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Important Tips for NRIs' while Investing in Real-Estate

Non-resident Indians or NRIs have played a significant role in the Indian Real Estate Market. They invest in real estate either for business purposes or to settle down in India after they retire. They can also avail themselves of a lot of tax benefits if they invest in real estate. Also, repute Real Estate companies provide residential options for buyers according to their convenience, size of family, need for facilities, and budget.

Buying an apartment in India is a hassle-free job for the NRI’s as well after RBI has introduced a Foreign Exchange Management Act (FEMA). However, there are a few things that the NRIs should know about, before buying property in India.

Document required by the NRI’s:

Those NRI’s who are planning to invest in real estate must know about the documents that are required for buying apartments. The list of documents that are required for them are:

pan card  

pio or oci card

passport

recent passport size photograph

address proof

Loan Sanction Method for the NRI’s:

NRI’s can still apply for home loans in India. To avail home loans for NRIs, RBI has granted permission to banks and housing finance institutions that are currently registered with the National Housing bank to provide home loans for the NRIs who are looking forward to buying a residential property in India. The only condition is that the transaction has to be made in Indian Currency.

However, the loan can only be disbursed to either the seller’s or the developer’s bank account directly, and not directly to the NRI’s bank account. Then, they can replay it using their deposits in NRO(Non-Residential Ordinary) /NRE(Non-Resident External) account or FCNR (Fixed Deposit Foreign Currency account) deposits.

Get rid of the broker:

While buying an apartment, the NRIs need to get rid of the brokers, to ensure that the price of the property and commitment is pure and original. It is always wise to purchase property directly from a reputed builder who has built the flats over years.  

Verification of the Builder:

NRIs should conduct a mandatory crosscheck of the builder by inspecting their websites, social media accounts, and other online forums. One can also contact existing customers online to know about their experience with the apartments.

POA for buying property:

If the said person doesn’t reside in India, through POA (Power of Attorney), NRI can choose someone out of their wish, let that be a relative, friend, or even a colleague, to complete the transaction on their behalf.

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Mistakes to Avoid While Investing in Real Estates

Want to buy your dream home, but you are running out of money? Availing for home loans is one of the best options. In India, getting a home loan is the simplest and easiest method to buy a home of your own. But you take precautions and must take professionals advice before while getting your home loan approved.

Miscalculating finances:

This mistake is extensively committed while getting a home loan. Just because one is opting for a loan, doesn’t mean they can opt for the maximum amount that they are eligible for. You should always choose the amount that you can pay back easily. Before going for a home loan, calculate your long-term and short-term expenses and then finalize a budget that will be suitable for you.

Not having enough funds as a down payment:

Purchasing a property without having enough funds for the down payment is another common mistake people make. While the loan may cover the sum of money to purchase a house, yet it is equally important to have some money as a down payment while getting a home loan in India.

Finalize property before the lender:

Before finalizing the lender, it is imperative to first finalize the property. Do thorough research on it, check its authenticity legally, find out whether this land or property is dispute-free or not, and then apply for the loan. This will reduce the chances of reduction may occur if a property is not verified or if it is not up to the satisfaction of the lender.

Not getting enough details:

People often reach out to certain banks or lenders just based on suggestions from their friends or family without any proper research or market study. Each person’s eligibility, repayment capacity, and needs vary. So it’s important to choose a lender who is offering the best about your needs.

Not buying a property insurance policy:

It is very crucial to make property insurance to ensure that the individual is not left with the financial crisis in case of any damage due to natural calamities or similar events.

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Future of Real Estate in the Post-COVID World

The COVID-19 has put a lot of impact on almost all business segments, and real estate. There was a drastic change in the lifestyle and spending habits of the buyers. Some innovative marketing trends have also been seen on a rise. This has led to a tremendous transformation in the real estate industry, which may directly or indirectly affect both buyers and developers. Despite the uncertainties in the economy, the market has witnessed considerable growth in the past year.

Let’s know about the certain changes that are likely to happen in the real estate sector:

Digitalization:

With the increasing use of technology and online media, real estate agents are now focusing on using digital sources more. As digital platforms ensure business continuity for real estate companies despite the pandemic. People have also been adapted to gadgets like mobiles, tablets through they have access to a lot of information and properties. So to gain more profits via online media, most of the agents are now adopting a digital-first marketing approach to get more customers online. Google and social media platforms like Facebook, Twitter & Instagram are the most popular marketing platforms for realtors. Digitalization will play an important role in the growth of the Indian real estate sector.

Government Revised Policies:

The finance minister has announced a lot of different to strengthen the construction and housing sector in India. All the contracts of the central agencies have been extended by up to 6 months and take measures to ease cash flows for contractors.

To ease the affordability of the housing segment for migrant workers and the poor, the government announced affordable rental accommodation schemes.  Various other incentives will be offered to builders, manufacturing units, and other industries to build more affordable housing units.

And many more such incentives have been called by the government to strengthen the real estate sector in the post-COVID times.

With these frequently changing market trends, the real estate sector is never going to remain the same in the post-COVID world. Moreover, the dream of buying a home of their own has gained much importance in these uncertain times. Also, commercial real estate will witness drastic changes in terms of investment and construction methods. We can just hope that once the pandemic is over, the industry will again gain more strength.

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Things to Keep in Mind While Buying a House

Buying a dream home takes a lot of challenges to face. Various things need to be kept in mind before you finalize buying your dream home. So before you buy a new house, you need to go through many checklists to ensure that all the things you require in your new house. The list not only comprises if very important aspects like room sizes, location, etc. Many other things need to be considered while buying a new house.

