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Property Booking

How do I choose the right Property for Residential booking?

Before investing in a Property or Project of your choice, you must also look into the availability of the basic amenities such as connectivity of the place, power, water, sewerage, etc. It is crucial to look into 360-degree aspects around the property. The overall infrastructure, scalability of the project, Hospitals and School nearby. The buyer should also meticulously check the builder's credibility, goodwill, years of experience, number of projects completed and delivered, associated banking partners and the loan flexibility involved.

Is this a viable option to invest in Tier-II cities?

Over the last 10+ years, there has been a sea change in the overall development of Tier-II cities. Cities like Bhubaneswar, Indore, etc. have been significantly transformed over this period. With developments in the technology sector, Tourism, Healthcare, Education, etc., economic growth has been very prominent. It is for this reason that there are many opportunities to come up in these areas. It is always a visible option to have investments made in these cities considering the property appreciation value in the coming times.

Is it advisable to book a property through agents or developers?

Property investment is the most risk-related investment as there are many agencies who are fraud and uninformed. With low-cost solutions and very personalized service, these fake agents get the attention of the property buyers but eventually, they mislead the buyers. Therefore, it is always to opt for developers who have more than 25+ years of industry experience. With a greater network base, market credibility and real-time information, with RERA registered trusted developers, buying property become a great experience.

What are Property Buying Parameters?

The essential parameters for Property buying are:

  • Property Developer's years of experience and market reputation?
  • In the case of new and ongoing projects, whether the project has obtained RERA registration?
  • Whether all the required approvals are in place?
  • Whether the project is an under-construction or a ready possession Project?
  • Whether there is any encumbrances/ litigation with respect to the land on which the Project is being constructed?
What are the important documents to be checked before buying a home/property?

Documentation is most important in the home buying process. It is advisable to get professional legal help to help you verify the validity of the documents. Once you have confirmed and agreed on the home of your choice, it is necessary to check up on some important documents closely before proceeding further. Check out the approved layout plan, the building plan, ownership documents, etc.

NRI Corner

Are foreign nationals of Indian origin allowed to purchase immovable property in India?

Yes, foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India

Do non-resident Indian nationals require permission of Reserve Bank to acquire residential / commercial property in India?

No permission is required by non-resident Indian nationals to acquire immovable Property in India

What should be the method of payment for purchasing residential immovable property in India by foreign nationals of Indian origin under the general permission?

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India

In what way the Non-resident Indian can finance the flat?

The purchase of the flats can be financed from the fresh remittance through the normal banking channels or from payment from original non-resident account or from Non-resident (External) Accounts. Non-resident Indians who are citizens of India (India Passport holders) are eligible for housing finance for the acquisition of an immovable property or construction of a new house, or a flat for their occupation or for that of their family in India. But the HDFC also considers granting of loans to non-resident Indians even if they are abroad, provided a family member of his or her in India is made a co-borrower and a power of attorney is given to his representative in India.

Non-resident Indians are staying abroad can the property be purchased through the agent or through the Power of Attorney?

The non-resident Indians who are staying abroad may enter into an agreement through their relatives and/or by executing the Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or Developer, drafting and signing of agreements, taking possession, etc.) These formalities can be completed through some known person who can be given the Power of Attorney for this purpose. Power of Attorney should be executed on the stamp paper before the proper authorities in foreign countries. Power of Attorney cannot be drafted on the stamp paper bought in India.

Can the rental income from such property be remitted outside India?

No. Such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property.

What is the approved method of sending remittances into India?

The approved method of sending remittances into India is through normal banking channels.

Can such residential property be given on rent if not required for immediate residential use?

Yes

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