India has developed into the world’s seventh largest economy, and a number of reforms make it the best time to invest in the region. Real estate investments are a profitable and beneficial investment option for NRIs. NRIs have always been important stakeholders in India’s real estate. The emerging Indian economy attracts investment from all over the world, ranging from wealthy individual investors to foreign institutions that take advantage of the high growth environment.
The Indian government has rolled out rules and regulations favouring smooth inflow of investments from NRIs. There is no restriction on the number of properties than an NRI can purchase. An NRI, as well as a Person of Indian Origin (PIO) can purchase as many residential as well as commercial properties in India as they want. However, there is a restriction on foreign investment when it comes to agricultural land, plantation property or a farmhouse. Such properties can be acquired by NRIs by way of inheritance or gifts. However, the chances of making the wrong choices are higher owing to the fact that NRIs live in a different country.
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Investing in a property is a big financial decision and should not be based only on the property’s photos, e-mails and/or phone conversations. NRIs should always take out time to visit the property before making a decision to purchase. Many buyers have landed in trouble after investing in projects that lack mandatory clearances and unfulfilled minimum standards of quality. NRIs should be sure to verify points like track record and brand visibility and should check the social infrastructure. It will help them get a clear picture of the investment.
It is empirical to consult and hire the best lawyers for legal advice. In-depth research of the property would surely bring out some shortcomings because of being away from the property. From title verification to the registration of the property, a lawyer would help NRIs with all the legal formalities associated with a land deal. A property lawyer can check to make sure that the property titles are correct, house documents are registered appropriately and check that all paperwork related to the house is legal. However, while choosing a property lawyer, it is important to make sure that he or she is a certified and licensed lawyer. The real estate lawyer is worth the money as they perform all duties and responsibilities related to the house property.
Real estate development is one of the few areas where an NRI can enter with little expertise and become wealthy in a short time. With the right financial backing, a little business acumen and careful attention to detail, NRIs can invest with the help of a developer. Developers may differ widely in their skills, their ego and the level of visibility that they prefer. So it’s very important to keep a check on them and not to trust them blindly. Be willing to go into detail to show that you know all sides of the story.