Buying a Flat in India

[Rajiv]

Is there any scheme or company where you can buy a plot/house or apartment from outside India. A facility where you can pay monthly here and within 2-3 years the place is ready, something reliable

[Mandrake]

Is there any scheme or company where you can buy a plot/house or apartment from outside India. A facility where you can pay monthly here and within 2-3 years the place is ready' date=' something reliable[/quote'] Rajeev...check out 99acres.com

[chamatkar]

Rajeev, it depends if you're looking at the flat for investment or staying there eventually. IF you're looking for an investment, a month back when I was in india, my uncle (who is an architect) had told me about this HDFC fund, which basically puts your money not into an apartment/house but instead into a mutual fund of construction being financed by HDFC. I thought it was a good idea at the time, but was looking for a physical house, rather than the investment alone.

[fineleg]

Chamatkar, Is that like a REIT? Indian REITs India is currently in the process of formulating definitive legislation for the introduction and smooth functioning of REITs in the Indian real estate market. Once introduced these Indian REITs (country specific/generic version I-REITs) will help individual investors enjoy the benefits of owning an interest in the securitised real estate market. The best benefit being that of fast and easy liquidation of investments in the real estate market unlike the traditional way of disposing real estate. The government and Securities and Exchange Board of India SEBI through various notifications is in the process of easing the norms of investing in real estate in India directly and indirectly through foreign direct investment, through listed real estate companies, mutual funds etc. With the current real estate boom and the market being flooded with Initial Public Offer of various listed real estate companies in India it will be the best time for investors to own a share of the profiting market economy. Legislative framework, revised investment norms and a favourable investment opportunity, and a clear taxation policy will provide the right kind of investing opportunity in India in the time to come.

[apocalypse]

There are few places in Greater Noida One of my uncle bought an apartment there. The place is called NRI city.

Ansals Properties & Ind. Ltd.

ERA Infrastructure India Ltd.

Ansal Landmark Townships Ltd.

Jaipuria / (SMV Agencies Pvt. Ltd.)

Ansal Buildwell Ltd.

Majestic Properties Pvt. Ltd.

Ansal Housing and Const. Ltd.

NARSI Value Creations Ltd.

Eros Group

Omaxe Ltd.

Aerens Builders Pvt. Ltd.

Parsvnath Developers Ltd.

Bestech India Pvt. Ltd.

Purearth Infrastructure Ltd.

Business Park Town Plannes Ltd.

SN Jee Developers Pvt. Ltd.

Cosmos Builders & Promoters Ltd.

Suncity Projects Ltd.

DLF Universal Ltd.

Unitech Ltd.

Emaar MGF Land Pvt. Ltd.

Uppal Chadha Hi-tech Dev. (P) Ltd.

Pearls Infrastructure Pro. Ltd.

Uppals Complexes Ltd. These are the featured builders there. The one with x are sold out

[Ram]

Looks like Noida is developing quite well. Property prices there must be going through the roof.

[Lurker]

Looks like Noida is developing quite well. Property prices there must be going through the roof.

It is. But if you think NOIDA is getting costly think again. Gurgaon is much more expensive, and lets forget proper Delhi areas(both NOIDA and Gurgaon are satellite towns). Mumbai is even more expensive.

[Ram]

I think the potential of satellite towns in India is immense. And to all those long-time US residents in the US who are wondering what to do with their $ given the way its plummeting against the rupeee, Indian real-estate is one brilliant avenue. I am positively certain that most of our metros are on the verge of a real-estate boom. Besides, the ROI on investment in real-estate is always very high and it is a relatively risk-free investment. And if you find the 4 big metros a tad too expensive, the second rung metros offer a cheaper but have immense potential for growth

[fineleg]

But converting from $ to Rs. is a tough thing given the fall of the $ Are some folks choosing to wait for the $ to rebound?

[Holysmoke]

I am positively certain that most of our metros are on the verge of a real-estate boom.

Already started. I got my house in '02 for 2x, and now the value is >5x.

[Lurker]

I think the potential of satellite towns in India is immense. And to all those long-time US residents in the US who are wondering what to do with their $ given the way its plummeting against the rupeee, Indian real-estate is one brilliant avenue. I am positively certain that most of our metros are on the verge of a real-estate boom.

