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2022-11-21
Home Buying Guide

The Essential Checklist For NRIs Buying Property In India

The non-residential Indians prefer investing in the real estate industry in India, mainly because of the returns that are assured given the rate of development and growth. The reasons why people invest in real estate can be for a secure future or the family or to create generational assets. All these reasons are tending toward the future because of the potential that this industry has. Commercial and residential verticals of real estate, both are equally benefiting for investors especially nonresidents of India due to the affordable economy of the country and the low-interest loans.

There are specific rules to invest in real estate that can be marked by the checklist mentioned below:

Taxation policies:

When an NRI plans on investing in new projects in Dahisar, they should be aware of the tax they are liable to pay. This calculation of taxation is done in the same method for a regular Indian citizen who invests in the property. However, the benefit that NRIs have is that they can demand a deduction on head reimbursement and stamp duty, registration of the property.

Payment methods:

There are multiple channels of payments that you can use like Foreign Currency Non-Repatriable, Non-Resident External, or Non-Resident Ordinary accounts. You can also make your payments in cash or cheques from the banks if you have applied for a loan. Know which payment method can get you better discounts.

RERA registration:

As an NRI you must be aware of the property details like the RERA registration which is a validation of genuineness from the government. The RERA registration provides the property with a RERA number which ensures that the property is legally listed.

Documentation procedure:

The minute you finalize on flats in Dahisar East, you must understand that your important documents should be ready for the government procedure which includes an NRI or PIO, or OCI to be eligible for buying a property in India.

Always have a lawyer:

When living outside a country, you are bound to not keep tabs on every single law change that country undergoes. This calls for a backup and that means having a lawyer who can overlook all your decisions and processes makes a big difference. It not only saves you time at work but also gets you an upper hand in facing fewer problems to own a property in India.

NRIs face an issue in keeping real-time updates of the market and real estate is an industry that changes to the everyday demands of homebuyers. Finding the right time to make the investments that are worth and potential to increase the returns value for you in the future requires a lot of studying the Indian market. Make sure your sources of information are right.



Home Buying Guide

The Benefits of Homeownership: Financial and Emotional Rewards

Home is like an anchor in your life. it is a place where you belong where your family lives where you can feel yourself where you feel safe and at ease. Owning a home provides numerous benefits be it financial or non-financial. In a surging economy and thriving real estate industry, owning a home can be extremely beneficial. One can choose from options like luxury flats in Dahisar with world-class amenities. Although owning a home is not easy, the benefits it offers outweigh the challenges. Let us look at the financial and emotional rewards. Financial and emotional security Living in a rented home poses many risks financially as well as emotionally. Rising rentals and the risk of being asked to vacate at short notice can be stressful. By owning a home in new projects in Dahisar, one can rest assured that they and their family are firmly rooted and can live a stress-free life. The home can be your little world which you create and recreate as and when you wish. Investment and legacy building It is well known that real estate investment is one of the best means of multiplying wealth today. As one invests in a home the property appreciation promises to give high returns over time. Building a home also leaves a legacy behind for your loved ones serving as a means of pride and ownership. Flats in Dahisar East offer the ideal location and social infrastructure for generations to experience a comfortable lifestyle. Safety and security A home is where one feels safe and secure from the outside world. One thinks of their home as a place to recuperate and energize to face the world every day. It is also a safety net for your hard-earned wealth that cannot be lost. Since buying and selling property is a long process one cannot liquidate their home easily and at short notice. Wealth invested in property is more secure than liquidity. It is easy to get a loan against property on the home that is owned. Property is most preferred by financial institutions as security against loans making the disbursal easier. Smart Investment Property is a tangible asset whose value appreciates over time acting as a hedge against inflation. It is an asset class for long-term investment and helps diversify your financial portfolio from stocks, bonds, and traditional investments like fixed deposits. The importance of owning a home has become more significant after the pandemic as people realize the importance of having financial stability. Owning a property may have many financial benefits but the emotional benefits are greater. It is no surprise that owning a home is everybodys dream. ...
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Home Buying Guide

Mumbais Real Estate Regulatory Authority (RERA): A Guide for Buyers and Sellers

RERA or Real Estate Regulation and Development Act is a regulatory authority for the real estate industry. The laws in the act have laid down standard rules for the sale and purchase of properties which must be mandatorily followed by developers and builders in Mumbai. They act as a guide for property buyers to bring transparency to the property buying process. The act came into effect in May 2017 with guidelines designed to save homebuyers from fraudulent practices and boost investment in Mumbai real estate. RERA registration Under the RERA every builder and developer has to mandatorily register their residential or commercial properties if the total land area being developed is more than 500 square meters or the total number of units is greater than 8. The builder cannot market or sell his properties if it not registered with the RERA authorities. All the details of the project need to be disclosed in the public domain by uploading on the official RERA website. Calculation of Carpet Area The developer must follow the standard procedure to calculate the carpet area. The carpet area is defined as the net usable floor area of the apartment that does not include external walls, service shaft areas, balconies and verandas, and terrace areas. If the builder wants to make any changes in the initial approved plans it can be done only after acquiring the consent of two-thirds of the allottees in the project. Delivery and Updates RERA makes it compulsory for the builders to complete the construction of the projects in the stipulated time failing which they may have to refund the amount paid to the buyer or pay interest for every month till possession. The builder must provide quarterly updates about the status of the property in Dahisar East and details about the number of units sold. Standardised agreements As per RERA norms, every builder or reseller must follow a standard format for the sale agreements. Builders are allowed to alter the agreements as per the facts declared. This prevents homebuyers from getting duped by one-sided agreements benefitting the builder. Advance Payments Under RERA guidelines, the builder cannot demand more than 10% advance of the property value. The builder must enter into a written agreement with the buyer for additional payments for any property in Mumbai. Grievance Redressal If the homebuyer identifies any structural defect in the property within five years the builder must rectify them within 30 days or compensate the homebuyer accordingly. All complaints against the builder in Mumbai must be made in writing to the Mumbai RERA authorities. The RERA authority will have to resolve the grievance within 60 days. These are important RERA guidelines that every buyer and seller should know before buying a home. ...
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