It is a well established fact that real estate investment is one of the safest and surest methods of getting great returns on the amount invested within a short period of time. That is why a large percentage of non-resident Indians, who hold the same rights as resident Indians in terms of property ownership, are opting to invest in real estate across the country. However, in given the fact that most NRI investors carry out such transactions in a remote manner, they need to be extra careful to ensure the safety of their investment. Discussed below are some useful tips that NRI investors should keep in mind while handling real estate dealings remotely to ensure that they are not duped of their hard earned money.
Hire A Reliable Real Estate Lawyer in India: The first and most important course of action that NRI investors should take is to hire a renowned and trustworthy lawyer, who can help them seal a really good deal. The lawyers can not only provide the best guidance to the investors but also work as their representatives for handling the various legal aspects of investing in property.
Use Only Renowned Real Estate Website: When it comes to finding the right property, the investors should rely only on the most renowned real estate portals operating in India. These portals provide often have the listings of the most beneficial property options across India and also provide additional details such as its exact location, expected development plans in the region and the cost of the property etc.
Seek Information About Property Ownership: Before proceeding with the investment, the NRI’s should seek complete details about the ownership history of the property. They can request their lawyers to gather the necessary information, including the details of any legal or other disputes related to the property. They should also try to obtain a copy of the ownership documents and get them properly verified before proceeding with the investment.
Learn About the Tax Implications and Other Issues: There are various taxes associated with buying a property in India and the NRI investors should make sure that they are aware of them all. It might require them to seek the advice of a tax attorney, which can be easily arranged through their real estate lawyer. Learning about the tax implications and related issues, will help the NRI investors to plan their investment in a better manner.
Remain Updated About Government Policies On Property: The real estate market in India is deeply influenced by the policies followed by the government in this sector. As such it is important for the NRI investors to keep themselves updated about any changes in regulations that might affect their investment in any manner. They should especially focus on policies related to leasehold, freehold and zoning areas as well as the plans of development within the region where the property is located.
Keeping the above factors in mind can go a long way in ensuring that the NRI investors end up buying a really profitable piece of real estate which can provide them with good ROI.