Anuradha Paraskar, the senior vice president of marketing and sales at Lavasa Corporation, a 500 billion rupee (Dh29.7bn) hill city being built in Maharashtra, says Indian expats should consider these five factors when buying a property in India.
1. Locality: Consider the property's proximity to transport hubs, schools, hospitals, markets, the central business district, entertainment centres, hotels and restaurants. Also assess the local pollution levels and safety records of the neighbourhood.
2. The build: Make sure you are up to speed on the construction quality and infrastructure. Also what is the reputation of the seller? This is particularly important if it is a new developer.
3. The costs: Calculate how much the property will really cost. Factor in price, stamp duty, registration charges, transfer fees, monthly outgoings, maintenance charges and costs of utilities.
4. The profit: Assess the potential resale value or potential rental income of the property to weigh up the true value of the investment.
5. The upkeep: NRIs should also consider the management of the property. Will it be professionally managed? Will facilities management be made available to tenants and how secure is the property?
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