Tuesday, August 16, 2022

Now, proptechs solve NRI headaches while investing in real estate sector

The sale of Class-A properties has been rising ever since the rupee has gone down against the dollar. While recent trends have shown that major real estate hubs in India — Maharashtra, Delhi, Kerala, Andhra Pradesh — have been the focus of NRIs, Karnataka has topped the list. Bangalore and Mysore properties are the top choices

PRAVASISAMWAD.COM

Non Resident Indians (NRIs) have been investing in real estate in India primarily due to the depreciation of rupee. A report by thehansindia.com points out that the sale of Class-A properties has been rising ever since the rupee has gone down against the dollar. While recent trends have shown that major real estate hubs in India — Maharashtra, Delhi, Kerala, Andhra Pradesh — have been the focus of NRIs, Karnataka has topped the list. Bangalore and Mysore properties are the top choices.

Despite the rise in purchases of property, NRIs face a number of problems. Homely Yours, a proptech startup, that helps NRIs purchase properties in India pointed out the problems faced by NRI while purchasing properties in the country. The report quoted Alok Priyadarshi, Founder of Homely Yours, saying, “From compliance verification to ensuring timely delivery of properties, NRIs have a hard time managing to keep up with the purchase process while staying far away from the property site. NRIs were often taken away with the promising projections and ended up finding themselves inside a property that in no way suited their dreams in some cases not even their basic preferences. This has created a huge need for organised players in the Indian real estate market. After Indian real estate started moving online during the pandemic, the sector started witnessing organised players”.

To apply for a home loan in India, an NRI is expected to provide documentation such as an overseas credit report, tax returns, power of attorney, documents translation and many other things which result in delay in the overall process

Homely Yours says that NRIs are now assured of transparency concerning projection of project completion. Financial assistance takes a major role in property purchases. According to Abhyudaya Garg, Managing Partner at Homely Yours, “Despite various Indian banks having their presence overseas, due to lack of proper assistance NRIs in many cases have hard time availing loans for purchasing properties in India. Documentation is one of the major hurdles that makes loans a hard nut for NRIs.

Arranging for necessary documents and providing explanations for the same as necessary demands skilful navigation through the process. To apply for a home loan in India, an NRI is expected to provide documentation such as an overseas credit report, tax returns, power of attorney, documents translation and many other things which result in delay in the overall process. Adding to it is the need for knowledge of interest rates charged by various banks.

A realisation of the problems and spread of awareness of how proptechs could make property purchase a seamless experience has now led to an increase in the number of NRIs who make property purchases in India through trusted proptech platforms”.

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Toshi Jyotsna
(Toshi Jyotsna is an IT professional who keeps a keen interest in writing on contemporary issues both in Hindi and English. She is a columnist, and an award-winning story writer.)

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