Non-resident Indian (NRI) who plans to purchase a property in Thane should do proper research and keep a few tips in mind before they finalize a deal. There are a lot of legal complexities involved when NRIs plan to purchase a property in Thane. However, if you are an Indian origin holding an Indian passport you are eligible to buy any property in Thane without worrying about any kind of complexities.
Every Indian has a dream to own a property in India. Nothing is more secure than investing in real estate as it gives better returns. This is the main reason why NRIs invest in properties as they find it a safer option to invest their money. In any case, real estate investment still stays to be one of the preferred choices of many NRIs, as a result of significant yields as well as due to nostalgic connection and the fantasy to return to a sheltered and world-class retired life in their own country. What`s more, numerous NRIs are additionally keen on a few Indian metros, Mumbai is on the topmost position among various metro cities considering high development forthcoming of the real estate industry in the nation having appealing alternatives including flats, apartments, plots and confined houses with world-class amenities.
Looking at the present scenario, the Indian real estate market is an extremely prevalent speculative choice for most NRIs to invest their money. Be that as it may since they live abroad, it turns out to be increasingly significant for them to do in an appropriate way with persistence before taking a chance with their cash. In the ongoing past, a falling rupee, something that is giving trouble to the Indian government, has introduced a brilliant chance to the non-resident Indians (NRIs) to put more in this market. Before investing in a property in Thane, NRIs should be very careful about a list of things before making their final decision. NRIs should not get convinced by impressive presentations and brochures which many developers use nowadays to showcase their upcoming projects. NRIs should send someone whom they trust completely to visit the property`s site and check the property carefully. The person should consider all the factors when they go personally to see the property, the location of the project should be one of the most important factors to consider and the residential project should offer good connectivity as well.
Government Permission - A general permission is being granted to NRIs by the RBI to purchase immovable properties in India without the need to obtain any special permission from the Government. There are laws governing property purchases by NRIs which regulate the purchase of properties by NRIs, Persons of Indian Origin (PIO) and foreign citizens.
Builder’s Reputation - For buying flats, villas and so forth from a developer, check if the undertaking is as of now approved by the bank. Provided that this is true, you need not take all the documents related to the property. Rather, you have to just present the deal and development understanding, receipts of upfront installment and an NOC (Notice of Commencement) from the developer for making the procedures. Customs and documentation are uniform in India. Be that as it may, slight variations can occur similar to the case with developed projects. A decent and coordinating builder or a renowned developer can make your documentation procedure hassle-free.
Verifying the seller - When purchasing a property in Thane, according to the Foreign exchange management act, an NRI can only go ahead with the buying process or make the final payment when the seller or the developer is authorized by the government of India. In addition to checking this, NRIs must properly do a background check on the seller. Before finalizing the deal, buyers must assess the developer`s reputation, check with their existing customers, understand the developer`s track record time in terms of project deliveries, legal history, etc. It is very important for an NRI to invest their time and money with a trustworthy seller. They should also make sure there are no legal disputes over the property which they plan to buy.
Documentation Required - An NRI needs a Permanent Account Number (PAN) card before wishing to make any money related exchange in India. While it`s anything but an absolute necessity, it is prudent for the purchaser to have an NRI account. Making any budgetary exchanges through such a record will increase transparency in realty dealings and help in tracking all property-related installments. Moreover, while buying a property in Thane, purchasers must ensure the undertaking has an Intimation of Disapproval (IOD), just as a Commencement Certificate set up. Likewise, check for the first Title Deed and confirm on the off chance that it is exclusively for the sake of the merchant. On the off chance that the first isn`t delivered, quite possibly a credit has been taken against the property. Clearances incorporate condition and metropolitan ones, aside from the power to move the unified portion of the property to every flat owner and the whole plot to the society upon completion of the project.
Market Research for NRIs - The real estate sector in the developing cities keep changing and evolving everyday. Therefore, buyers are subjected to a lot of hassles with respect to buying real estate which turns out to be a challenging task for them. NRIs usually have to hire an agent to make this whole process of buying a property hassle-free. Unless an NRI has a trusted person staying in Thane, investing in a property in Thane could be a difficult task for them.
To avoid any mishap in this process, it is advisable for NRIs to hire a professional or keep a family member or a friend in the loop always to help them throughout their journey of buying a property in Thane.