In addition to its great climate, career opportunities and ultra-modern yet traditional lifestyle, Bangalore’s remarkably growing property market has long been pulling home buyers from different corners of the world.
And the best thing for those living outside is that entering the real estate market is very easy, and there are many advantages beyond just adding more value to your investment portfolio.
Bangalore is the capital city of the Karnataka state and comes under RERA (Real Estate Regulatory Act). If don’t know, it is a regulatory act introduced by the government of India to ensure safety and transparency in the real estate market. It not only reduces the risk of a real estate market bubble but also make sure that the developers are delivering projects on time and with promised quality.
Ease of buying
Unlike many other countries, you don’t need to set up a firm or own an active business in India in order to purchase a property. It is very easy for buyers to obtain the government’s approval for real estate purchase. It is cheap and easy.
Options are many
If you are buying a property in Bangalore, India, there are many options. Projects ranging from luxury villas to mid-range houses are easily available in the best locations. Buying house or plots is relatively easy and anyone living outside India can invest in such properties.
Things You Need To Know
Buy New Construction: Properties that have not been previously occupied by anyone are easy to buy as they don’t undergo any kind of complex approval process. Such properties are easily approved by the regulating authorities without any complex conditions.
Find an agent: A professional agent not only works as your advocate, but he/she can help you collect ground level information about the real estate market. Being with one will help you understand the local mindset and real estate terms easily.
Get pre-approved: If required, go meet lenders and try to get pre-approval for a mortgage. There are strict criteria for people living outside India. It is not very complex, but you must be qualified to get it. There are different terms depending on the location and properties you choose, so it’s always better you check with your bank before coming to a decision.
Don’t skip inspection: If you are really serious about a purchase, schedule an inspection. Unless you are a first-time buyer, you know how important it is. Go with experienced people who have actually made a purchase on their own. Instead of visiting the place with a bunch of friends it is better you go with an expert who knows inside and out of the property buying process.
Get the papers ready: When you are close to finalizing the deal, get all the papers ready. Ask the developer and agent for the agreements, and make sure that you see all the original documents related to the property you are purchasing. It is important to check and verify the documents, and once you are satisfied, seal the deal.