Large number of NRIs are interested in owning a property in India, however finding the right intermediary and then the whole process of identifying and buying the property is very challenging for them. Considering the challenges sometimes they end up not investing in India. Then there are NRIs who have either bought a property or have inherited a property, for them managing the property is a cumbersome affair. We help NRIs with managing the entire life cycle of property in a seamless and transparent manner.
Some of our services are listed below for ready reference:
1. BUY/SELL/ LEASE OF PROPERTY
A NRI is legally entitled to buy residential and commercial properties in India without prior permission from RBI and there is no restriction on the number of immovable properties they can buy. The only stipulation is that the purchase amount must be paid in Indian Rupees through banking channels, or through NRI bank accounts under FEMA and RBI regulations.
The real estate market in India has always been an attractive prospect for many Non-Resident Indians (NRIs). Many buy land and properties in the country with the hope of returning and settling in the motherland at some point of time.
It is not that complicated for Non-Resident Indians to buy or sell immovable property in India, but there are certain rules and regulations to be followed during such transactions. Additionally, NRIs find it a challenging process because of the distance and time zone difference and lack of local knowledge on real estate market. Yes, it is true that a lot of knowledge is available digitally or through friends & family but one needs assistance in getting more updated information on micro markets or project they are planning to invest or sell. Moreover, they would also need assistance in terms of executing their wish of buying or selling of the property.
While living abroad, it is a good idea to rent out the property, especially if it’s an apartment or house instead of keeping it vacant. However, the main cause of concern for NRIs looking to rent their houses is whether the tenants may vacate their premises or not. There have been instances of tenants refusing to vacate after their rental agreements have run out. Property management companies, like us, are a good way by which NRIs can efficiently manage their properties in India and have peace of mind.
If you need any assistance in buying/selling/leasing of property, then contact us and we will be there to help you.
2. TENANT & KEY MANAGEMENT SERVICES
Tenant Management is an end-to-end property management solution clubbing together various services such as marketing your property, finding a tenant, tenant verification, assistance in drafting of rental agreement, taking possession of property from an existing tenant, inspection of property on an ongoing basis etc. In the past, renting a house was considered a simple task and the risk involved was also low. However, in recent times, this supposedly simple task has become complex and the risks involved with becoming a landlord have escalated in India. The time and effort invested in managing the property yourself is a much greater task than the cost of hiring a professional, especially if you are a NRI who resides outside the country. A professional is well versed with the rules and regulations relevant to the real estate business especially laws related to renting out a property.
When it comes to key management, NRIs usually hand over the responsibility of maintaining the property key to such person or bodies whom they can trust. Normally the keys for the property is kept either by the NRIs themselves or one of their family member or a friend. The challenge comes in deciding how to ensure that the process of leasing or selling of the property is done while the NRIs are outside India. It is always better to hire professionals for keeping safe custody of your keys to ensure that the property can be shown to the prospective tenants or buyers or for maintaining the property on a regular basis while you are abroad. All you have to do is reclaim the key when you come back and it’s done.
We provide you with Tenant and Key Management services to make your life hassle free. If you are a NRI who wants assistance in tenant management of your property in India, please get in touch with us.
3. PROPERTY MANAGEMENT SERVICES
Residing in another country and handling property in India is impractical and challenging for NRIs. NRIs who have real estate assets in India and live abroad or those Resident Indians who are moving to a foreign country, require a reliable source in managing their property located in India. Some of our Property Management Services are:
Renting/Leasing – we will find the tenant if you want to let out
Tenant background verification and rental agreement
Bill payment – RWA bills, utility bills
Handling queries of tenant and coordinating for any minor repair if required
Regular inspection of Property (if required)
Facility Management services
Screening for good and reliable tenants, preparation of rental documents, periodic property inspections, assistance in eviction of tenant for breach of the rental agreement, finding new tenants, possession assistance being a few of the property management services that are usually provided while managing property.
Our Property Management services are intended for NRIs who have property in India but they live in a foreign country. We assist you with property management so that your time and energy is saved from this tedious and cumbersome process.
4. PROPERTY DOCUMENTATION
In the recent past, norms governing Non-Resident Indian (NRI) investments on property in India have been eased. As RERA has become a reality, investments in real estate are likely to rise further. However, NRIs still have to do more compliances than resident investors. NRIs need an Indian passport or an OCI card to invest in property in India. They also need a PAN (permanent account number) Card as they will be expected to file income tax return, if they have rented out the property or capital gains tax on sale of property.
It is a complex process to understand and arrange all the documents that are needed for buying or selling a property in India, therefore, it is advisable to take professional help, especially if you are a NRI.
If you are a NRI who is confused with the process of property documentation in India, then don’t worry, we are here for you. Just contact us and we will be there to assist you soon.
5. INTERIORS OF A PROPERTY
Thanks to new real estate rules, buying a property for a Non-Resident Indian (NRI) is easier than ever before. Anyone with an Indian passport or an OCI card can invest in Indian real estate, given that the property is not an agricultural land, plantation property or a farmhouse. But renovating and furnishing your property in India is difficult when you are living in another country. It is not only a time consuming process but also challenging to manage the vendors/ contractors from a distance.
If you want assistance in the renovation of your property, while you are still outside India then we are here to watch over the complete interiors work. Designer, architect, contractor, we provide them all and make sure you have a fully furnished home when you come back to India.
If you are a NRI who needs help with the interiors of their property in India, then you’ve come just to the right place. Get in touch with us and we will contact you soon.
6. HOME LOANS
NRIs are eligible to take home loan from an Indian lender for buying a property in the country. It is easily available and often comes with special schemes from various banks. However, different lenders may have restrictions on the countries they are allowed to deal with or the profile of the NRIs they lend to.
Depending on the bank you’re applying in, financing is available for construction, purchase and renovation of a house or a flat. Home Loans are also available for purchasing land for residential use that should not be agricultural or farm land in India for a NRI.
It is always ideal to hire an experienced professional who will assist you in shortlisting the right institution based on your requirements, paperwork and disbursement of home loan. If you are a NRI who needs assistance with all matters related to home loans for a property in India, get in touch with us and we will assist you.