According to the Indian law, NRIs can buy any property they want in India other than agricultural ones. Indian real estate market is the best place for NRIs to invest as it is always growing and yielding profits. The high grade of stability Indian real estate offers makes it a safe choice for investment. Moreover, after the passing of the RERA and Benami Bill by the government, investing in India has become quite safe for non resident Indians (NRIs). However, before making any investment, do a thorough investigation to avoid any scams or frauds.
Safe Investment Tips for NRIs:
Here are some safe investment tips that NRIs should follow for ensuring their investments are in safe hands.
Do a Thorough Market Research:
Market research plays a critical role in choosing a safe investment for your capital. If you don’t have any knowledge about the market, there are fair chances that you can get scammed. Therefore, it is always wise to do a thorough market research on your end about potential markets before making any investment. Get your property location evaluated by any property evaluator before buying.
Choosing the Type of Property:
Choosing the type of property you want to invest in can be a tricky job. Take your time to evaluate different choices and then go for the one you find most profitable. You can go for investing in an apartment, flat or a residential plot. Places like the sea view apartments in Mumbai are usually considered safe and profitable to invest in.
Location of the Property:
The location of a property is the defining factor of its price. If you are looking for making investment in a commercial property then location is important. As it will play the key role in determining its value in the future. Making investment in property on prime locations usually gives huge profit margins.
Try to Visit the Property:
Buying property involves a large sum of your earning. So, in order to play safe, you should visit and check the property yourself before buying it. Don’t make any decisions based on only virtual data; because if the selling party isn’t well known there are good chances that they are fraud. Even if you can’t make a visit to the property site yourself you should send someone reliable on your behalf.
Consider Hiring a Lawyer:
It’s always good to involve someone having legal knowledge when you’re purchasing a property. Try to hire a lawyer before buying a property. A lawyer will not only protect you in case of a fraud but they will also make the buying & transferring process convenient for you.
Before making any purchase, ask all the questions that you have in your mind and only purchase once you’re satisfied. Inquire about all the details and information you find relevant to the property. Ask for installment plans. Handing over time etc.
Check the RERA (Real Estate Regulatory Act) Registration:
The government of India after introducing the RERA gives a number to any housing project, commercial complex etc. Therefore, before making any purchase of property in India check its RERA registration number to find out whether its genuine or not. Like if you want to buy some flats in south Mumbai, then before buying check the RERA registration for making sure they exist.
Only buy from Renowned Builders and Developers:
Buying from well-known developers or builders usually ensures safety and profit. Whenever you are making a property purchase for the sake of investment try to buy it from well-known and registered builders and developers. If you go for new and unknown property developers there are chances that you might be scammed. Never go for offers that seem too good to be true because they’re usually fake.
Don’t fall for Selling Gimmicks:
Property developers and sellers use marketing tricks to sell their products. Never fall for such tricks, always remember that you should trust no one other than yourself so evaluate property before buying it. Keep in mind that as an NRI you are more likely to be the target of scams so don’t fall for fake offers.
Check the Government Policies of the Project Area:
Every state of India has its own rules and regulations related to selling & purchasing of property. Check it beforehand to avoid landing into a troublesome situation in the later stages.