Internet Alone is Not an Answer for NRIs to Buy Property
Aug 25, 2018 Real Estate News
It is a good decision for non-resident Indians (NRIs) who thought to invest in property for maximum return on investment (ROI). Plus it is risk-free, safe and immovable. Also, NRIs feel connected to their origin. So, the next step is to search properties online and make a deal for the best one. Is it? Well, it is always a debatable point whether relying on an online platform entirely is safe or not. There are several other factors that NRIs must consider before finalising a deal.
NRIs have a keen interest in real estate in the Indian market. Knowing this fact, Developers have chosen an online platform to make good sales. They stage up their properties so that potential buyers can take a virtual tour of the property and make a deal. Several NRI buyers choose to contact developers directly online. Major developers have claimed to sell luxury properties online. NRIs believe it is impractical to visit a property physically and also it is not always possible to do so.
However, the online medium needs to be complemented with the offline medium. NRIs, after registration online, should research location, development and about the company. They should seek the help of local advisors and consultants at least through calls if not meeting personally. Besides, NRIs do not close a deal before consulting with their friends and family who live in India. They need local guidance to understand the developer's past transactions and performance. Digital marketing can be misleading and hence local presence to some extent is required, be it through a consultant.
NRIs have a keen interest in real estate in the Indian market. Knowing this fact, Developers have chosen an online platform to make good sales. They stage up their properties so that potential buyers can take a virtual tour of the property and make a deal. Several NRI buyers choose to contact developers directly online. Major developers have claimed to sell luxury properties online. NRIs believe it is impractical to visit a property physically and also it is not always possible to do so.
However, the online medium needs to be complemented with the offline medium. NRIs, after registration online, should research location, development and about the company. They should seek the help of local advisors and consultants at least through calls if not meeting personally. Besides, NRIs do not close a deal before consulting with their friends and family who live in India. They need local guidance to understand the developer's past transactions and performance. Digital marketing can be misleading and hence local presence to some extent is required, be it through a consultant.
Quick Tips
- Choose the right property online: There are now plenty of options to choose property online as developers are keen to attract NRIs investment in their properties. Even some websites have a provision for NRI corner.
- Use social media wisely: Many reputed developers use social media to update about their projects. Wisely choose the developer who maintains transparency using the social media platform.
- Make payment through NRE account: This maintains transparency and keeps a record of all payments made for the property.
- Keep track of property completion: Network with fellow buyers to track the recent development of the project.
Remember
Online platform for NRIs should be a starting point for property purchase. Use this platform to connect and communicate. Developers use ads and virtual tour to promote their properties. NRIs should hire a local agent to cross-check and verify the property in actuals. Groundwork is necessary to verify the construction quality of a property.Looking for property portal?
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