The demand and supply for housing and commercial spaces in India along with the formation of RERA rules have changed the scenario of Indian real estate market. In fact, the stringent rules for timely possession, payment modes, quality check and complete documentation from the realtors side have brought in huge transparency in the Indian property market.
All this result, in taking the country forward as the Non-Resident Indians [NRIs] now come here to invest in both residential and commercial properties. But in-spite of strict rules, the Non-Resident Indians [NRIs] land in trouble sometimes.
Therefore we have bought the list that you as an NRI must remember before sealing a deal in the Indian property market.
- Enquire About the Realtor – The NRIs must study the past record of the realtor/property dealer before finalizing the deal. This will keep your investment secure from the fraudulents active in the real estate market.
- Market Survey – Check out the property rates in the real estate market virtually. Simply, browse through various realtors websites to know the rates as visiting India for this task incurs lot of time.
- Ask About Loan Tenure – The NRIs have different loan repayment tenure of 10 to 15 years in comparison to the regular Indian citizen. Therefore, you must ask about the timeframe to repay the loan. Also, the repayment period depends on the age, currently living country, income and education of an NRI.
- Check RERA Registration Number – All housing projects in India now have a RERA registration number which can be checked online. Each registered project has a RERA number starting with the State’s name initials. For example, a housing project in Noida, Uttar Pradesh, has registration number will be UPRERA******. So, you can check the construction status of the housing project on the RERA website.
- Payment Mode – Ask about the payment option prior to finalizing a deal as it eases the procedure for completing paperwork.
- Don’t Decide in Rush – We suggest you not to take a decision in hurry. You must take time and visit the site before sealing the deal here in India. As the idea to buy property only by visiting the website increases the chance of fraud.
- Never Make Complete Payment – As an NRI you must be careful while making the payment. You should not credit the entire buying amount before taking the possession and charge of the property from the seller.
- Avoid Buying from Unknown Realtor – Investing in the property include a handsome amount of money. Therefore, you must not trust any and every realtor when it comes to investing in residential or commercial property.