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Why Wellness Real Estate Is India’s Next Big TrendPurchasing property in India can be an NRI’s dream fulfilled – it could be a part of one’s homeland, a safe investment opportunity, or a holiday destination in the future. However, many NRIs make common mistakes that could make their “dream” a “nightmare.” Research is required before purchasing any land.
1. Not Verifying the Land Title and Ownership
Purchasing land without properly verifying the title documents is one of the most common mistakes made by NRIs. There may be disputes over title papers or legal issues associated with them.
Tip: Always check the original title deed and encumbrance papers and any pending litigation on the said property. Get a lawyer to check its validity.
2. Ignoring Local Regulations
Land in India is governed by various rules regarding zoning, uses, and construction, which vary from state to state and even municipality to municipality. At times, NRIs fail to account for this and find themselves in a tricky situation later on.
Tip: Check if the property is a residential, commercial, agricultural, or restricted one for NRI purchase. Take advice from local sources before signing any agreement.
3. Skipping Physical Inspection
Most NRIs rely on pictures, videos, or an agent for property evaluation. This may prove dangerous since the property may have disputes, boundary problems, or may not even be suitable for construction.
Tip: If possible, visit the property yourself or appoint a representative to view the property in-person.
4. Overlooking Future Development Potential
Purchasing land without a concern for its connectivity and infrastructure can reduce its value. It may look ideal today, but it may remain so or become a difficult-to-sell land property in the future.
Tip: Make sure to check out local developments, roads that are going to be built soon, utilities, and the surrounding area expansion before.
5. Relying Solely on Agents or Relatives
Though these recommendations from agents or family members are useful, NRIs can sometimes rely solely upon them. This can cause miscommunication and even deception if not checked.
Tip: It is essential to validate all details independently. Please seek legal and property counsel.
6. Ignoring Tax and Compliance Rules
NRIs must comply with Indian regulations for land purchases, including FEMA guidelines, remittance limits, and tax obligations. Skipping this results in penalties or lawsuits.
Tip: Get legal and professional advice on NRI property laws from a tax consultant or Genuine Plots.
Conclusion
Buying land as an NRI can be a rewarding investment, but due diligence, research, and legal verification must go into it. Steer clear of these common mistakes and seek professional advice for an informed decision-one that will surely help you protect your investment and your peace of mind.