During the slowdown of the Indian real estate sector, builders had approached the expat community with their home offerings. This community- particularly the members living in the western countries- introduced a new element of luxury accommodations in the property development dynamics.
Anyone paying attention would have witnessed a rise in the upcoming projects in the past few years which were particularly meant for the expats. This was a result of the endeavours of the builders to raise profits when sales trickled down in the local markets. Even territories like Kolkata saw development of such accommodations.
Of the cities that became prime hubs of property development for the expat community, Chennai was at the helm. The NRIs in the Middle East drove the demand for affordable housing in the city. The others called for development of luxury homes here. Over the past two or three years, the city has witnessed a rise in si
ngle floor apartments unlike anytime else. The city after all has a strong expat base whose interest in the property markets has led to a change in its landscape completely.
However what all do these NRI investors should be looking for and what should they not do to have a safe property investment.
Seek Property Trends
One of the prime me
thods of making an investment decision is by assessing the property markets of the city themselves. To aid the NRI community, property portal housing.com has come up with a DSL page which offers a map based trend assessment of numerous cities in India. This page allows the end users to find the details like prevailing prices, demand and even available inventory according to localities!
Such a trend assessment allows a potential investor to consider a purchase without having to visit the property site. If we were to take the example of new projects in Chennai, every single one of them is listed after verification; complete with price trends and locality assessment.
Seek verified properties
Housing.com offers only verified properties. Even the upcoming projectsare verified and listed on the portal. With the rise in sales of properties online, the opportunity to invest is good but the ability to find a verified property is not so god. Housing.com has earned its brand value by offering verified properties and hence can be a viable option for search of both resale as well as new properties.
Do not invest without Checking up
Many investors have invested in properties without verifying their credibility. Many have suffered due to stalled projects and legal complications against the builders as a result. Two big names (Hiranandani and DLF) in 2014 were at the receiving end of legal proceedings owing to their questionable methods. As a result, the end users had to suffer. Therefore one should not only assess the property market but also the builders’ credentials.
Do not invest in new projects you do not see under development
With online sales of properties increasing, it is easy to fall into a trap. However property sites like housing.com offer verified property listings for the end users. If an investor plans to purchase an accommodation in-say- new projects in Chennai, then he/she should be able to see the project before purchasing. The drone view of housing.com is a perfect way to help the end user view the project and its surrounding areas.