The Silicon City ‘Bengaluru’ is not just a preferred investment destination amongst domestic homebuyers but has also become a prime attraction center among NRI buyers in the last few years. A recent survey has also revealed that around 31% of NRI buyers consider Bengaluru when it comes for a luxury or ultra-luxury residential investment. The main reason behind this is lower average property price as compared to cities like Mumbai and Gurgaon. Another reason is strong policies implementation like RERA, GST that acts as an added advantage.
Besides this, Bengaluru is home to a plethora of housing options that include high-rise luxury apartments to plush villas as well as independent homes. These units are located all across the city from East to West and North to South. However, there are certain factors which must be considered by NRIs before investing.
Take a look:
The city is full of many premium localities that offer the best and the most luxurious properties, especially for the NRI buyers. These localities are not only well-connected to other areas of the city but at the same time are also equipped with affluent social and civic infrastructure. Some of them include Indiranagar, Whitefield, Koramangala, Sarjapur Road, and Mysuru Road. Few localities that fall nearby Kempegowda International Airport are also favourable amongst NRIs. Moreover, in recent years, many new localities like Thanisandra Road, Jayanagar, Bellary Road, Sadashivanagar, and Hennur Road have also emerged as a popular residential destination among investors.
No Legal Dues
While buying a resale luxury property, NRIs must check that the property should be free from any legal issues, which should not create any menace in the later stages. Also, make sure that the property owner must present the original title deed that proves their right to sell the property. Check all documents carefully as it is not possible for NRIs to travel every time in case of any legal hassles.
Project and Developer Background
In case, an NRI is investing in a project, then he/she must check the background of the developer, their record of delivery, any legal issues in Karnataka RERA or consumer court, quality of construction, etc. Also, ask for all the mandatory approvals and certificates from them during the signing of property papers. This helps in selecting the right project with the right developer. Developers like Prestige, Embassy, Sobha, Mantri have a good reputation as well as track record in the Bengaluru property market.
Help from Property Portals
Searching for the right property is one of the most common problems that the majority of NRIs face. The reason is no time for frequent travel and improper guidance that leads to improper investment decisions. However, with the arrival of property portals, this problem has lessened. With the help of property portals and their innovative approaches to serving clients, an NRI buyer can easily look for the right property at good location, neighborhood, and surrounding. Not only this, these portals are home to a plethora of listings like ready-to-move-in and under-construction properties, luxury apartments, independent houses, plots, penthouses, serviced apartments, studio apartments, and villas. One can also check the price, trends and future potential of the locality. The presence of property portals has provided major relief to NRI buyers that help them in striking a right deal.
So, if you are an NRI then keep all the above factors in mind and make a wise investment decision.