5 Tips For NRIs To Manage Their Property Buy Remotely
Non-resident Indians (NRIs) are one of the active buyers in the Indian real estate, but have also been the ones left with a bitter taste in the mouth. Unfortunately, the Indian real estate sector still remains largely unorganized and the fact that NRIs are usually not physically present for day to day updates gives some dubious builders the leverage to exploit them and delay the projects unnecessarily.
Therefore, if you are a NRI and worried about any such possibility, there is a reason to cheer. Now you can easily invest in Indian real estate projects without having to be physically present in India. Here are some tips for NRIs to manage their property purchases remotely.
Choose the Right Property Online: With so many online real estate portals now available for Indian real estate sector, it is very easy for NRIs to shortlist the most suitable project they would like to invest in from the comfort of their home. Many online portals have a dedicated NRI section which helps non-resident Indian buyers find the most suitable property options including fresh projects as well as for resale. Unlike in the past, where only a handful of builders ventured into NRI specific projects, more and more builders today are offering projects for NRIs thanks to relaxation of FDI norms in the real estate segment.
Use Social Media Intelligently: Most reputable builders today have an active social media presence for every project especially catering to the needs of NRIs. Builders and developers have an in house team updating the user about the project updates periodically. Make sure you as a NRI buyer invests in projects only with such builders that offer social media updates with complete transparency.
Execute a Power of Attorney: In case you are unable to travel to India or do not have the time to travel to India, you can easily execute a power of attorney and make anyone your personal legal representative in India. Since most NRIs have family members or people from their extended families whom they can trust, the power of attorney holder can execute the deeds on your behalf as well as communicate with the builder for any queries or updates in the future.
Make Payments from your NRE Accounts: The Indian real estate sector is largely unorganized and you as a NRI may encounter builders requesting for a cash payment upfront. Directly make all property related payments to any builder from your NRE bank account. Such a move not only increases transparency in realty dealings but you also keep a record of your property related payments in case you may need it for a possible dispute at a later stage with the builder.
Keep Regular Track of Your Property: Do not solely rely on social media updates of the project and make sure to network with fellow buyers. Such a move can help you keep track on the latest developments of the project. Whenever possible send your representative or any relative or friend to track the ground realty of the project without any prior notice to the builder. Such a move can keep you always in the loop of the latest happenings reducing the chances of any fraud or unnecessary delays.
NRIs need not worry about their lack of physical presence in India and by exploring the above mentioned options they make sure to track the day to day developments of their real estate investments in India.
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