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Tips for NRIs to Invest in Residential Projects in Gurgaon

Over the last five years, property prices in India have touched the pinnacles significantly. Nevertheless, for the Non Resident Indians, slight increment owing to the reduction of the rupee against the dollar has played the major role. And this has made investments in India’s real estate sector extremely lucrative for them. Also, as the Union Cabinet has approved the real estate regulation and development bill, the investment in property is becoming more and more transparent as well as better in respect to consumer interest.

NRIs investment

While planning for investing in residential projects in Gurgaon, every NRI needs to go for ground checks. First-of-all, check the nature of the property as according to the guidelines of the Reserve Bank of India, an overseas investor can’t purchase any farm land or agricultural land in India. Secondly, check all the legal documents prior buying the land. In the past, it has been witnessed that NRIs have invested on agricultural land for residential projects without any approval from the government of India. In this case, contracts have been cancelled. Therefore, the best possible way can be investing in new residential projects. Gurgaon is flourishing with different residential projects, where investing is quite profitable.

Below are some important points to keep in consideration before investing in any residential project.

Checking the legal papers: First of all, it is very important to check all the papers, such as all the clearances by law, clean papers from environment and municipal sectors and others. In case of under construction projects, ensure the safe investment with these documents. Also, advisable is the use of the lawyer services to approve the claims as this will cover all the legal aspects.

The purchase documents: A sale agreement is drawn for Rs. 50 stamp paper with the mention of the advance payment, final amount, and time limit to pay the due amount with the complete details of installments.

Taxation matters: Besides registration cost and stamp duty, service tax is charged on the transaction, but it depends on the nature of the property. In case, you are planning to invest in the property constructed by a builder, service tax of 12.36% on 25% on the total price needs to be paid.

One of the preferred investing destinations for NRIs are the plots by Vatika in Sector 82, which are free from all the legal hassles.

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Why Conducting a Research Is Important before Buying Property in Gurgaon?

Today, the real estate in Gurgaon is growing at a tremendous speed due to the new residential projects. Gurgaon has a huge variety of residential options, which provides you an ample number of choices to buy or rent properties.

You can easily find 1 bhk, 2 bhk, 3 bhk and 4 bhk houses in Gurgaon, along with penthouse and luxury homes in Gurgaon. So, whether you are planning to buy your dream house, a second home or just willing to invest, buying a property in Gurgaon is a great experience, but at the same time a cautious job. Before buying a home, you might have decided your budget, but that’s not all. You need to research more before investing in any property in Gurgaon. Here’s a short checklist to make your work easy.

Steps to Help You Decide Before You Buy

  • Know the options: Once you have decided to invest in the property, check the options. As per your budget, choose the type of flat that might range from villas to 3 bhk flats in Gurgaon. This should depend upon your budget as well as the number of occupants.
  • Know the builder: Now when you know the type of flat you want, check different builders in your preferred area. Check the builder’s track record, about the property as in if all the legal formalities and necessary government approvals like license and permissions are sanctioned or not, make sure property is free from all types of claims and mortgages. Also, search about the financial stability of the builder and see the past projects.
  • Know the sole property proprietor: It is not necessary that you get the property from a builder; several dealers and sole proprietors are there who work as a middle man. Make sure you check about them as well before finalizing the deal.

Apart from the above mentioned points, ensure that it is safe to invest in the property; for example, no family dispute against the property, no third-party claim and no silent agreement should be associated with the property. Moreover, ensure that you deal only with a reliable dealer and each and every procedure moves a step forward only after your assurance. In order to buy a house without any problem, it is very important to go for a thorough research before purchasing the property.

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Ready To Move Independent Floors: A Better Option for Investment

Nowadays, in real estate market, there has been an increasing trend in investment for independent floors. An independent floor is comparatively expensive than an apartment of the same size, specifications, and location because developers find it expensive to build less number of floors. Even then, around 40% of first-time home buyers have a preference for independent floors, while the remaining 60% still prefer apartments. The trend is popular in Gurgaon. Vatika Group has developed a number of ready to move floors in Gurgaon. The price of an independent floor is more than an apartment but less than a villa. So this way, it provides a good option for affordable housing in Gurgaon.Ready to move floors in Gurgaon

Basic Advantages

  • An independent floor can be remodelled, provided the building layout is not changed. In a floor property, there is a greater degree of freedom as compared with an apartment. A certain portion or the entire floor can be reconstructed.
  • An independent floor gives a sense of space, especially if you choose the ground floor.
  • Floors are low rise buildings, with maximum 5 floors or less. But there are certain projects by reputed developers developing large number of floors depending on the clearances of the project. For example, there are various projects offering floors on NH 8 Highway Gurgaon by Vatika Group.
  • In floors, a single dwelling unit is provided per floor. This gives a single family to enjoy the entire floor to itself. It also provides greater privacy.
  • The USP of independent floors is that you become an owner of an independent unit but at a much cheaper rate compared to independent villas or bungalows. You enjoy a better lifestyle at limited costs.
  • “Your own personal floors” – This is the best way to describe an independent floor and it is for people who love independent living.
  • Floors are usually available with proportionate freehold ownership of the plot and hence a better bargain than an apartment.

Nowadays, many real estate developers are launching independent floors with gardens, roof terraces, and basement in gated communities, to lure buyers. This is a niche market and the number of takers for this segment is gradually increasing.