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|06 November, 2018

Luxury homes are best bet for NRIs

Experts tell buyers to opt for a ready-to-move-in property

Image used for illustrative purpose. Luxury boats in souq sharq marina with kuwait city skyline in the background

Image used for illustrative purpose. Luxury boats in souq sharq marina with kuwait city skyline in the background

Getty Images/Emad Aljumah

The charm of owning a property in one's homeland has always been a driving factor for NRIs to invest in Indian real estate. Understanding this need, Network 18's Global Conclave for Indian Realty (GCIR) wrapped up its second edition of knowledge series in Dubai that aimed at educating and engaging NRIs about the 'right bets' in luxury homes and the 'dos and don'ts of buying property in India'.

Held at Jumeirah Emirates Towers Hotel on October 22 in Dubai, the event was attended by marquee developers and property experts whose primary aim was to update NRIs about latest developments in the Indian realty market with a special emphasis on luxury homes. It also gave a roadmap to navigate the newly regulated sector by cautioning investors about the probable pitfalls.

In a panel discussion with Anita Kataria, senior vice-president, sales, Raheja Universal; Reeza Sebastian Karimpanal, senior vice-president, residential business, Embassy Group; Santhosh Kumar, group vice-chairman, Anarock Group Business Services; and Akash Puri, director international, India Sotheby's International Realty; it was discussed that luxury homes is the current buzzword for NRIs wanting to invest in the Indian realty sector.

The panel was led by Manisha Natarajan, an Indian realty expert, and Sudha Sharma, head of special projects, Network18, digital, who explored what the Indian market looks like for NRIs today.

Commenting on the stark depreciation of the rupee, the panelists said this is the optimum time to invest in India. In fact, they said that investing in co-living spaces and luxury homes yield a high rent value. The panel said it's ideal to rent out homes while NRIs are away as it not only generates income but is also a good asset management trick. Conversely, the place could be leased out to developers who would maintain and manage the property.

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For the first time NRI investors, experts suggested them to do a complete recce of the area, clarify all doubts with the developer and most importantly not pay up the entire house value upfront. It is also sensible to opt for a ready-to-move-in property rather than ambiguous under-construction projects.

In the second leg of the event, experts such as Virendra Adhikari, CEO, Asset India; Sunil Tyagi, co-founder and senior partner, Zeus Law; and Tanvir Shah, founding partner, Blue Triangle Capital; deliberated the 'Dos and don'ts of investing in Indian real estate post Rera'.

It is considered essential for all investors to check the Rera certificate before investing. In-depth information on all projects can be found on the Rera's website.

The experts suggested that big ticket investors should opt for commercial land while those with lesser risk appetite should consider residential properties.

Shah added that the mantra for commercial land should be "buy, add value and sell". On the other hand, for those investing in residential, Adhikari suggested to go by "buy, hold for a while and sell".

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