There is a growing number of NRIs returning to India, opting to settle in cities like Bangalore and Kochi. Children are the number one reason many NRIs try to return home to India. Children are also the number one reason why so many of them fail to readjust to the Indian situation. Many Indian children born in America don't feel at home with the Indian system of education. However, things have changed in India. There are plenty of International schools in India including Kochi that have similar infrastructure and teaching methods as in the USA, though of course, these schools are more expensive.
A number of leading builders are catering to these exclusive and discerning customers by providing resident apartments that have all premium facilities of a modern apartment.
A number of facilities and relaxations in the rules have been passed by the Indian government to encourage the NRIs to return to India. Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs) are allowed to purchase immoveable property in India
PIO means an Individual who at ant time held an Indian passport or who or whose parents or grand-parents were at any point citizens if India at any point in time. However, citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan are not eligible to be called PIOs even if they satisfy the above conditions.
NRIs and PIOs can purchase both commercial and residential properties in India. There are also no restrictions in the number of properties that can be purchased by them. They have no declaration / return to be submitted to the Reserve bank of India either before or after the purchase. NRI/PIO can take a loan from an Indian bank in rupees for purchase of immoveable property in India. The NRI/PIO can rent out their property and the rental income can be credited to the NRE/NRO Account and even remitted out of India.
All these relaxations and availability of modern amenities have encouraged NRIs to purchase Kerala apartments and flats that suit their needs and settle down in cities like Kochi. There are also prompted to buy additional flats and apartments as investment too.
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