DUE DILIGENCE IS A MUST
There are a number of things that NRIs must keep in mind before investing in property in Delhi/NCR. “Always invest in a developing areas like Gurgaon, Dwarka Expressway, Yamuna Expressway or Ghaziabad. If you are buying a ready-to-move-in property in resale, make sure you get legal clearance. The title of property should be clear and the seller should have the required right to sell it, especially if it is inherited or is a joint property. Check for outstanding electricity/water bills or any other dues that are pending. Take a no dues certificate from the seller at the time of purchase,” adds Adlakha.
NRIs should take the bank release letter from the concerned financial institution if the property had been mortgaged as security in any type of loan. In case you are buying an under-construction property from a builder, check the builder’s reputation. “Make sure that the construction plans are approved and check if all clearance certificates like environmental, etc are available with the builder,” says Adlakha. Banks will only finance the property if the project has legal and technical clearances in place. Have a trustworthy representative in Delhi/NCR.