For many real estate investors, the recent election results have doubled as a new vote of confidence for the Indian residential property market.
As NRI investors begin to analyse potential areas and markets in which to buy, the task of finding that perfect investment property is the next step. But while market fundamentals make it easy to analyse the potential of an area, what’s the recipe for finding the perfect income-producing property?
Have a vision
Establishing what you want out of an investment property in India is an important first step. A great way to do this is by writing down what you don’t want from a property (e.g. a resale apartment, a property with a garden that will require upkeep, a DIY project, etc). If you want a turnkey property, new builds are the most straightforward route, but again there are many developments now from which to choose. Do you want a two-bedroom apartment? Do you want something with a view for which you can command a higher rent? Creating a checklist is a great way to narrow down a search that will ultimately land you an investment property in India that is in line with your long-term investment goals.
Do your own research
While there are many reports and blogs available providing information about new developments or properties, it’s important to do your own background research when investing in a pre-launch project or new property development. Ask other investors about their experiences with developers, read up on a company’s history, and ask your real estate agent plenty of questions. It’s a good idea to speak to people living in the building to get an honest, impartial insight into the build quality and what it’s like to live there.
Ask for help
As NRI investors, you may not always be able to spend a great deal of time on the ground yourself visiting properties, which can mean entrusting some aspects of the property hunt to realtors, mortgage brokers and even friends and family in India. Using an online property portal is a great way to check out listings from overseas, and serve as a great starting point from which to do your research. It can be difficult to find the ideal property, secure the financing and submit the paperwork yourself from around the world, so enlisting a team of people that can help expedite the process and make things infinitely easier.
There are plenty of good properties out there, but not all of them are good for your specific criteria. By having a clear idea of what you want, where you want it and how this investment will benefit you financially in the long run, you can make a smart investment in many of the emerging markets India has to offer.
To learn more about some of the top place to buy in Ahmedabad, follow the Unesta team @UnestaRealty to keep up to date with all the latest Indian property developments, market news and opinion.