When investing in India, NRIs should not go merely by the builder's marketing pitch.
If NRI buyers do their homework diligently, investing in Indian real estate could prove rewarding for them. Buying the right property When investing in residential real estate, the NRI investor should not go merely by the builder's marketing pitch.
Builders know that NRIs are often not in a position to visit the site. In western countries, there is greater transparency within the real estate sector: what people say is what they deliver. That may not be the case in India.
So instead of going just by what the builder or the property agent says, the NRI should get the ground realities checked.
He should depute someone - a relative or a friend to visit the site and not rely entirely on the pictures shown in glossy brochures. “Only a visit to the site will tell the NRI buyer whether the project's location is attractive, and whether it enjoys good connectivity,“ says Sanjay Sharma, managing director of Qubrex Realty.
The NRI investor should ideally hire a lawyer to do the title verification. The latter will ensure that the builder has the ownership title to the land on which he is developing the project.
He should also check that the builder has the licence to develop the project and has obtained approvals for his building plans from the civic authorities. The lawyer can also do the due diligence whether the developer has obtained clearances from the airport, forest, and environment-related authorities.
Before buying, the NRI investor should also do some on line research on the builder. A number of online forums exist where people discuss the projects that are currently in the market. Reading the posts on these forums will give the NRI buyer an idea of the pros and cons of a project and its builder. If telephone numbers are available on these forums, the NRI should call up and speak to some of the buyers who have already invested in the project.
NRIs should preferably invest with renowned builders who have a track record of having delivered several projects.
Ground Reality! In western countries, there is greater transparency within the real estate sector. What people say is what they deliver. That may not be the case in India.
Source: PropertyatNeoDevelopers.Wordpress.Com
If NRI buyers do their homework diligently, investing in Indian real estate could prove rewarding for them. Buying the right property When investing in residential real estate, the NRI investor should not go merely by the builder's marketing pitch.
Builders know that NRIs are often not in a position to visit the site. In western countries, there is greater transparency within the real estate sector: what people say is what they deliver. That may not be the case in India.
So instead of going just by what the builder or the property agent says, the NRI should get the ground realities checked.
He should depute someone - a relative or a friend to visit the site and not rely entirely on the pictures shown in glossy brochures. “Only a visit to the site will tell the NRI buyer whether the project's location is attractive, and whether it enjoys good connectivity,“ says Sanjay Sharma, managing director of Qubrex Realty.
The NRI investor should ideally hire a lawyer to do the title verification. The latter will ensure that the builder has the ownership title to the land on which he is developing the project.
He should also check that the builder has the licence to develop the project and has obtained approvals for his building plans from the civic authorities. The lawyer can also do the due diligence whether the developer has obtained clearances from the airport, forest, and environment-related authorities.
Before buying, the NRI investor should also do some on line research on the builder. A number of online forums exist where people discuss the projects that are currently in the market. Reading the posts on these forums will give the NRI buyer an idea of the pros and cons of a project and its builder. If telephone numbers are available on these forums, the NRI should call up and speak to some of the buyers who have already invested in the project.
NRIs should preferably invest with renowned builders who have a track record of having delivered several projects.
Ground Reality! In western countries, there is greater transparency within the real estate sector. What people say is what they deliver. That may not be the case in India.
Source: PropertyatNeoDevelopers.Wordpress.Com
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