Future Investment Opportunities for NRIs
The real estate market in India has always managed to attract NRI clients for investment opportunities. Non-resident India who is looking to retire and settle in a few years must know that this is the perfect time to invest in India. The infrastructure especially in India has drastically changed. Connectivity has increased due to Metro and MonoRail projects. Developments such as the increase of reputed education institutes, hospitals, and entertainment have helped in upgrading the standard of living of the people. However, before NRIs take it as an investment opportunity or make any plans for living a quality life after retirement they must understand the laws of the Indian Real Estate market.
Here are some dos and don’ts that will help you understand the Indian Real Estate market investment opportunities better.
DO’s
Appoint a POA
A Non-Resident Indian can either come to India physically to invest in a property or grant the Power of Attorney to a close relative. Here an NRI also enjoys the benefit of applying for home loans. You can also check out the guidelines of the Foreign Exchange Management Act, to get clarity on property deals and procedures. However, an NRI should purchase a property by using a Non-resident external account. It is because later in the future it will be easy to recover the money once you decide to sell.
Get a lawyer
For all legal formalities, you can get a lawyer hired who can guide you through all the paperwork and finances. No matter how much you self-research there might be some loopholes that can be covered only through a lawyer. But make sure everything you do is properly documented as most of your transactions will be made via online banking or cheques.
Ask as many questions as you can
Do not be hesitant, make sure you have all your doubts cleared by the real estate expert or the developer. It is always important to gain clarity before making a huge decision to purchase a property. Be it the date of possession or status of the project you must know everything to make good investment decisions.
Mandatory RERA registration
You must check whether the property is RERA registered. This can be even done online, all you need to do is visit the RERA website and check either by entering the RERA number given on the builder’s website or just by adding the name of the project.
DON’Ts
Do not fall for any marketing tactics
You must personally evaluate the project. The builder will always try to play the pull and push marketing strategy on you. Do not get overwhelmed by it, make your decisions wisely, because, at the end of the day it’s all about making the best investment decision that will benefit you.
Go with a trusted brand
Do not fall for builders who are not known in the market. Be well versed with the current market situation and then decide. Just because you are getting attractive deals doesn’t mean you compromise on the quality of the project. The easy way to do this is to check whether the builder has all the necessary licenses in place.
Do not trust blindly
This is very important, as there are many players in the real estate market looking to acquire big clients. You need to do your research thoroughly before choosing a source. Property investment can be risky and to save you from this trap we have skilled experts at Homebazaar.com to help you with all your requirements.
