The Indian real estate sector has remained the favourite basket for NRIs offering a variety of alternatives in terms of location, booming economy and the potential to generate significant returns. As numerous metropolitan cities continue to grow, it is an excellent opportunity for prospective NRI buyers to invest in real estate in India. Not to forget that infrastructure development projects are in full swing in many areas of the country, improving connectivity immensely. And one such thriving city in India is Bangalore – a city we’ll dive deep into the details of in a bit.
However, being an NRI, you may often have multiple questions and doubts before considering an investment. Some of these concerns while buying a property in India could include:
To answer all such queries, let’s look at a few crucial things you need to know before stepping into the Indian real estate market.
As an NRI, the reason you wish to invest in the Indian real estate market can be an emotional attachment with the intention of returning later in life or for a practical financial purpose like renting it out. And buying a property in India, especially in upcoming urban or metropolitan cities, is always a great investment option. However, the purchase or investment process may not seem that easy, and you may still have multiple lingering queries regarding how to buy a house in India. Hence, to address your doubts, here are some things you should be aware of before investing.
In general, a broad segment of NRIs plan to invest in real estate in India but are unsure about the process, be it the documentation or the legal prerequisites. Nevertheless, it is crucial to know the nitty-gritty of the whole operation. So, here’s how the process starts. First and foremost, it’s necessary to gather the legal documents that matter, such as:
A copy of the original contract between the builder and yourself is mandatory before proceeding with any commitment or investment. In the original documents, don’t forget to check if the vendor’s title is mentioned. It is also important to note that if you can’t attend the meeting in person for any reason, ask your relatives or friends to get a copy for you. To be sure of the price and accuracy of the information, try purchasing directly from the builder instead of any intermediary partner. Before going forward, corroborate the builder’s reputation on reliable forums online, through customer reviews, social media, etc.
As an NRI, if you are unable to purchase the property in person, a legal authorisation like a POA (Power of Attorney) assists in making the process easy and hassle-free. This means that you, as an NRI, can select a close friend, family member, or even a coworker and legally authorise them to place the transaction on your behalf.
Bangalore, one of Asia’s fastest-growing urban cities, has become a popular real estate investment choice for NRI buyers. Being the IT powerhouse and start-up hub of India, Bangalore has an immense influx of people migrating from other cities for work. Combined with the city’s pleasant essence, the population is more inclined to stay for a longer duration. Moreover, this population has more purchasing power than people living in other parts of the country. As a result, the city is seeing the construction of many luxury real estate developments by prominent builders like Assetz. This vast range of options for diverse luxury homes offers you, as an NRI, an array of investment opportunities.
This South-Indian city in Karnataka is popularly known for its thriving IT advancements and start-up initiatives. Besides, the city’s pleasant climate and an endless number of tourist attractions on the outskirts make it a great place to live. Due to its favourable living conditions, the city draws in a pool of professionals and students each year. And as a result of its rapid urbanisation, housing options are increasingly sought after. Therefore, a real estate investment in Bangalore could be considered a valuable asset, be it to live in a new luxury home on your return to the country or to get additional income through rent.
Let’s take a look at the reasons why you should invest in Bangalore real estate.
These days, the tax benefits on home loans are seamless and advantageous, making it a great time to invest in Bangalore real estate. Add to that, in a burgeoning city like Bangalore, which sees continuous migration of people, there’s always a supply constraint, which means house rents keep increasing with time while your monthly loan payment does not. Moreover, the risks involved in real estate investment, as opposed to mutual funds, stocks, bonds, etc., are dramatically less.
Being one of the highest-income cities, Bangalore provides ample options for entertainment, nightlife, a luxurious lifestyle, and much more irrespective of one’s age. Most of the population enjoys the city’s amenities, and their arrival has undoubtedly led to further growth in residential properties.
For growing families, the city has multiple prestigious educational institutions to offer for the coming generations. Right from primary schools to research institutes, quality education and relevant facilities are prime here.
Bangalore offers a variety of housing options that caters to one’s needs. It goes without saying that in terms of real estate, you’ll find whatever you’re seeking in this city. The buyers’ lifestyle choices are complemented by luxury villas, township projects, apartments, villa plots, premium row houses, and more in every corner of this IT cluster.
Likewise, NRI investment in Indian real estate has multiple other vital benefits in the long run. From North to the South and East to the West, this city is a lucrative spot for beneficial real estate investment. So, buy a brand-new home and invest in a better future with Assetz today.