Everything You Should Know Before Buying Property in India

According to India Brand Equity Foundation (IBEF), India's Real Estate Sector will reach US$ 1 Trillion in Market size by 2030. It proves that the real estate sector is thriving. So, buying properties in India is worth considering.

This blog will explain why you need to buy property in India, factors to consider before buying, A Guide for NRI, Legal Process of buying property in India.

Benefits of Buying Property in India

• Properties in Urban Areas usually have increased value. Their value increases over time, and you can gain more profits by selling or renting out your property. When you are renting out your property, you can earn consistent money.
• It is a safer investment option when compared to the Crypto and Stock markets.
• As the process of investment in Real estate is well structured, there is minimal or no risk when investing in the Reputed Builders project.
• When you invest in the property, you can save your taxes to an extent.
• These are all benefits when buying property in India.

Factors to consider before buying Property in India

• Before buying the property, you should know the purpose of the property that you are buying. It can be for generating passive income via renting out or for end use. By knowing the purpose of buying, you can choose the ideal location and the budget.
• Choosing the ideal location before buying the property is essential. If you are looking to generate income from the property or premium lifestyle, choose Urban Areas. These areas have access to several facilities and can make the residents' life comfortable.
• It is best to buy properties from Reputed Developers to reduce future risks. So, make sure to check the reputation of the developers.
• Buying property that has connectivity to other places is vital. When you buy property in India, consider the connectivity of that place to nearby places to make it more comfortable for you.
• If you are looking to gain more profit from your property, you need to check the Rental and Resale Property.

How to Buy Property in India for NRI

As the Real estate sector is booming in India, NRI shows more interest in buying property in India. NRI can invest in any immovable properties except agricultural land, Plantation, and Farmhouse. If you are NRI and looking to buy property in India, make sure to follow these procedures.

At the time of registration, you should be present for signing documents, etc. If not, you will need the Power of Attorney (POA). POA can allow your trusted person to deal on your behalf. To transfer the POA to the trusted person, you need a valid POA Document that you can get from the Indian Embassy of the country you live.

Once you get the POA Document, you can send it to the trusted person and complete the buying process.

Legal Process of Buying a Property in India

• First of all, you need to verify the existence and validity of the property. It must be free from mortgages or any unpaid dues.
• Verify the seller with the help of a PAN Card, Aadhar Card, etc. If the seller is an organization, verify them with the help of TAN Number, Company Registration, etc.
• Check out the documents related to the usage of land.
• If you're planning to buy ongoing construction Property, check out the layout plan.
• Verify whether the seller has Occupancy Certificate (OC).
• Visit the property and check whether the measurements are correct.
• Ask the seller for copies of the No Objection Certificates issued by various departments.
• Only buy the property that is registered under your state's RERA.

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