Investing in real estate is one of the most popular ways to save and grow your wealth. But before you jump into it, you need to ensure that you have a thorough understanding of how the process works, what to look for and what you can expect from your investment.
Here is a checklist for NRIs before investing in Real Estate in India:
1) Understand the market well.
2) Do your research on the property you want to buy.
3) Check if there is any other investment available with better returns than this one.
4) Compare prices of different properties in different locations and check if they are within your budget range or not.
5) Check if there is any additional cost involved during registration of property such as stamp duty or registration fee etc., which may change depending on location, type of property etc., so make sure that you are aware of all these costs before investing in a property so that you don't feel any financial loss later on after buying it at higher rate than actual price because of some hidden costs involved during registration process of property.
Tips and a checklist to follow before making the final choice:
Newcomers to the Indian real estate market often make the same mistakes. These mistakes can cost you a lot of money and time.
Checklist To Follow Before Making The Final Choice
Hire a lawyer:
Your lawyer will help with all legal formalities, including getting a home loan, filing for taxes and documentation. A good lawyer can also guide you on how to invest and what kind of property is best suited for you.
Payment of tax:
There are several types of taxes that you need to pay when investing in India. These include Capital Gains Tax (CGT), Securities Transaction Tax (STT) and Luxury Tax among others. You should always ensure that your lawyer is well versed with these taxes so that they can guide you appropriately.
Documents needed:
The first step towards buying plots in Lucknow is obtaining all required documents from the seller such as address proof, PAN card copy and Aadhar Card copy etc., which would help in proving ownership of the property legally if there's any dispute later on. It's important to have these documents ready before making an offer on any property because most sellers won't allow potential buyers without them.
Down payment:
Make sure you have enough cash to make the down payment. If you don’t have the full amount, then look for a loan which will be repaid in monthly installments.
Option to go for mortgage:
If you are buying an apartment or land, then it is better to opt for a mortgage. This way, you can get your home loan sanctioned easily and your property will also be protected from any kind of fraud during construction.
Know your property type:
There are various types of properties available in India such as apartments and villas. Before making any final decision, make sure that you know all about the type of property you want to buy.
RERA status:
Before buying any residential property in India, make sure that it has been registered under RERA (Real Estate Regulatory Authority). This ensures that there are no issues with the title deed or legal disputes over ownership or possession of the property.
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