Essential Checklist For NRI Investments in India

From the beginning of the last decade, as the real estate industry in India really took off with marvellous projects offering world-class amenities and conveniences, there has been a rapid growth of NRI investment in India. The main reason for this is that these projects have all the facilities that homes in first-world countries do and many more at affordable prices. Also, the inclination of NRIs to invest in properties India lies in the fact that many non-Indian residents wish to come back to their own country after the end of their academic career or retirement.

These facts have thus favoured the growth of some of the best-in-class real estate projects the country has ever seen. If you are an NRI with a dream of owning your own house in your motherland, the real estate market is your oyster. You have perhaps gone through the brochures of the builders and all ready with the cheque to invest in your dream house. But wait, there are a few things that you will have to check before you commit to such a huge investment. What are they? Read on to find out.

The Background Check

Since you have decided to invest in real estate, the very first and the most obvious thing is doing a little background check about the real estate company that you have chosen. The work is easier if the company is of considerable repute. Do enough research regarding their previous projects or browse through the testimonies of previous buyers. If you have friends and relatives back in India, you can also ask for their help. Keep researching until you are a hundred per cent sure of their authenticity. Remember, that you will not be present in the country for the entire time and no shady business is carried out in your absence.

Type of Property

A non-Indian resident can invest or purchase any commercial or residential property but they cannot, however, buy any farm houses or plantations. Make sure that you are well aware of the type of real estate that you are investing in. NRIs cannot buy such agricultural lands but they can accept such lands as an inheritance or as a gift if it has been bought by someone else.

Mode of Transaction

All the banks provide separate NRI accounts and you can use these channels for all monetary transactions related to the investment but keep in mind that all of them must be only in Indian rupees. You cannot pay in the currency of any other nation.

The Regulatory Act

All the transactions related to NRI investments in India are regulated by the Reserve Bank of India and the Foreign Exchange Management Act that you need to abide by while investing. Go through the rules once before making any sort of payments.

The Power of Attorney

You might have to give the power of attorney to a third person if the property that you are buying is under construction. Discuss this issue with a lawyer who has expertise handling such cases.

Welcome to your New Home!

Yes, if you keep all the above points in mind and invest wisely, very soon you will have the keys to your dream home. Investing in real estate in India especially in and around metro cities has been a growing trend among NRIs, like for example, the magnificent projects in Mumbai have been very popular. Keep in mind all these little tips before investing in a property and very soon you will be hosting a grand house-warming party in your new home.

The writer has a flair for writing and she keeps on writing various articles and blogs related to general information, technology, healthcare, social media, etc.