Continuing with Dos and Don’ts for NRIs for Real Estate Investment
Project approvals
Even though, you have got assurances from banks about project approvals, it doesn’t mean that you turn a blind eye to check the approvals yourself. Ask the builder to show you the necessary approvals such as license number issued by Town Planning Department, approved drawings, NOC from various departments. This is to double check that everything is fine with the project and you won’t end up in a soup.
Ask questions
Be an extrovert buyer; ask questions to builders, banks and brokers. There is never a silly question. You would be investing a size-able amount of your money, therefore, be proactive.
Builder buyer agreement
Read the document carefully, and clarify things before you sign the agreement.
Hire a lawyer
Despite all the research, one can never be 100% sure. For this, the NRI investor can as well hire a lawyer to do the title verification. The lawyer will ensure that the builder has the ownership title to the land on which he is developing the project.
Never pay in cash
Whether one books property online or directly at the builder’s office, never pay in cash. Pay by cheque or via the formal routes such as online transfer. Keep receipt of every payment you make to the developer.
Happy investing 