With the Indian Real Estate sector looking up, there is a lot of investment expected by NRIs always.
While they are lured in all ways to invest, there are certain Dos and Don’ts they should keep in mind while investing.
Research
First thing first, before you embark on your journey to real estate investment in India, carry out comprehensive online research. How is the builders’ reputation in the market? Locality price indices, infrastructure project announcements are some of the things that one should note down. Compare builders’ pros and cons, and locality pros and cons. Visit a number of online forums to discuss real estate projects and gauge what others are saying, ask questions if possible.
Depute someone or visit the site yourself
When it comes to buying real estate in India, visit the site yourself. With NRIs living in far away countries, it becomes difficult for them to visit the project site location. Instead, ask one of your friends or relatives to do this on your behalf. Though many newly launched websites focus on ‘Real Photos’, but certain questions like – the approach road towards the project? the slums in the nearby areas? the construction quality? – can only be answered by a personal visit.
Check the bank approvals
The next step is to check the bank approvals. Which are the banks that have approved the project for home loan sanctioning? Kindly note, a bank or housing finance company invests about 70-80% of money in the project in form of home loans sanctioned to buyers. Therefore, they will definitely carry out proper due-diligence including the project approvals, clearances, title certificates, etc. Ask the builder about banks which have approved the project for home loan. Talk to these banks. Go ahead with project that has a minimum of 3 banks approving it for home loan.