By Soniya Gaonkar on Nov 5, 2019 2:35:04 PM
For the Indian real estate market, NRI investor’s investment has always been a boon.
The high asset grades, political stability of the territory, the potential categories for financial development of businesses in India, and favourable foreign investment principles have all conceived a perfect atmosphere for investors to invest in India.
As global citizens, NRIs are doing a fabulous job in building an excellent image for their motherland in their respective countries.
Moreover, if you are an NRI looking for a real estate investment, you must follow some strict do’s and don’ts to escape from possible traps. So, let’s sum up the Do’s and Don'ts that you as an NRI must be aware of before investing in Indian real estate.
Visit the property site
- Investment decisions like property buying must never be just based on e-mails, photos, and phone conversations.
- It is always essential to make time for a site visit if it isn't possible for you then appoint someone reliable to visit the property before making a final call.
Hire a lawyer
- As an NRI, It is better to consult & hire a lawyer while dealing with property for legal advice.
- No matter how much you research, there might be still some loopholes that chances are you might fail to notice.
- Be it the title confirmation of the property to the registration; a property lawyer would help NRIs with all the legal formalities associated with a land deal.
- Make sure you document every commitment made by the builder while making most of the transactions through online transfers or cheques.
- You have all the right to ask questions as an investor. Be proactive enough to gain clarity in all aspects related to the property purchase.
- Be it the date of handing over any legal obligations or the date of possession, you need to ask questions related to everything and receive all the desired information so that you are crystal clear about your investment decisions.
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Check RERA Registration Number
- In today's time, every housing project has a RERA registration number, and one can check this number online.
- Even an under-construction project has a RERA number. It usually starts with a state’s initials (name) and with this number anyone can know the construction status of a project on the RERA website.
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Don’t fall for builders' marketing gimmicks
- Evaluate the project. Be wise about the choice of your property and make a decision solely based on its legal legitimacy, amenities, location, and facilities and the strength of the developer’s brand. Do not make a final decision just based on the tag attached to the offer.
- Sometimes the NRIs are given offers by the builders, do not fall for them. Instead, focus on the market standards and come to a right conclusion.
Don’t fall for unknown builders
- Be aware of the real estate market conditions. Moreover, just by looking at attractive prices and offers, never trust an unknown developer blindly.
- Always opt-in with trusted and renowned builders. It ensures that you have at least a minimum guarantee of finishing the project on time.
- A primary key for an NRIs investor is to check if the project they are investing in, has all necessary approvals and licenses.
Don’t trust anyone blindly when it comes to property
- As an NRI it best for you to give preference to your research and instincts, rather than hearsay.
- As property investment is a considerable risk, and it is must to have a proper study, as this enables you to not fall into any traps that you can’t escape.
So there you have it; if as an NRI investor you are planning to buy property in India, check out these tips.
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