Check List for NRI’s

Most NRI’s and persons of Indian origin want to buy a house in India for themselves or for their family. Who does not want to have his own adobe to relax and be with the loved ones? In your retirement years, you want to be in your own home, relaxing with your near and dear ones. If you are residing overseas, following is a list of instructions you should follow before you decide to put in your money in the home country.

1.     Check the Developer’s reputation in the market when buying new property. Doing a bit of research on the track record of a builder is always good.  Enquire with friends, family and other acquaintances for the reputation of the developer before taking the final decision.

2.  Whoever the developer is, small or big will need to ensure the land the property is built on has a clear title to it. Check for the office of the Sub-registrar for a clear title of the land the apartment flat or the villa is built on and that the land has a clear title to it.

3. Check if the builder have all the permissions required to have building permissions from local municipality, which usually consist of a no-objection certificate from the department of fire services, permission for drainage and sewerage connections, permission for water supply, power load sanction from the local electricity board, permission from the public health authorities and approval from pollution control board and

3.    It is always preferable for any real estate purchase to make visits to the sites before buying. This exercise is worth it  to get the actual experience of the property and its surrounding. It is many a times difficult for an NRI to make it. In such cases he can request a friend or relative to make a site visit. 

4.    It is better to buy only in the projects which are pre approved by banks for home loans, as the banks are quite stringent in their norms for pre-approval and shortlist only those builders who have a proven track record and those projects, which comply with all legal norms.

5.  Be very careful if you are getting into a secondary market deal or a resale property. Don’t rush to buy, especially if the property is low-priced. There is some reason why the property might be cheaper than normal. Make sure that the property you are buying legally abides the property code.

6.    After acquiring the property, the management of the asset is one of the major issues faced by NRIs.  In such cases, your trusted real estate agents may sometimes act as the maintenance manager and provide with services like maintenance and rent collection.

7.   Checking the properties and taking decision on which one to buy is a lengthy process. Therefore start the process before you come here, at least short listing of the properties to visit. In case you cannot decide before you leave, a Power of Attorney to a relative can be used to decide on the actual purchase even after you leave India.

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