What NRIs visiting India quickly should think about before purchasing property

 

Non-Resident Indians (NRIs) travelling to India should think about the following before purchasing property:


• Legal Compliance: Verify that the property complies with all applicable laws and that no legal actions or disputes are still underway.


• Documentation: Ensure that all pertinent paperwork, such as the title deed, building designs, and approvals, is in order.


• Tax repercussions: Learn about the tax rules in India that apply to owning property, and be ready to pay wealth tax, income tax, and capital gains tax, as necessary.


• Respected builder or agency: To make sure the property is of high quality and in conformity with the law, think about working with a reputable builder or real estate agent.


• Exchange Rate Fluctuations: Be mindful of how changes in the value of the Indian rupee may affect your investment, as the value of your property may rise or fall based on the exchange rate.


• Maintenance and upkeep: Take into account maintenance and upkeep charges, such as security and property management fees.


• Future plans: Take into account your long-term objectives for the property, including whether you intend to sell it or rent it out, and make sure they are both feasible and successful.


• Location: Take into account the property's location, taking into account its accessibility to amenities, security, and public transit.


• Property market trends: To make sure your investment is a wise one, learn about the trends in the local property market.


• Consult an attorney: If you need help with the financial and legal elements of buying a property, think about seeing a local attorney.


• Power of Attorney: Think about appointing a trusted individual with this authority if you are unable to be there in person during real estate transactions.


• Inheritance Laws: Become familiar with Indian inheritance laws and discover how they could impact the future transfer of property ownership to your heirs.


In conclusion, NRIs should thoroughly investigate the market on brief visits before purchasing property in India.