The Government of India has introduced several measures to ensure housing for all citizens. Several far-reaching reforms have also been implemented, aiming to bring more accountability, reliability, and transparency into the real estate sector. This has fuelled a significant rise in the number of NRIs who are looking to invest in property in India.
There is now a new simplified tax system and also a proposed law to protect against fraud in real estate. The government is pushing for affordable housing for all and is taking several measures to ensure this. These steps, in addition to the falling rupee, are great incentives for NRIs to invest in Indian real estate.
Here are three points that NRI investors in India must keep in mind and follow:
1. Developer – It is important to thoroughly study the developer of the project you are interested in investing in. It is now mandatory for all real estate developers to register with the Real Estate Regulatory Authority (RERA). This will weed out small and unorganized developers, and only disciplined and large developers will stay in the market. NRIs planning to invest in property must stick to the reputed names with proven track records in the industry.
2. Tenant – Before you rent out your property, ensure that you have complete information on your tenants. Only let out your property to reliable tenants who have clear intentions and who you can trust. This is an important step to avoid hassles in the future.
3. Advocate – Not having a physical presence in India can often lead to NRIs being cheated on property matters. It is sometimes possible that their Power of Attorneys might dupe them. To avoid legal hassles, it is advisable to employ the services of legal professionals to handle your property issues. However, it is imperative to study your advocate thoroughly before handing them this critical responsibility.
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