Kolkata: Exhibitions are a time-tested medium for bringing target audiences together with products. To draw attention to such events and to differentiate them from the regular market-place, schemes and offers are often employed. Real estate is a sector which sees a massive number of exhibitions each year, and the reason is not hard to arrive at. This is an extremely competitive sector, and developers are constantly challenged to find ways to talk to their intended clientele.
On the whole, NRIs face peculiar challenges. Apart from getting caught up in the intricacies of work that often has no Indian elements at all, they must also assimilate into new social networks. Even when they put in concerted efforts to maintain them, their connection to India tends to erode for the duration of their stints abroad.
- For those who are working on establishing new lives on foreign soil, this may not be a very serious issue. Thanks to the technology available today, they manage to stay in touch with their families and friends in India, thereby maintaining the emotional connections and moral support that they need to pursue their outward-looking plans for the future. Nevertheless, many of these individuals are interesting in investing in property in India for ongoing financial security and growth.
- For the significant multitude of NRIs who have every intention of returning to India at some point, buying a property in India has much more personal connotations. The growing housing needs of their families need to be addressed, and they themselves need to lay a strong foundation for their eventual return to India. Buying a home in their parent cities and towns is a very real and present priority for them.
Advice To NRIs At Property Exhibitions
- Look at all the options before making a purchase. Do not make a purchase decision solely on the basis of what you see at property exhibitions, which usually represent only a fraction of what is available.
- Do not over-commit on your home loan – analyse your current financial situation and make realistic projections about your future earning potential. It is better to buy a home that is comfortably within your means now and sell it later to upgrade to a bigger home.
- Ignore all marketing pitches geared specifically towards NRIs. For instance, educate yourself about how terms such as ‘luxury’ are actually interpreted in India.
- Demand to see vital documentation such as commencement and occupation certificates, environmental clearance certificates, etc. If these are not immediately available at the exhibition, ask for them to be mailed to you.
- Do not make a final purchase decision without consulting with an independent and reputed real estate consultant.