Planning to invest in a property is something that almost all of us consider when we are confident of our financial condition. Additionally, the easy availability and processing of home loans from the banking sector has made it far more convenient than it was before. If the current scenario in the real estate market is evaluated, the demand to buy properties, both commercial as well as residential is huge and is known to be increasing rapidly.
More than the commercial properties,it is the residential property in india that are in demand in the country, both from the investor's point of view as well as the real estate owners. Owing to the fact that residential properties ar econsidered to be a path of investment for Indians now a days, realty sector has been witnessing development by leaps and bounds despite having certain difficulties in the credibility of the finances related to it.
An over whelming trend has been noticed in people wishing to buy residential properties in the metro cities of the country as well as the adjoining cities and towns. If Mumbai is considered to be the ideal city to live in India, people are looking for options in places such as Pune and Nagpur or Gurgaon and Chandigarh because they are closer to Delhi. The information regarding the properties are mainly found in the websites for properties in india.
How can websites for property in India help NRIs in investing in a property in India as a good future plan?
The economic condition of India is never at a stable condition and has been witnessing a mix of highs and lows all the time in the past few years. The times when the value of the Indian currency falls, the Non-resident Indians or the NRIsfind it a lucrative time to invest in buying properties here in India, owing to the fact it creates a bond with the country and to own a house back in the motherland. Another advantage is that the regulations set by the Reserve Bank of India (RBI) are easy to deal with and no prior permission from the financial authority is requiredto process. If there is a need to understand the rules properly, they can go through either the websites for property in India which mention the rules of property transaction laid out by the Foreign Exchange Management Act (FEMA).
Depending on the kind of property that the NRIs or any Person of Indian Origin (PIO) want to own, they can look through the various websites for property in India.It should be kept in mind that they can only invest in residential and commercial properties and cannot buy any agricultural land,properties having fertile plantation and farm houses. That is why,the NRIs are found to be more interested in buying residential properties in India, more from the investment point of view. The NRIs find it convenient to scan through the websites for property in India and look for lucrative offers in the residential property market. Their primary source of information highly remains these websites which offer convenient and credible information in the different types of properties.
Is the investment process easy or difficult and how to access such information from the websites for property in India?
There are many legal issues that needs to be considered properly before investing in any kind of property. The most important thing that should be taken into accountis the funding process. For any one willing to invest in a property must make sure that the monetary transaction must be made in Indian rupees of INR. For the NRIs, they can pay the amount through any bankby using their NRI account.
There are home loans available with both the private and public banking channels along with other organisations who act as lenders in such kinds of investments, if the transaction and the property papers are genuine. All the papers,right from the beginning of the process till the end should beverified properly through a qualified lawyer. If there are doubts or scope for clarity, one must get them cross checked by the lawyer again. Make sure to provide valid education qualification certificates and professional documents to the banking authorities to help get a home loan approved. In case of NRIs, the graduates are only eligible to apply for one.
There are many properties in India that people prefer to sell off a pre-owned residential property. It may be belonging to families where there are joint owners and the agreement will require each and every person to share their acknowledgement of selling off the property. Make sure that the consent has been taken from all the holders and that the property can be bought without any problems.
Another issue that should be taken into consideration is whether the property to be bought was under oris still under any kind of mortgage. The seller should also provide certificates to ensure that the water, electricity and other bills have been paid within the assigned bill period and no amount ispending to be paid to the buyer.
When it comes to the buyers looking for residential properties in new construction sites, the legalities of the land title should be made clear and the papers approving the construction by civic authorities should also be checked. If thereare any confusion or doubts, consultation with the lawyer should bemade immediately.
The rules of the Reserve Bank of India suggest that about a maximum of 80 percent of the entire value of the property is eligible to be funded by any financial organisation followed by the pending amount to be paid by the buyer.The repayment of the loan can be done through NRO or NRE accounts forthe NRI loan applicants or through cheques.
On many occasions such as while purchasing a property that is still under construction, the real estate developer will ask for a Power of Attorney statement, if the buyer is a NRI. This process makes the method of documentation easier as well as quicker since the Power of Attorney holder is given the right toe execute any contracts, take the property on lease or sell and manage deeds as well as issues such as mortgage. The person who is eligible for having the Power of Attorney should be chosen very carefully and the document stating that the person will be having the authority to decide and act on issues and must be a resident Indian.The document should be carefully worded and should be prepared by a lawyer who understands the policies of buying and selling of real estate properties.
These above mentioned information is very difficult to find and understand, especially for the mid-age orand old-age people looking forward to invest in a property. Many of the websites on property in India keep a separate section that states the rules and regulation very clearly. These websites for property in India may ask the user to register the contact details so that they can personally assist them on call or via online chat.
Is investing in a commercial property a good idea? Will you get the correct information in the websites for property in India?
When it comes to the reality sector in India, other than residential properties, commercial properties are also found to be achieving new heights. Many of the international clients are looking forward to invest in the commercial properties in India to open up their local offices, stores, etc. Having identified a potential customer base in the rapidly growing Asian country, many of the international brands are looking for opportunities to start their operations in India and subsequently expand its reach to the other Asian countries.
Interestingly, these international branded companies are keen to invest in properties that are in the Tier II cities as well apart from the metropolitan cities in India.Since the prices of commercial properties in the metro cities ar emuch higher than the residential properties, their plans of investing in commercial business centres works more. Many of the apparel brands or any other service provider companies prefer investing in the property if they have plans to set their operations in the country for a long term, else they take the property on lease for a particular period of time or take on rent if the duration is minimum.
The real estate owners in India try to look for such potential clients who are into commercial businesses and look for properties that help them grow their franchise. Take for example, a clothing or shoe brand or a departmental market place,initially starts their store in a single city at a convenient location. It is only after months of evaluation of the business do they plan a franchise model and expand their stores across the city and gradually across the country. Herein, the commercial property owners can help these clients to expand in the same branded properties and make it part of the original lease or investment deal.In many of the websites for properties in India, the commercial estate owners share such information and maintain a regular contact with the potential clients.
Information technology companies arethe ones who look for opportunities in expanding their foothold in countries and increase their employee base. This helps in earning good lucrative projects that can help them earn more revenue. They also hire fresh students from the colleges and help them get a job in their city. For the very same reason, these companies look to have multiple offices in the same city or at locations where the employee base can be potentially high. Another significant fact that commercial real estate owners find profitable if they partner with such companies is the opportunity to help their employees get a residential base if they are come from other cities. Instead of making them look for high rental properties, they help these employees stay at the office owned residential places. These residential houses are also used as guest houses for the visiting management and employees.
Since these are commercial properties, the legalities which investing or taking on lease may differ from the process that is followed while investing in residential properties. It is always better to do a complete research about the real estate owner, the location if it is convenient to setup offices there, if there are already any legal issues associated with the property, rental or lease conditions and similar other factors. If the properties are part of business centres, will the specified area be only given to them or will it be shared with others as part of the business centre? All these factors should be taken into account and consulted with an expert lawyer before the investments are made.
Why following the websites for properties in India crucial?
Most of the websites for properties in India are built and designed to provide as much information possible to all kinds of customers. Be it the ones seeking residential properties, NRIs looking to invest in properties that are still under construction and for business owners planning to set up their offices and operations in the country, websites help in getting the primary yet actual information and then proceed accordingly. It helps in making comparisons with the other property owners, evaluateand analyse the pricing strategy and then make the correct investment. It is, therefore, crucial to keep an eye on these websites for updates.