Tips to Buy Property in India

Buying property in India is a fantastic idea for anyone looking to invest. The last few years have been good to India’s economy and as such, real estate development has advanced at a prodigious rate. The best part of all this is the prices. According to the Economic Times, the majority of major Indian cities have seen very little in the way of price changes within the last six to twelve months. There have even been price decreases by small percentages in cities like Delhi and the surrounding NCR region. The only places to be wary of are cities to the south like Bangalore and Hyderabad, where there have been some significant price increases, up to 24 percent in some places.

 

However, there is more to buying property than just looking at how much your desired purchase costs. As such, here are a few tips you should think about when on the hunt for new property anywhere in India.

 

Planning and Research

When it comes to buying property of any kind, you can’t just go out, point, and expect to make a good purchase. You need to be prepared to spend some serious time looking. You can certainly be lucky in some cases. It's possible to find something that fits all your desires while staying in the budget within a short period of time, but that’s rare. You’re much more likely to spend multiple weeks and months searching before settling on a purchase, and that’s not necessarily a bad thing.

 

Regardless of how long you would like to search, you need to make sure you spend ample time planning out what you want and researching all the options available to you. My Estate Point suggests you begin your planning by finalizing your decision on the type of property you wish to buy. Are you looking for something residential to move into? Are you looking for a long or short-term investment property? Are you looking for commercial space to rent? Once you’ve figured out what you want, you’ll need to spend a lot of time researching the market in the area you wish to buy. You will also need to keep up with current trends if you have any hope of getting the best possible deal.

 

Thankfully, there are a lot of options open to you across the country. From multiple new projects in Gurgaon by Unitech to older developments farther south, you can find places to buy or invest in across the country.

 

Residency Requirements and who can Purchase What

Whether you’re a local looking for new property or an NRI coming back into the country, there aren’t any particular restrictions against what you can or can’t buy. There might be some restrictions when it comes to payments, loans, or other financial issues, but if you spend time researching them, they shouldn’t pose a problem.

 

On the other hand, if you’re a foreigner looking to buy property in India, there are many more hoops for you to jump through. If you’re looking to invest in property through the recently opened REIT’s (Real Estate Investment Trust), you’ll have to become familiar with specific rules and regulations. However, if you wish to just purchase immovable property in India, you need to be considered a “person resident in India.” According to the UK Government, you need to meet all the requirements for the resident label along with meeting any requirements laid out by State Governments, City Governments, and any other local authorities. Additionally, the type of visa for which you qualify can play a big part in what you can do. Again, take your time to do your research.

 

Fees, Taxes, and Paperwork

Once again, your best bet to ensure you don’t get surprised by fees and that you have all the necessary paperwork is time spent researching. Buying property isn’t just a simple matter of paying the listed price; there are always additional fees, taxes, other payments, and types of paperwork needed. While you can go about finding all the info yourself, India Incorporated suggests procuring a lawyer to help advice you on all the forms and fees you need to deal with.

 

Vaastu and Feng Shui

An important, yet often overlooked aspect of buying property is whether your purchase adheres to Vaastu or Feng Shui. Of course, if you don’t follow either, then it doesn’t matter. But for those of you who do adhere to either practice's tenets, it’s critical to ensure the property you want to purchase adheres as well. Window 2 India highly suggests taking an expert with you to the property site to inspect and advise you on whether the property fits guidelines. Alternatively, you can inspect the building plans yourself (if you’re familiar with what to look for) to look for any breaches of Vaastu or Feng Shui guidelines.

 

No matter where or what you want to buy, your best friend is patience and research. Don’t be afraid to take some extra time before buying to spend a few additional days researching. That time can help ensure you find the best piece of property for the best deal around.

About The Author:

The Author is a real estate advisor based out of Gurgaon and is associated with leading developers like Unitech and has written a lot of articles on acquiring and selling of properties including premium plots such as Unitech projects in Gurgaon. He has years of experience in the real estate sector and has been actively involved in construction business as well.