Here is a list of factors to consider, while building or buying a house:

Connectivity and Network:

Mobile phones have become an indispensable part of our life. Hence it is very vital to check the network and connectivity. One cannot sustain for a longer time in a house that has a poor network connection. Go around the house you have shortlisted to check if the whole house has a good network setting.

Security:

Security is a crucial part to look after while buying a house. Make sure you will have a neighborhood that is safe in all forms. Check for handles instead of knobs, secure railings for balconies, etc., are some of the options that you must choose to ensure safe indoors. This is to prevent some serious issues or mishaps.

Fire Safety:

Mostly, reliable and reputed builders look after a house’s fire safety, still, an individual needs to check about how safe the house is. It is must include aspects to be put in a checklist.  

Other amenities:

We also need to check other aspects of the house, like if it has sufficient place to have a walk around, swimming pools, play areas, gyms, etc. also we need to check amenities like convenient garbage disposal, and rainwater harvesting, etc. these are also important to function effectively on a day to day basis.

Room spacing:

Room spacing is also an important factor to be considered. If we don’t check closet space available or look into the proper placement of a closet area. Having a private, spacious, and well-facilitated closet is important, and mostly it is overlooked while buying a home.

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DION group is the most trusted real estate company in Odisha dealing with residential and commercial properties in Cuttack as well as all over the state.

Dion Infratech is primarily focused on residential, commercial and other types of civil projects. The Company’s residential projects include residential apartments, villas, row houses, luxury and super luxury apartments, and plotted development along with amenities such as clubhouse, swimming pool and shopping complex etc. In all its residential projects, the company lays a strong emphasis on environmental management, water harvesting and high safety standards. On the commercial side, the Company has focused a wide variety of structures for corporate including corporate offices, convention centers, club houses.

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DION group is the most trusted real estate company in Odisha dealing with residential and commercial properties in Cuttack as well as all over the state.

"Dions River Front Phase III" is one of the developments that just really make life so much easier and enjoyable. No matter what kind of home you are interested in, you will find what you want.

Biggest River Facing Bounded Community

240 Appartments

4/3/2 BHK Appartment

Club House

50+ Modern Amenities

Aesthetic Landscape

Feeling Of Resort

ORERA & CDA Approved

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DION group is the most trusted real estate company in Odisha dealing with residential and commercial properties in Cuttack as well as all over the state.

Welcome to the next Luxurious Project of Dion Group, named Twin Tower which is desgined to make lives Hassle-free and amusing with wide-ranging Luxurios flats in Cuttuck.

[luxurioshome]

DION group is the most trusted real estate company in Odisha dealing with residential and commercial properties in Cuttack as well as all over the state.

Dion Infratech is primarily focused on residential, commercial and other types of civil projects. The Company’s residential projects include residential apartments, villas, row houses, luxury and super luxury apartments, and plotted development along with amenities such as clubhouse, swimming pool and shopping complex etc. In all its residential projects, the company lays a strong emphasis on environmental management, water harvesting and high safety standards. On the commercial side, the Company has focused a wide variety of structures for corporate including corporate offices, convention centres, club houses.

[luxurioshome]

DION group is the most trusted real estate company in Odisha dealing with residential and commercial properties in Cuttack as well as all over the state.

Welcome to the next Luxurious Project of Dion Group, named Twin Tower which is desgined to make lives Hassle-free and amusing with wide-ranging Luxurios flats in Cuttuck.

[luxurioshome]

DION group is the most trusted real estate company in Odisha dealing with residential and commercial properties in Cuttack as well as all over the state.

Welcome to the next Luxurious Project of Dion Group, named Twin Tower which is desgined to make lives Hassle-free and amusing with wide-ranging Luxurios flats in Cuttuck.

[luxurioshome]

DION group is the most trusted real estate company in Odisha dealing with residential and commercial properties in Cuttack as well as all over the state.

DION group is the most trusted real estate company in Odisha dealing with residential and commercial properties in Cuttack as well as all over the state.

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Top 10 real estate companies in Cuttack

DION group is the most trusted real estate company in Odisha dealing with residential and commercial properties in Cuttack as well as all over the state.

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1bhk/2bhk flat for sale in Cuttack, Odisha

Phase III offers you a cluster of two blocks to bestow spectacular views overlooking River Kuakhai. It is the biggest river facing bounded community towering to 11 floors, these blocks house a total of 220 flats in 2, 3 & 4 bedrooms configurations

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Top realtor for buying a new home in twin city

Welcome to the next Luxurious Project of Dion Group, named Twin Tower which is desgined to make lives Hassle-free and amusing with wide-ranging Luxurios flats in Cuttuck.

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Best real estate group in cuttack

Welcome to the next Luxurious Project of Dion Group, named Twin Tower which is desgined to make lives Hassle-free and amusing with wide-ranging Luxurios flats in Cuttuck.

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Top 10 luxury apartment in cuttack

Welcome to the next Luxurious Project of Dion Group, named Twin Tower which is desgined to make lives Hassle-free and amusing with wide-ranging Luxurios flats in Cuttuck.

[luxurioshome]

3bhk flat for sale in cuttack, Odisha

Welcome to the next Luxurious Project of Dion Group, named Twin Tower which is desgined to make lives Hassle-free and amusing with wide-ranging Luxurios flats in Cuttuck.