That phenomenon has already pushed the cost of housing above and beyond an average Indian. In NOIDA, for example, you can not get a 3 bedroom flat in a half-decent location for less than 40 lakhs. 40 lakhs is a huge amount by Indian perspective really. I mean if a person borrows 40 lakh from bank and pays over say 20 years most likely he shall have paid about 60-75 lakhs, if not more, in total including interest. 60-75 lakhs in 20 years is 3-4 lakhs per annum, close to 25,000-35,000 rupees a month, towards loan only..and for next 20 years. How many Indians can manage that?? Heck an average doctor, which is supposed to be a good job mind you, gets paid about 25-30,000. In smaller towns the situation is better but not vastly different. What you can get in 40 lakhs you shall have to shell out 25-30 lakhs in Ranchi say. That would still amount to 20-30,000 per month. In the end it shall all boil down to greed my friend. Personally I think Indian Govt should make a clause to stop, or atleast limit, the number of housing purchases that can be done by NRIs. If its not done soon enough housing will either go out of bounds of average Indian or it shall go into a reccession; neither of which India can afford to have. xxx

[Lurker]

But converting from $ to Rs. is a tough thing given the fall of the $ Are some folks choosing to wait for the $ to rebound?

I think it has already rebounded to a certain extent. It had gone down to 38.6 and is now 39.7 or thereabouts. Most likely this is where it is going to be for sometime, around 40-41 mark. Dont quite see it go to 45 plus anytime soon.

[fineleg]

I think it has already rebounded to a certain extent. It had gone down to 38.6 and is now 39.7 or thereabouts. Most likely this is where it is going to be for sometime' date=' around 40-41 mark. Dont quite see it go to 45 plus anytime soon.[/quote'] Hmm...ok :cry_smile:

[Ram]

Lurks, I do agree with you when you say about how NRI money is making land and property go beyond the reach of the common man. But I was trying to make my point about how NRIs can look to invest in India if they fear that the dollar will keep getting de-valued over the course of time.

[apocalypse]

Its kind of mixed feelings inside us when the dollar is sliding down

[Lurker]

Lurks' date=' I do agree with you when you say about how NRI money is making land and property go beyond the reach of the common man. But I was trying to make my point about how NRIs can look to invest in India if they fear that the dollar will keep getting de-valued over the course of time.[/quote'] And a fair point that is too Sriram. However I would like Indians, and specially NRIs, to start thinking out of the box and use their newfound wealth in a useful means. The way Indians generally think, and this is true for NRIs as well as those in India, is that as soon as they become rich they start buying the following things - car, house, gold - probably in that order too. As a result Bombay now has 14 lakh cars! Can you imagine that? 14 lakh ffs. And it is a given fact that Delhi at one time boasted of more cars than the rest 4 metros put together, so imagine how many cars are there in Delhi. Within my own family, my elder brother and sister-in-law, there are two cars for a two member family. And this is true for any average middle class family really. You have atleast one car. This in a country which doesnt have oil. This in a country where traffic is cr@p. I mean come on why do we have to ape the West here and treat cars as a status symbol and the like. Same with housing. Maybe we need to start thinking that while we are buying houses as a means of investment, in reality it may make it that much tougher for another Indian family to get a house. xxx

[Ram]

Hmmm, some valid points you are making there. So , what would your alternatives be ?

[fineleg]

Its kind of mixed feelings inside us when the dollar is sliding down

It depends on what conversion is impending :D If you plan to convert Rs to $ then its a good thing.

[Lurker]

Hmmm' date=' some valid points you are making there. So , what would your alternatives be ?[/quote'] For starters I want Indians to realize that cars/vehicles are going to doom India. We can buy them but how do we sustain them? We dont have oil and but for oil our trade deficit would have long been turned around. As per Wall Street Journal there are going to be 1.6-2 million cars in Mumbai by 2010. 2 million cars? That is more than the population of San Francisco and Dallas put together, maybe even Phoenix and Houston. And lets not even get started on the sheer amount of population these are going to create. Everytime you watch a game in Delhi(or today in Calcutta) they will mention about pollution, well guess where thats coming from. And the projections are that within 20-30 years we shall overatake USA in sheer number of cars. God forbid. Coming back to investment, while I can understand NRIs investing in housing(it is safe), why not start investing and take risk. I mean open a little company of your own, a gym, a restaurant, open a business and create jobs. When we can do it here, can we not do it in our own backyard? I would like NRIs to buy a home. Afterall we all need a place to stay. But limit yourself to one, why push the already spiked housing price? xxx

[Mandrake]

And a fair point that is too Sriram. Within my own family, my elder brother and sister-in-law, there are two cars for a two member family. And this is true for any average middle class family really. You have atleast one car. This in a country which doesnt have oil. This in a country where traffic is cr@p. I mean come on why do we have to ape the West here and treat cars as a status symbol and the like. Same with housing. Maybe we need to start thinking that while we are buying houses as a means of investment, in reality it may make it that much tougher for another Indian family to get a house. xxx

Lurker,I don't think that people back home are buying cars to ape the west....most Indian metros have almost non existent public transport with the possible exception of Bombay. People have the need of a car to commute and they have the money for it. If you want people to shun cars give them a viable alternative. I lived in Bangalore as recently as 2005 and used to drive to work. I would never use the dingy Govt bus service. There was practically no alternative even if I didn't want to drive and add to the chaos on the roads.