Investing in real estate is considered one of the most lucrative and profitable investments one can make. With the ever-rising rates of properties, one can book a considerable profit by holding on to a property for just a short period of time. Ever since the Indian government has relaxed several real-estate related rules, such as the Real Estate (Regulation and Development) Act of 2016 and rules on pre-closing home loans, the real estate sector has begun to find more takers. In fact, Non Resident Indian or NRI investment in real estate has increased tremendously in the last few years. If you are an NRI looking to invest in the Indian real estate sector, here are some tips for you.
Begin by doing your research: The process of buying a home is a long and complicated one. You have to first do your homework. This simply means that you need to invest time in finding the right real estate company before you invest money in one of their projects. Start your NRI investments in real estate by considering the location of the property, whether it is newly constructed or under-construction, as well as the age of the property in case of older properties. You must also determine whether the real estate company will help you procure a home loan or if you need to find finance on your own.
Ensure you choose the right property and builder: It is important to consider real estate companies that have years of experience and client recommendations backing them. Let’s say you wish to invest in one of the under construction projects in Thane; in that case you must consider builders like T Bhimjyani Realty, Lodha Group, Piramal Group etc., who come with excellent client reviews and projects to their credit.
Consider the location: You must also consider the location where the project is being developed and the future value of the said location. For instance, if you are looking to purchase a property in Mumbai, you could consider the Thane neighbourhood. New construction in Thane in the last decade includes several commercial and residential projects with great amenities. You also get close assess to some of the most important civic facilities be it educational institutions, health-care institutions, shopping malls, entertainment centres etc. All these facilities directly contribute to the rise of the value of your property, since property rates increase as the area continues to develop.
Read up information pertaining to NRI investments: Every real estate company has a special section of their website dedicated to answering questions pertaining to NRI investments. This is known as the NRI corner. The section answers some of the most basic questions about NRI investment in India such as who qualifies as an NRI, POI (Person of Indian Origin) and OCI (Overseas Citizen in India). Other FAQs answered in this section include eligibility, regulations, documentation, taxation etc. The section also provides details about financials and loans for NRIs and repatriation funds.