Over the past few years, the property prices have increased immensely. But for the overseas Indian, it is just a marginal increase because of the depreciation of the Indian rupee against the US dollar. This is the main reason which has made investments in India’s real estate sector more advantageous and affordable for the NRI investors. Even in the Overseas Indian Facilitation Centre (OFIC), most of the investment queries are regarding the residential properties in India.
NRIs are making big property purchases in India due to the huge investment opportunities, as well as for securing a place to stay in India. Once the property investment is made, the major question is faced by the NRI investors that how to take care of their property. In this situation, interim renting of the property is the best option. Renting the property, not only become a source of home loan repayments, but also secure the property from damages and keep it in good condition. Also, the rental income will help you to get good returns on investment.
Although, the mortgage rates for NRIs in India are higher by 0.25 per cent to 0.5 per cent in comparison of the Indian resident. But, with the rental income, the owner can easily pay off their loan amount. Even the government has started a rental agreement known as “Leave and Licence Agreement” for protecting the landlords from any type of property renting issues.
Addition to this, with the new legislation and registration procedures of the licence agreement, the rental market has become a more safe market, as well as the landlords are totally secure from the potential risks of tenants violating terms and conditions. But, while making an agreement, the NRIs should present at that time or that they present someone trustworthy that can do this on their behalf.
Moreover, the NRI’s should connect with a reliable designated person in the city where the property is located. The person is solely responsible for viewings the prospective licensees, repairs and interior works that required for the apartment, as well as help in following the leave and licence agreement and registration process, efficiently.
Even, the NRIs can remain updated about their property with the housing management app. The housing management app is designed for the housing societies and their members. The society members can easily connect with the other members of the society, as well as remain updated about the society issues, building problems, and much more. PropKeep is a leading housing society management app which offers a complete management of the society operation. By connecting with the other society member where the NRIs have their property, they remain updated about the property and society.