Investing in Real Estate is bound to bring good returns in future for NRIs. NRIs might prefer to invest on plots so they could build their dream home with all the luxuries they want later, but it is not a very clever investment. Because in India, we have encroachment threats. Most NRIs prefer to invest in gated communities to overcome these issues. Here are 10 things that every NRI planning to invest in Chennai should be aware of –
1. Plan when and where you would want to settle down
Firstly, when would you want to return to India? Further more, where would you want to settle? Will your employment criteria be met? How old would your children be when you move to India? Get answers to these questions before you decide on moving back to India.
2. Location of the Property
Before buying a property, invest your time in researching on various localities in Chennai. Popular localities include Adyar, Velachery, Old Mahabalipuram road, Maraimalai Nagar, Porur, Nungambakkam, and Tambaram. Each area has its own charm and choosing the right area could play a huge role in having your dream home.
3. Cost of living
Cost of living plays an important role in property decisions. Chennai has always been one of the less expensive metropolitan cities. With a CPI (Consumer Price Index) of 24.1, the lowest in India, Chennai is a good place to settle in the future.
4. Connectivity and Transportation
Transportation and connectivity are very important in reviewing your investment decisions. Chennai is very well connected with all the major cities in India as well as the world. Chennai has a good road transport system with frequent bus services; both inter-city and intra-city. It also has a good railway system with a metro-rail project coming up.
5. Crime rates and Safety index
With a crime index of 42.53 and safety index of 57.47, Chennai is one of the safest cities in India. So you can be assured of a safe and peaceful living upon return.
6. Pollution Index
With a pollution index of 75.33, Chennai is one of the least polluted cities in the world. If you wish to live in a safe and clean environment, Chennai is the place for you to live in.
7. Employment opportunities
With Chennai being the automobile and manufacturing hub of India and rapidly becoming an IT hub as well, there will be no dearth of employment opportunities in Chennai.
8. The funding for the property investment
The mode of funding your investment is equally important. If you are thinking of taking a housing loan then compare the interest rates among the Indian banks and foreign banks. Payment mode such as paying through cash, electronic transfer or cheque should also be decided after weighing all the options.
9. Power of Attorney
Assigning a confidant as the power of attorney in the presence of a lawyer is ideal for NRIs. Once PoA is assigned to a party of your interest, he/she is authorized to sign all transaction documents in your absence.
10. Tax benefits
N.R.I.’s investing in Indian properties could expect tax reduction up to Rs. 1.5 lakh on their properties. Thereby, a wise decision for an NRI would be to invest in real estate.
A good home is where you are happy and enjoy every moment. Investing in the right place at the right time will reap tremendous benefits in the future.
If you are looking to invest in a property in Chennai, Urban Tree Properties has all the answers for you! Our world class amenities and luxury apartments at affordable prices, will make you fall in love with our homes. Visit www.urbantree.in for more details.