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TIPS FOR NRI INVESTORS TO BUY A HOUSE IN INDIA

tips

It’s a daunting task for NRIs looking at investing in Indian property today. On the outside, with the rupee touching all-time lows against the dollar and India’s ‘real estate’ growth story looking bleak, the prospect for investments in property for NRIs seems like an uphill task. But this hasn’t deterred them from investing in India because, though for Indians property prices have appreciated significantly, for the overseas Indian, it has only been a marginal increase. So, whatever be your reason for investing in India, make sure that you are diligent and careful. Some important questions you need to ask yourself are:
Which city do you want to invest in?
In whose name do you want to buy the property?
If you have invested in a ready property, how do you plan to fund it?
Before any kind of an investment, engage in sufficient research or you may end up buying into micro markets. Also, make sure that the property has secured all clearances required by law. Insist on legal documents to ensure that your investment is safe.

Logically speaking, your first action plan should be to determine the nature of the property because NRI investment rules are different as per RBI guidelines. Buying a property requires time and energy and hence it’s advisable to not fall prey to hoax calls or ‘gut instincts’. Before you zero on into a project, speak to a few builders in the locality on the initial prices and the price for the last transaction. Make sure you visit a completed project by the builder to assess quality before deciding to buy.

Check the developer credentials, prime location, potential for infrastructure development and quality of property management in the project. Remember that apart from the registration cost and stamp duty, there’s also a service tax that will be levied. Once you arrive at a price at which the sale is agreed, pay through rupee denominated non-resident ordinary (NRO) or nonresident external (NRE) accounts and foreign currency non-resident (FCNR) accounts. It’s always suggested to invest in mind-sized property with high-end amenities.

Before you finalise on any property, find a good real estate adviser who will help you out with all the details. It’s advisable not to go to a broker. Most NRIs get tempted to purchase a holiday home in a hill resort or beach property or a retirement home over buying yet another flat in the city. But keep in mind that residential land purchases usually pay off well for most investors. Have any more tips? Share it with us.

House-warming Do’s and Dont’s

Congratulations for a new home! Surely, after signing all the lines and the keys finally in your hand, you may be breathing a sigh of relief.

There’s no place like home that puts a warm smile on your face and gladdens family and friends. You now know it’s worth every pleasure to celebrate a new leg in your life. This calls for a celebration and what better than a house-warming to share all the happiness and joys of a new home.

As you’re planning for a house-warmings, there are a number of things you need to plan from inviting guests, arranging food to sending invites. It’s organising which is the real deal, so here are a few do’s & don’ts that’ll leave an evergreen memory for all on that day to remember.

1] Plan & delegate: Hawaiian luau’s are the best example where everyone willingly helps arrange,decorate, invite, cook, serve & entertain to create that perfect ambiance of warmth. The Aloha spirit & ‘Ohana’ that comes together, leaves you as the host to soak in everything special about this moment of celebration.

2] Go Green & Save: When it comes to any celebration, the host often brings out the best crockery & cutlery that’s the pride of a home maker. Then again, (going green) things like paper plates, recycled napkins, finger foods et al add _____________. Not forgetting fresh fruits juices, lemonades or infused teas that are really great & healthy. Think about natural lighting or CFL (compact fluorescent lights) that are really great energy savers.

3] Theme based Party: Allow you to explore your creative genius to innovate and brings out the lover, artist, musician in you. It could be a traditional Dawat e Khas or a Chaat & Chatorey Fest. From Bollywood to Desi-Dehati you could play with colours and shades, mix & match a riot of food, art music & what not to liven up the event. A modest garden party for an outdoor feel with a pond or pool, potted plants & hanging gardens with fragrant flowers, small garden tables could also be something fantastic.

4] Give-aways: The best thing for people to remember about you & your housewarming are ‘give-aways.’ The easiest gifts can be sourced from households articles to DIY kits that come in all shapes & sizes and an even better way to put them to use is create nifty take away gifts like decorated keepsakes or mementos to handy things like home grown greens & fruits to colourful wall hangings & posters.

House-warmings are a fun way to break the ice betweens family, friends, new neighbours, people who live down the hall or lane. The joie de vivre continues into lifelong friendships & builds trust that grow beyond walls, gardens & boundaries. House-warmings are the best place to shine in front of your guests, making them feel special & always welcomed into your new home. Congratulations, once again!