Non-resident Indians are essentially one of the most active investors in the Indian real estate market. However, one of the biggest challenges that this buyer group experiences in this regard is the entire process of effective management of the properties they own thousands of miles away from where they actually reside.
NRIs who intend to efficiently manage their flats in Lucknow or in any other part of the country, the following approaches can help you remotely make sure that your property is maintained in good condition and all your legal obligations are fulfilled at all times –
• Choosing the Right Property
With a host of online real estate portals that come with a reputable backing, it is easier for NRIs to browse through various projects and identify one that suits their preference, budget and quality standard. Identify whether you are looking for a fresh project or one that is one resale. In today’s day and age more than a fair share of builders choose to venture into NRI specific projects due to relaxed FDI norms and the improvement in construction standards.
• Leveraging the Power of Social Media
Truly assessing the reputation of a builder or a specific project can be challenging if you aren’t really living in Lucknow. Most of the reliable construction houses will have active social media profiles that provide all the information you need about the company, its past and ongoing projects and is reputation on the whole. Builders that are transparent enough to be active on social media may hold more promise that the one that are not.
• Assign a Power of Attorney
Especially if you aren’t in the position to make frequent visits to India, it is recommended that you execute a power of attorney and make someone you trust your legal representative in India. Most NRIs will have family members, close friends or extended families that they can trust. A person with a Power of Attorney assigned by you will be able to execute various deeds and also represent you when communicating with builders and other stakeholders.
• Making Payments Through NRE Accounts
Some of the less reputed builders may expect that you provide upfront cash payment. However, it is strongly recommended that you pursue any real estate transactions in a transparent manner. Use your NRE account to make any property related payments to the builder. Also maintain records of all the payments you have made in case you need to present these in case of any unwanted disputes with the builder.
Finally, keep a Regular Check on your Property. Spend time keeping tracks on the latest development of the project you have invested in. Also have a friend or a relative track the progress on ground if possible and make sure that the builder constantly keeps you in loop. You may also consider buying in a project that is nearing completion or has already completed. This provides an additional security towards your investment.