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My Appeal to NRIs and Out of the City Buyers

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My Appeal to NRIs and Out of the City Buyers

Last updated: September 15 2011
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  • My Appeal to NRIs and Out of the City Buyers

    Dear Fellow members,

    I will request all the prospective NRI and out of city buyers to always invest in a project after having a look at the actual location of the site. If you are not available in the country, ask your relatives to go and physically check the location of the site before putting in your hard earned money...

    Never come in the sugar coated words of the brokers.

    Check the location and do your research before buying into any project. Also check other micro markets other than the area you are investing.

    Also do not get bogged down by the tactics of the brokers -brokers always use remarks like the following

    " Sir 6 mahine main mujhe hi beech dena premium main"

    "Fala Fala aadmi ne 10 lakh kama liye 6 mahine main"

    Better to be careful than sorry

    The idea of the post is just to help the fellow members on the forum and I hope people will not have any issues with this post.


    Cheers
    Amit
  • #2

    #2

    Re : My Appeal to NRIs and Out of the City Buyers

    +1

    Take some time to inquire about the approvals and ground realty. Don't assume that people are waiting with their checks in queue and everything will be sold out in minutes.

    Comment

    • #3

      #3

      Re : My Appeal to NRIs and Out of the City Buyers

      To see is to believe

      Dear Amit,

      Very rightly said. To see is to believe.
      Can you also suggest for people not familiar with the region and having limited time, what is the best way researching the market, Do the builders/broker provide any facility to check out the site or buyer would have to go around himself?
      Thanks for your valuable suggestions, always.

      Kamal.

      Comment

      • #4

        #4

        Re : My Appeal to NRIs and Out of the City Buyers

        Great post & thread, amit Bhai . Forum ke bahut se logo/Brokers ki waat lag rahi hogi .
        Please read IREF rules | FAQ's

        Comment

        • #5

          #5

          Re : My Appeal to NRIs and Out of the City Buyers

          Excellent start ....I am sure if not all some will definitely follow the suggestions....Also, in an uncertain economic environment...the investment horizon should be little longer than a couple of months......it is better to be safe than sorry.

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          • #6

            #6

            Re : My Appeal to NRIs and Out of the City Buyers

            Great advice Amit. Brokers are liars. They will do whatever they have to do to make them money its lame that they don't care about the investor's hard earned money.

            These guys just want turnover.

            Comment

            • #7

              #7

              Re : My Appeal to NRIs and Out of the City Buyers

              So true amit bhai.

              My favourite is "Sir, ek baar hamare saath kaam ker de dekho, yaad rakhoge".

              Comment

              • #8

                #8

                Re : My Appeal to NRIs and Out of the City Buyers

                Originally posted by amit001 View Post
                Dear Fellow members,

                I will request all the prospective NRI and out of city buyers to always invest in a project after having a look at the actual location of the site. If you are not available in the country, ask your relatives to go and physically check the location of the site before putting in your hard earned money...

                Never come in the sugar coated words of the brokers.

                Check the location and do your research before buying into any project. Also check other micro markets other than the area you are investing.

                Also do not get bogged down by the tactics of the brokers -brokers always use remarks like the following

                " Sir 6 mahine main mujhe hi beech dena premium main"

                "Fala Fala aadmi ne 10 lakh kama liye 6 mahine main"

                Better to be careful than sorry

                The idea of the post is just to help the fellow members on the forum and I hope people will not have any issues with this post.


                Cheers
                Amit
                Our NRIs, basically very much famous for rotating the Black Money ... in RE market ... and in India, Brokers (Hunters) hunt them like some open (Victims) in Jungle.

                Well, Before making any prediction by NRI, Any NRI should check the ground realities for Real Estate Market.

                Since a decade, We have been looking dramatics changes in Real Estate firm.

                One Condition:

                When any NRI buys the property from agent certainly, several ques comes into the mind like,

                Location, Project In-formations, Brok-rage part, Seller name or buyer name, etc

                Certainly to those who have friends, Family, Relatives, etc are residing in India they can easily trace the broker records and about the project. In such deals any investors(NRI) should know the reality, How any broker can easily earn the profit. I am not against of any broker here but sometimes, they really play with huge margin and money which effects any Buyers dream property for Egs

                1) NRI books the flat in original rate from builder through broker, If NRI does not much have knowledge about RE market, broker can pass very less discount.

                2) Taking the property in re-sale, many brokers they play with huge margin during the transaction of Transfer beside they shall charge you Brokerage as well

                Another Condition:

                Many times, NRIs do not have any family reltives and information about the project and prefer brokers, In such situation you can identify a real estate agent in the place you want to invest. Compare with doubt ful Brokers better to deal with authorized or registered brokerage firm assigned by Builders. Recently, a number of reputed British real estate agents have setup offices in the major cities of India as multi-national companies require office and residential accommodation and many large properties. Major Indian agents can also perform to search the right property on the behalf of you but identifying and selecting these major Brokers are difficult while living in abroad.

                Another ques arises, How much should you pay for brokerage? because of less information many brokers, they try to extra benefits like extra %. Usually, one to two per cent of the transaction amount, according to the unwritten rule. If transaction is higher, Brokerage can be negotiated but the MNC companies charge more.

                For renting and leasing, it could be One to three months rent or a per cent of the rent for administrating the lease but in my personal experiences i see brokers ask for 5-6 months brokerage in Bank Deals.

                NRIs always fear before investing in India because many hidden costs by builders and Brokers,

                If any NRI investing the on property frequently then,I think the only method to counter this fraud just always link and hired a reputed firm of lawyers and advocates, especially related to property.

                It is always better to pay high fees to a lawyer for such property related issues than lose your money on a property transaction because the law warns, "Buyer beware!"

                *** This is my personal view, All debates or suggestions are welcome

                _______________________________________________

                " Never Love Your Builder .... Always Love Your Property "

                If You Guys Are Going To Be Throwing Beer Bottles At Us At Least Make Sure They Are Full

                Comment

                • #9

                  #9

                  Re : My Appeal to NRIs and Out of the City Buyers

                  Broker commission

                  Most of the time we are more worried to extract more and more commission from broker.

                  I never book any property through brokers waiting for the cheque to be encashed.

                  Preference should be given to book directly through the company. You can also get rebate from company.

                  NRI are not fool that is the reason they are NRI. They always take informed decisions.

                  Comment

                  • #10

                    #10

                    Re : My Appeal to NRIs and Out of the City Buyers

                    Psambher bhai - i have come across many NRI, who have booked in gurgaon without checking the location just on secondry research on internet forums and by coming under the influence of brokers...

                    So giving the argument that NRI are not fools does not work here..

                    because NRI are not present in India they have limited avenues of due diligence, that why I said always check the location personally or ask a relative to do it.

                    Comment

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