented
apartment, let us look at the basic once again.
The Basics
Rules and Accounts
According to the FEMA’s and RBI rules, NRIs are permitted to
invest in any of the nation’s immovable property so long so that it is not some
agricultural land and/or a farmhouse in the state Jammu and Kashmir. Other than
that they are not required to inform the RBI before renting any immovable
property. With rules covered, the payment for property purchase has to be done in
the Indian Rupees currency; for this NRIs need to open an NRO
account or NRE via the RBI to settle the funds department.
Tax Implication
The tax is deducted from source by the rent payer. The tenant
or payer of the rent, should get a TAN number and then cut a TDS of 30% from
the amount of rent. He should also submit a TDS certificate for the NRI. Other
than this one thing, the NRIs are entitled to enjoy the benefits, which are in
par with Indian residents.
Even though the Indian property laws are extremely lenient
when NRI investments are concerned but it is recommended to appoint a property lawyer
to look after the whole deal before and while the process of renting a
property.
NRI friendly areas of Hyderabad
Now when you know the top things that NRIs need to keep in
mind before renting a house in Hyderabad city, let us look at some of the prime
localities that are known to be the NRIs hub in the city. The rent friendly market
of Hyderabad attracts the NRIs attention in every single region, but the localities,
which have with time come out as the one of the most preferred ones are the
Central and West Hyderabad –
While the Central areas of Hyderabad continues to stand as an
excellent rental choice, it falls in the category of being a developed
submarket, making localities like Jubilee Hills and Banjara Hills come out as
chosen by NRIs. The developed connectivity routes making it easier for people
to reach from one place to another are another factor that takes the NRIs to
Central Hyderabad.
The real estate of Hyderabad is known to offer a constant increase
in appreciation value among all regions. But the NRIs are generally seen to opt
for West and Central Hyderabad for the property renting decision.
This brings us to the end of the property renting discussion.
It is now clear that it is not a tedious task to rent some house in the
Hyderabad city if you are sure about the nitty-gritties of the various national
laws associated with renting a house and are okay with doing research to search
for the ideal house, which suits the needs.
Image source: http://www.99acres.com/microsite/articles/files/2015/11/Top-performers-in-Hyderabad_rental-values_Jul-Sep-2015.png
Tripti
Rai, a keen observer who writes for 99acres.com and swears on fiction readings.
Professionally working with a concentrated focus on real estate sector, she
keeps her readers informed about latest developments in real time through her
writing. When found not writing or reading, she is busy thinking about the next
book or writing inspiration. You can find her on G+ and LinkedIn.
