The realty market in
"The realty market is in the midst of a slowdown and this is the right time to invest," says Kalpesh Patel, head – international sales, Rustomjee Group. "Developers are offering good deals and benefits such as flexible payment plans, subvention schemes, etc. Although demand still exists at the local level, buyers are playing a wait-and-watch game. NRIs must take optimum advantage of this situation," suggests Patel.Buying and selling
An NRI can either come to the country and buy or sell a
"For NRIs who are on the verge of retiring and planning to settle in India, this is the right time to invest," advises a JLL India spokesperson. "Social infrastructure in most of the large Indian
Once the primary residence is secured, NRIs can also use surplus funds, to invest in a second apartment and use it to generate rental income. However, they must be aware of all the bye-laws and regulations that apply to NRI investors, especially with respect to taxes, as rental income is taxable in India. It is also taxable in other nations, except in cases where a treaty exists between the two involved countries, with regards to double taxation, he points out.
"NRI investors should avoid projects by unknown developers. Numerous buyers have fallen into difficulty, by putting their funds in projects that lacked mandatory clearances and fell short of even the minimum standards of quality. Unless an NRI plans to visit India and evaluate projects, s/he should opt only for reputed developers. In all cases, NRIs should strictly verify points, such as the track record and brand visibility of the developer, the social and civic infrastructure available in the location, the amenities in the project and the timelines for possession, in the case of under-construction projects," cautions Singh.
A project that is targeted towards NRIs, is no different from other offerings in the market. A property should be evaluated, purely on the basis of its location and amenities on offer, the legal validity of its title and the developer's brand image.
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