The booming market of real estate in India is not something that is new or undiscovered. Every year, the percentage simply increases. In a city like Pune, there has been a drastic growth in the graph of the real estate market especially with the increasing number of employment and education. With the increase in the number of populations, there is an evident increase in real estate developments.
Non-Resident Indians (NRIs) have played a vital role in the Indian real estate market. They not only buy properties for investment purposes but also have an emotion towards their country attached with it. Often NRIs, while buying their homes in India, are confused and perplexed with the procedures. Questions of all sorts – security, reliability, and credibility prevail their minds and judgements.
Capricorn Group have clients and residents who are not only Indians but NRIs as well. With their ultimate mission of being customer oriented, the Capricorn Group is one of the most trusted real estate developers in Pune. Investing with the Capricorn Group, the NRIs feel comfortable and secured.
If you are an NRI who is new in the business of real estate investment or an NRI who wants to gain more knowledge in this field, here are a few tips to keep in mind before investing into the Indian real estate market.
DOCUMENTS
For an NRI, the process of gathering documents is simple and does not require any external help. Documents like a passport, address proof of India, a permanent account number (PAN Card), and a recent passport size photo is all that is required.
FEMA RULES
The Foreign Exchange Management Act by the Reserve Bank of India has made buying properties in India more flexible and easier for the NRIs. Quoting Mr. Amarjit Bakshi, MD, Central Park, “An NRI or person of Indian origin (PIO), as defined under FEMA, are eligible to acquire by way of purchase, any immovable property in India other than agricultural land/plantation property or a farmhouse. This is under general permission that has been given by the government of India.” If you are new to this market, make sure you go through the FEMA Rules thoroughly.
VERIFICATION
It is vital for everyone, especially the NRIs to do a background check of the builder. Validity, authentication, and other simple yet legal knowledge of the builder can give a clearer image to the investor. One of the easiest and frequently used ways in verifying is by studying the builder’s social media accounts and RERA number.
POWER OF ATTORNEY
One of the most convenient ways to complete an ongoing transaction is to assign it to the trusted and registered attorney. If an NRI, due to any reason is unable to be present physically, a trusted relative, friend, or a colleague can complete the transaction on their behalf.
While some may carry the whole procedure smoothly, there are many important details and information that may seem minute but hold great importance. As a new NRI investor or buyer, it is vital to attain complete knowledge of the market before investing.
