Buying Indian property the right way

Dec. 17, 2011 - PRLog -- For the NRI who yearns for a ‘home, back home’;  do Indian Property Shows aimed at NRIs, really offer the best options of getting in touch with developers and builders who have projects in India, and turn their dream into reality?



Over the years, NRIs have been buying Indian property, whether as an investment or as a home to stay in when they go back – with obvious benefits of a favourable currency situation. The present scenario vis-a-vis the Indian rupee and global currencies makes it even more lucrative for NRIs to park surplus funds in Indian property. And, there are some issues which NRIs need to watch out for.



The displays and models at the Indian Property Shows as also the brochures and catalogues are alluring, the smiling sales staff at the various stalls and counters have proposals that seem too good to be true – but hold on. Will the developer actually deliver the advertised flat, villa or plot, by the promised date? The colourful brochure may mention many things that will enhance the lifestyle of residents in that project, but will all that is mentioned in the brochure actually get delivered?



Paras Gundecha is President, Maharashtra Chamber of Housing Industry (MCHI), India’s  premier association of real estate builders and developers, with area of operation being Mumbai, suburbs and the peripheral Mumbai Metropolitan Region (MMR). “At real estate events across the world, I often interact with NRI home seekers, and we discuss their priorities when it comes buying a home,” says the MCHI President. “The one thing I find common among NRI home seekers across the world, is the safety aspect:  of all the issues that worry an NRI home seeker, having a safe and secure experience while buying a home is paramount. Timely possession and getting all amenities promised are but the initial aspect, an NRI has worries galore when he books a home at an Indian Property Show in the country he works in.”



Boman Irani, the Hon. Secretary, MCHI takes over: “The type of home or location, the choices he gets or the options he has at an Indian Property Show are important, but what takes priority for the NRI buying Indian property is the ‘secure and safe’ factor. This is a fact,” says the MCHI Hon. Secretary. “So I say to such NRI home seekers, ‘Come to MCHI’s Property Shows. Since 1982, MCHI’s shows have provided  a platform where different developers, who are members of MCHI, display and showcase their projects. Apart from the wide choice that an NRI home seeker gets, the best part of buying property at MCHI’s Property Show – such as the ‘India Realty Expo, 2012’, which happens in Dubai from January 12 - 14 - is the ‘safe and secure’ aspect: you can buy a home at MCHI’s Property Shows, secure in the knowledge that all transactions made at the MCHI event are safe and secure,” says Boman Irani.



Over the years, the MCHI Property Exhibition has won trust of NRI buyers, and at the ‘India Realty Expo 2012’ in Dubai too, MCHI promises its buyers safe and secure homes with its ‘MCHI Assurance,’ which will safeguard customers’ interest with the self imposed ‘Code of Conduct’, said Boman Irani.



“Each participating developer will be bound by a commitment of compensation for any delay in giving possession of the purchased property,” adds the MCHI President. “Probably the difference between a plain, exhibition organising agency, whose relationship with the exhibition visitor ends the moment he or she steps out of the exhibition premises and MCHI is that the MCHI partners with its home seeker to provide a safe and secure environment in which to buy one’s home. A ‘Safe And Secure Environment’  for an NRI buying a ‘home, back home’ is all about creating a feel-good factor, by providing a truly safe and secure environment where he/ she can choose from a vast variety of participating developers. The ‘India Realty Expo 2012’ in Dubai, from January 12 – 14, 2012 will create this sort of environment. The MCHI Assurance is what makes all the difference between any other real estate exhibition and MCHI’s ‘India Realty Expo 2012’ in Dubai.”



MCHI is not just an organization that creates property exhibitions, it is a representative body of developers, it is India’s premier  association of developers which safeguards the interests of both, the developer as also the NRI home buyer, adds the MCHI President. “It brings in the one factor that is very important to an NRI home seeker, which is exclusive to MCHI shows: safety and security.”



The MCHI Property Expo follows a simple logic: over the years, NRIs have found in the Indian real estate market, especially in Mumbai and across the MMR a thriving investment destination, offering good returns on investment, says Bandish Ajmera, Chairman, Exhibition Committee, MCHI. “Considering this scenario, MCHI has been successfully organizing the ‘India Realty Expos’ since 2000, in Mumbai as well as NRI markets like U.A.E., Bahrain, Kuwait, Muscat, U.K., U.S.A., Canada and the Far East. The 15th edition in Dubai will be from January 12 - 14, 2012. The ‘India Realty Expo 2012’ aims to cater to the ever-increasing demand for Indian real estate from NRIs in the GCC countries, with the added assurance of a ‘safe and secure’ buying experience.”



MCHI, as a body of real estate developers has kept buyers’ interests at the forefront while organising property exhibitions. Intelligently planned homes with great value for money located in Mumbai, suburbs and peripheral areas of the MMR,  along with a few other leading cities in India, will be showcased at the ‘India Realty Expo 2012’ in Dubai, adds Bandish Ajmera. ‘India Realty Expo 2012’ in Dubai will also provide good finance alternatives with competitive home loan interest rates from Banks and Home Finance Institutions.”





“For the NRI, real estate in India is more than just a matter of sentiment – it also represents a good investment opportunity,” says Zubin Mehta, CEO, MCHI. “Compared to different Indian Property Shows world-wide, some of which are organised by ‘event managers’ and ‘marketing organisations’, MCHI’s property shows are different in the aspect that MCHI is a body recognised by the Indian Government, and this in itself, brings in a safe and secure platform for an NRI to buy Indian property from. MCHI’s ‘India Realty Expo 2012’ in Dubai has been planned as a one-stop shop for potential buyers of Indian real estate that offers good buying and financial options.

As the recognised body representing developers in Mumbai, its suburbs and the MMR, MCHI offers NRIs secure and safe property deals. It offers the MCHI ‘ Seal of a Approval’ during the ‘India Realty Expo 2012’ in Dubai, so that NRIs are assured that all properties on offer are legally clear, and MCHI will stand by with the NRI buyer as regards any promises made by the developer. In the unlikely event of such promises not being honoured, MCHI will take up the matter on behalf of the NRI buyer. This MCHI ‘Seal of Approval’ makes all the difference to an NRI looking at making a ‘buy’ decision at the ‘India Realty Expo 2012’ in Dubai