Buying property in Delhi is fast becoming very popular among many property investors. India is becoming a power house in terms of world wealth and it has many millionaires as well as a rising number of billionaires.
If you want to tap into an emerging market that shows all the signs of exponential grow and posterity, then India might be the place you are looking for and buying property in Delhi might be the way to do it.
This web page will give you some essential tips and guidelines that will help you to make a profit in the Indian property market.
Rules for Buying Indian Real Estate
- Know the people you are doing business with – One of the biggest mistake that many budding property investors make when investing abroad is not doing thorough research into the companies and people they plan to do business with. Most people don’t have the time to continually go back and forth to there country of choice when they invest in overseas property. This is understandable. However, if this is the case, it then becomes imperative that you do an immense amount of research into the credibility of the companies and individuals you will be trusting with your money.If you fail to do this properly, you can almost guarantee that it will end in tears long term.In the short term, in a rising property market, almost anyone will make money. The truth comes out when the property market goes through a bad patch, this is when the property decisions that have been by you, or on your behalf, will really be tested. This is when countless property companies and individuals go bust. On that note, if you can find a company to deal with that has already successfully negotiated its way through at least one economic recession or difficult time – these companies can be hard to find – then you are more likely to be in trustworthy hands.
- Make sure the paperwork is legal and correct – Many countries suffer from fraud and mismanagement. This is not necessarily the case when buying property in Delhi or any other Indian city; however, if you assume that this is the case, it will help you to be more through and make sure that you plan well.The first thing to do is to make sure you have an excellent bilingual solicitor working on your behalf. Don’t cut corners here. Spending a few more pounds (or even a few hundred more) might well save you thousands in the long run. Buying property in India is not the same as buying property in the UK, Therefore it is absolutely crucial that you employ someone to ensure that everything is done legally and above board and that your interests are looked after properly.
- Check all utility supplies – This might seem obvious, but you need to make sure that supplies are working properly. This includes things such as testing the water and electric is fine and that any work has been carried out safely and adhere to all regulations and relevant laws.
- Check the planned development for the area – You need to know what is happening development wise in the area you are investing in, as well as having an idea what is planned in the future. This is particularly true in fast growing countries, like India. Development happens at so fast a rate that may be buying a property today with beautiful views but in 6 months time, a new apart block my have been erected that totally obstructs those lovely views and therefore potentially decreases the value of the property. This is one of the reasons it is so important to make sure that you have a least an idea of what is planned in the future.
- Check the title deeds – Get your solicitor to make sure that the person who says the own the property, and who wants to sell it, is actually the owner. This is a huge problem in other countries but it is a potential problem that rears its head any country, so that includes buying property in Delhi or any other type of Indian real estate.