The implementation of RERA has ushered transparency in the real estate sector. It has resorted and over the past few years strengthened the confidence of homebuyers in the sector. As a result, NRIs, too, have increased their investment back home. The pandemic has induced the realization of owning a property in their homeland and as a result, more and more NRIs are now investing in the resilient Indian real estate sector. The government’s support and regulations have also made it easier for such investors to make a purchase in the real estate market. NRIs need to follow some tips to make the right choice and to make sure that their decision is risk-free. Some of the tips are mentioned below:
Here are some tips NRIs need to follow before investing in real estate in India:
Location plays a very important role in real estate investments. The potential investors should carefully examine all the aspects including sustainability, connectivity, presence of vibrant social infrastructures such as schools, colleges, malls, hospitals, and other facilities. The scope of future development and appreciation is also important before selecting the right location and the desired property.
The NRIs planning to invest in the Indian housing market should carefully take care of all the required documents in the homebuying process. They might be asked to provide a passport, address proof, a permanent account number, and others.
Background check and verification:
Background check and verification of the property are very crucial for NRIs before investing in real estate assets. They should carefully inspect the track record of developers, real estate agents, and others before making a decision. It is advisable to get first-hand experience to get the exact idea of the property.
Right time to invest:
Potential investors should carefully examine market behaviors, customer trends, and future risks to make an investment at the right time for maximum benefits. The real estate sector is currently the safest and most preferred choice of investment however, the scope of appreciation, location advantages, cost of acquisition are some of the factors that require attention before taking a decision for maximum benefits.
Management of property:
After buying the property, its management becomes a task for the NRI owners. It is suggested to appoint a reliable and trusted person on-ground to look after the asset and protect it against fraudulent individuals, tenants, or encroachments.