One of the primary lessons in life is how to save and invest money. We all work hard to earn our livelihoods and ensure that our loved ones live in peace with all the amenities they need. Building a future is about investing to fetch good returns. It ensures personal freedom, security, and a sense of preparedness for crises. In India, it is common belief that nothing beats real estate when it comes to investing. Be it our earlier generation or Gen Y—life is often about investing in an apartment, land or villa. It’s just a matter of choice.
A property is an asset and there are no two ways about it. When Indian citizens settle abroad, effectively becoming NRIs, they still look forward to investing their earnings in India. However, it is not an easy task, especially when you are so far away from home. There are many things that need to be kept in mind by an NRI who wants to purchase land in India and take up real estate as an investment option.
First and foremost, it makes great sense to gauge the current market conditions and do thorough research on property prices. In a fast developing market, prices can behave unpredictably. Being an NRI, it is necessary to ensure proper checks on property values and choose something that makes long-term investment sense. Moreover, an investment can only fetch good returns when the asset stands out in the market. Proper background checks and careful analyses of builders and their properties make real-estate purchases worth the money.
Next, it is important that properties being considered for purchase be checked for the entire gamut of legalities and related documents. Many a times, agricultural lands are siphoned off as properties ready for NRI investment. That is simply against the law. In such cases, paperwork is incomplete and there is no guarantee that the land makes sense for real-estate investment. Property consultants can easily be hired in India, and they can check out the location, size, pricing, legal aspects of any property that you as an NRI consider for real-estate investment.
Lastly, NRIs should try to find a personal connection or relative to visit the site after having zeroed in on it. Although it is quite possible to smoothly purchase a property even when one is hundreds of miles away, it makes sense to have someone in the family checking out the property in person.
Distance is a factor for NRI investors when it comes to Indian real estate. Frauds and evictions are not unheard of in the country. However, if you are diligent with your background checks, you can filter out unreliable builders and property dealers. Property consultants can do all the legal research for an NRI and local friends should be easy to find help from. Once all the checks are complete, NRIs have nothing to worry about purchasing Indian properties while being far away from the country.
Jain is an experienced marketing executive in real-estate industry and he mainly focused on Luxury Villas in Bangalore. He has been writing articles covering a wide range of topics in terms of mortgage and housing markets.