27-02-07
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Buying a house or land abroad is a risky business
Hi Frendz,
I just came across this interesting article. though of sharing with you all. 
Quote:
Investment in property abroad seems to be the flavor of the day. Newspapers these days are flooded with lucrative deals in foreign lands. If these ads are anything to go by, prices start at Rs 11 lakh and in a country like Malaysia, you can get 1,200 square feet of land for Rs 30 lakh. The rates offered by these companies are very low. If you compare with India, in the price band mentioned above, it is very difficult for you to get a decent home even in a Tier II city.
That is why the number of people interested in foreign investment is rising and thanks to that, you will find a number of foreign real estates companies opening their offices in India. Adding to that, recently, the government increased the limit for investing abroad for resident Indians from the earlier USD 25,000 to USD 50,000.
Though, investment abroad appears lucrative, when you are investing in property abroad, you should make sure that your real estate agent is not only trustworthy but also be well versed with the real estate rules in the foreign country. So when you are ready to invest in foreign land, the first thing you should do is to choose the right agent. This agent should save you from any illegal land transaction. Though a good real estate agent can charge upto 8% as commission, if you try to save this amount and overlook the need for a good agent then it can prove a costly deal for you.
The things, which you should have while signing the deal are bank statement, passport copy and the employer's certificate and these papers should be duly signed by the notary. Though the offer seems lucrative, experts feel that buying a house or land abroad is still a risky business.
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At times when India has so much lifestyle facilities to offer in real estate, why adhere to the old charm of a property abroad. Its also a great boost to the Indian real estate market that they are providing international lifestyle facilities which is inspiring many NRIs and even foreign nationals to buy property in India. 
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