With the introduction of the RERA Act, the real estate sector has become a lucrative market for many potential NRI investors. Whether you – as an NRI – want to gift a bigger house to your parents or build a home to live in after you relocate, RERA guidelines have made it convenient for you to own a property.
Besides, with several lenders offering attractive home loan options, now is the right time for a real estate investment. So, if you’re an NRI looking to buy property in India, here are a few RERA benefits for NRIs.
Assured timely possession
Under the RERA guidelines for NRIs, the builder is liable for completing the project on time without any issues. With the strict rules in place, you no longer need to worry about your investment or contact the builder time and again for timely possession of your property.
Security of investment
Earlier, delays were common as developers diverted their funds to other projects. However, today, it’s mandatory for real estate builders to keep 70% of the buyer’s payment in a different bank account overseen by RERA. This also opens up opportunities for safe and increased funding by NRIs in the future.
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Under the RERA act, all important details regarding the property, ownership, and status are available online for easy access by the buyer. Also, it’s mandatory for the builders to update their website regularly with the project’s current status for maximum transparency.
Similarly, developers are now also required to disclose every detail about the material used in the project. They need to furnish all the relevant details such as layout plan, the status of land title, government approvals, etc.
Interest payment on delays
With RERA for NRI,developers are held responsible for any delays in the project, which requires them to pay due interest to the buyer until the time of delivery. This ensures compensation to the NRIs and increased trust in the real estate sector.
To help NRI buyers make a well-informed investment decision, the developers must provide full information regarding the carpet area of the property. Earlier, the super built-up area included unnecessary elements, which reduced the available area to the buyers. However, now with the carpet area, it becomes easier to assess the property and determine its suitability.
Additional Read – Tips for NRIs Planning to Buy a House in Mumbai
Since RERA is enforceable countrywide, NRIs can get information about various projects in different states as per their preference. You can check the official website of the respective state authority and get all the details regarding a project.
To sum up
Have your eyes set on a beautiful property? Apply with Tata Capital for an affordable housing loan at attractive home loan interest rates with minimal documentation for a simplified application process. You can avail of a customised loan for all your housing purposes with easy repayment options and a flexible tenure of up to 30 years.
So, what are you waiting for? Check your home loan eligibility and apply today.