Migration has always been a popular move people make, it seems like no one can stay in one place for series of reasons. In India this is a common occurrence, thousands of people migrate, for different purposes. They become Non-Resident Indians, and they never forget their roots. They hold the economical growth of the country just by investing in properties. NRI investing in properties in India has become popular, it is beneficial to both parties involved as well as the country, yet there are some essential things that you need to know, mostly due diligence before risking the money.
People tend to lose their minds over flashy things. NRI’s see a road show promoting this great property, only pictures, the price catches eyes, a bit of Photoshop and they buy a property that is not what they were promised.
This is the sole reason that before you allow to get stricken by the flash you need a mandatory check. The Buyer needs to check the surrounding area of the property they buy, the connectivity as well as the location. A good location is always the key to the profit. Often the pricing abroad is higher than the domestic price, so the buyer needs to first check the rate of which the project is being sold in India. Noted it would certainly be better to search for finished projects than ones that need a lot of work, as well as not paying all the money upfront, instead opting for a construction-linked payment plan or such.
Of course, a wise trick provided by professionals is for the buyer to take a small bank loan, even if they don’t need it. The bank does a due diligence on the seller and saves the buyer the trouble.
Before you take any kind of risk, involving money, real estate and such, the study of the law is much appreciated. In India, for such investments, there are some restrictions that are good to know in advance.
Buying real estate in India especially if you do not have trusted people running the errands for you can prove to be challenging. Buyers have experienced some hassle before due to how different the real estate system is in India compared to the world.
And one of the most important parts in doing such investment in India is to be careful of how the rupee, the national currency in India is different to the currency in the NRI’s home country. In the past, the value of the rupee was decreasing so the NRI should keep in mind that in order to function well with the community that they own because the value of the current currency can make an important change in the bearings.
Also, it is advised for the NRI to use an agent for the exchange for more practical and beneficial work environment. The agent can be beneficial in multiple areas of the work, like choosing the right property for you, getting the best deal and guide you through the legal issues. NRI investment in India has proven to be a good opportunity – for the community, for the country as well as the investors – and so much care and concern beforehand is only genuine. It is a mutual exchange that is beneficial to all parties involved. India is a country with huge potential and it is only a matter of time before the benefits become more apparent.
