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It’s an NRI’s (Non-Resident Indian) market in the current real estate scenario. Price corrections, the rupee at the lowest currency value, home loan interest rates at the decadal lowest, and a slew of ready homes in all ticket sizes especially in the luxury segment, have collectively created a favourable climate for NRIs to buy property in India.
If you are an NRI and are planning to invest in property in India – residential or commercial, and for your own use, to rent it out, or as a long-term investment – this is the best time to put your money on this lucrative proposition.
Here’s a 6 point ready-reckoner to help you coast through your property purchase without a hitch. While you are all excited about making that move, you need to be cautious about a few factors.
1. Research the developer/builder
This is one of the first and crucial steps to your important purchase. Look for projects by established developers of well-known brands. Visit the websites to know more about the history and track record of the previous projects. Most established brands will have listed the testimonials of their customers.
Front-ranking developers in the big league of the established brands such as HM Constructions https://www.hmconstructions.com/ have a long list of happy home buyers who have found their forever home at HM Grandeur https://www.hmconstructions.com/projects/details/hm-grandeur in Fraser Town, HM Tropical Tree https://hmconstructions.com/index.php/projects/details/hm-tropical-tree at RT Nagar, HM Symphony and its villas in the sky in the unique Concord Tower on Sarjapur Road ORR, and HM Indigo http://hmindigo.co.in/ on Kanakapura Road.
2 . What kind of property is legal
While NRIs can buy any number of immovable properties in India, there are certain types of property that NRIs are not allowed to purchase. As an NRI you can purchase an apartment or commercial office space but are not allowed to buy a farmhouse, plantation or agricultural land. In order to these types of property you will require approval from the Reserve Bank of India as well as the government.
3. Bestow special power of attorney
If you are not in India to look for property and conduct the final transaction, you will need to appoint a trusted person to do it for you. This person should be given the special power of attorney which is notarized and registered, to initiate the property purchase and seal the deal on your behalf. This legal responsibility will ensure a safe and trusted property transaction even in your absence. The document can be digitally signed by you.
4. Ascertain the approved project plan
It is prudent to ask the developer for the project plan approved by the BBMP. This will ensure the apartment building has been legally constructed according to the civic authority guidelines. Confirm that the developer has approvals and No Objection Certificates from the various area development authorities, water supply and sewage boards, electricity boards and the BBMP which is the Municipal Corporation. If you are applying for a home loan, the lending bank will validate your property documents before sanctioning the loan.
5. Occupancy Certificate
This is the most important document you need to obtain from the developer because the legal possession of the apartment by the owner is valid only with the Occupancy Certificate (OC). It also reveals the credibility of the developer. An OC is issued by local municipal authorities – in Bengaluru the BBMP – provides no objection to occupy the building for its specified use. The OC is given only when the building has been completed in all aspects and certified fit and safe for residents to occupy it. The OC also certifies that the developer has complied with all the required building standards and local laws.
6. Safeguarding the property
One of the biggest worries for an NRI is about squatters or illegal possession of their house or property. In their absence, either the tenants or encroachers can not only use the property but also stake claim to it as owners. This can be a horrendous experience leading to long legal tussles. In order to avoid these unpleasant situations, NRI owners of the property should keep all the original legal purchase documents of the property in order; these include the Deed, OC, property registration, etc. If it’s a plot of land, fencing it and putting up a board announcing your ownership is a good idea. NRI owners can announce their ownership in the newspapers too. Appoint close family, friends or relatives to visit your property frequently to check for any kind of intrusion or illegal occupancy. While renting out your property, ensure a police verification of your tenants and underline the renewal and termination terms in the tenancy agreement. Most importantly, keep in touch with your neighbors to keep a watch on your property.
Now that you’re armed with all this vital information, the time is just right to take that step leading to the doorway of your super luxury home. Manjusri Manilal, Head – Sales and Marketing, HM Group has this advice to share: “Buying a home is an emotion especially for an NRI who feels connected to her/his homeland. However, don’t let your emotions cloud your home-buying decision. Follow up each step wisely with open eyes and weigh the ‘luxury’ of owning your cherished home in Bengaluru.”
Contact us on 888 022 5555 to know more about our Projects.