Property

5 PROPERTY BUYING TIPS FOR NRIS IN AHMEDABAD

There are plenty of real estate opportunities in India to attract foreign investors and the city that tops the list is – Ahmedabad. A thriving centre for trade and commercial activities in Western India, Ahmedabad is home to several chemical, pharmaceutical, and IT companies. The city gets a lot of economic contribution from the dairy, gems, engineering, petrochemicals and biotechnology sector. Moreover, it has several top hospitals, institutions, and top-class infrastructure that make it an ideal destination to invest in.

Here is the list of certain tips that you as an NRI should follow while investing in a property in Ahmedabad.

  • Research the local market well

 You should do thorough research of the local market before planning to invest in Ahmedabad. This will help you learn the facts and figures pertaining to the real estate sector right at the grass-roots level. When planning an investment in a country where you don’t reside, you must check the real estate prices going back a few years. This will help you spot potential areas to invest in based on price increase and demographics. Once you select the best places for investment, check the social and civic amenities in the proximity of the projects on your list. Remember to check for convenience stores, malls, hospitals, and schools. Then you can do a comparative analysis for the projects you have short listed to finally pick the one that works for you.

  • Compare different developers

 Finding the right developer and a value-for-money project will prove very advantageous for you in the long-run. This is because in case you want to keep your flat vacant for some time, you won’t have to worry about its safety, courtesy security your developer will guarantee you for the property you are buying. Moreover, in case you wish to put your apartment for rent, then getting a good tenant won’t be a problem if your project boasts of good amenities.

So, look for the top developers in Ahmedabad, compare them based on their history, reputation and past projects and then choose the best one. Along with selecting a good developer, you should also check whether your builder has full ownership of the property you are buying. If need be, run a legal check on both the property and the builder to be sure of their reputation and completion timelines. When you are looking for a property in Ahmedabad, you can consider Godrej projects. The most preferred among these modern projects is Godrej Garden City, as it offers well-equipped and spacious houses that cater to diverse income groups.

  • Understand government guidelines

As per government guidelines, an NRI can visit India to sell or buy property. However, to save yourself the hassle of visiting India every now and then after the purchase or to make the purchase happen if you are busy overseas, you can give a Power of Attorney (POA) to your relative or legal representative so that they can carry out any legal proceedings on your behalf as and when required.

  • Fund your purchase

 As an NRI, you are also entitled to get a home loan to fund your investment. Once you have finalised the property, you can purchase it using home loans from Bajaj Housing Finance Limited. This loan can get you funding of up to Rs.3.5 crore for the purchase of your property. Moreover, you can enjoy benefits such as nil prepayment charges, minimal documentation, property search assistance, and property dossier along with the hefty sanction. Additionally, with a home loan to your credit, as per Indian Income Tax laws, you can claim deductions for both the principal and interest repayment on your home loan under the provisions specified for NRIs.

  • Keep the required documents ready

As an NRI, there are certain documents that you need to submit to invest in a property in Ahmedabad. To increase the transparency of transactions, you can open an NRI account with any financial institution in India. The main documents that you need to submit are an Intimation of Disapproval (IOD), Commencement Certificate, PAN Card, passport, income certificate, bank statement, Visa copy, Sale deed, and address proof.

To invest in the best property in a developing city like Ahmedabad, follow the above-mentioned tips and facilitate the whole transaction with a trusted developer. When you have decided to fund your property in Ahmedabad, you can check your pre-approved home loan offer from Bajaj Housing Finance Limited to get funds instantly and hassle-free.