NRI Services FAQs
Frequently Asked Questions about NRI Services
Real Estate, Property Management Services for NRI
We offer a comprehensive range of services that give our clients a one stop solution for all facets of a real estate transaction.
We offer : Sale and Purchase of NRI Property, property renovation for NRI, rental property management for NRI, NRI property management services,
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- by Apex Realty
At Apex Realty NRI Services, we offer you property renovation and management. We also offer property rental management services
NRI investments in India cover a range of assets with real estate generally constituting the bulk of the investments. Many NRIs also acquire real estate through inheritance. Over a period of time, NRIs get involved in various real estate transactions including purchase of new properties and sale of existing ones. Further, to maximize the return from these investments, they also lease or rent out their properties.
Property laws in India are complex and the processes involved is tedious. Executing property deals is not only time consuming but can be stressful at times, particularly for those who have limited knowledge of local rules, do not have enough time and are physically at a distance.
NRIs also need to ensure that their real estate assets in India are properly maintained as it is well known that the condition of any property deteriorates over a period of time if it is not properly maintained.
Apex Realty NRI Services offers assistance in buying, selling, renting and maintaining property exclusively for NRI customers. Our mission is to provide professional service in a business-like manner to ensure customer satisfaction. With our expertise, multiple years of experience in handling the complete range of real estate services and our connections with builders, developers, property agents & regulatory authorities, we seek to deliver smooth closure of all real estate transactions.
- Identification of suitable opportunities based upon the needs of clients regarding space, locality, building age and other factors.
- Title Search and Verification of the shortlisted property to determine and confirm its legal ownership. This includes a physical inspection of the property to determine its condition as well as assessment of the locality, its approach and other related matters.
- Valuation of the property to determine its estimated market value.
- Drafting of the Agreement to Purchase, Purchase Agreement, Possession Letter and other related documents. If desired by clients, we can execute the documents on their behalf based upon a Power of Attorney.
- Negotiation of above documents and price with the seller, developer & third parties.
- Ascertaining whether all prior statutory dues have been settled; if not, highlighting the same to the client.
- Registration of the property in the name of clients including calculation of stamp duty and deposit thereof with the Government Treasury.
- As per the requirement of the Income Tax, a purchaser of property above a certain value is obliged to deduct tax at source from the payment made by him to the seller. The rate of deduction of tax at source depends upon the residential status of the seller and other factors. Our professionals help our clients in determining the correct amount of tax that needs to be deducted and also help in depositing that tax with the Authorities and issue a TDS Certificate to the seller.
- Mutation of the property in the name of clients in the Municipal records.
- In case clients needs a loan for purchase of the property, we can assist in obtaining a home loan on optimum terms.
- If clients needs to furnish such property, we help clients in purchasing furniture or renting it from reliable sources.
- Conversion of a leasehold property into freehold, if required.
- Valuation of the property to determine its estimated market value.
- Drafting of the Agreement to Sell, Sale Deed, Possession Letter and other related documents. If desired by clients, we can execute the documents on their behalf based upon a Power of Attorney.
- Negotiation of above documents and price with the purchaser or third parties.
- As per the requirement of the Income Tax, a purchaser of property above a certain value must deduct tax at source from the payment made by him to the purchaser. The rate of deduction of tax at source depends upon the residential status of the seller and other factors. Our professionals work with clients to collect appropriate documents and work out a method of ensuring that the least amount of tax is deducted by the purchaser from the amount payable to our clients.
- In case clients have taken a loan against the property in question, we assist clients with the loan prepayment and obtaining NOC from the lender.
- Upon sale of the property, clients need to pay appropriate Income Tax. Our professionals help clients in determining the tax payable and depositing the same with the Authorities. They also provide advice on how clients can minimize their tax liability within the boundaries of the laws.
- Assist in repatriating the proceeds from the property to the clients’ country of residence in accordance with prevailing laws and regulations.
- Search for suitable tenant as per clients’ requirements or renewal of arrangements with existing tenant, if property is already on rent.
- Checking tenant’s credentials, background and genuineness including reference from the previous landlord if tenant was staying on rent elsewhere earlier.
- Inspection of the property to identify key issues which require repair/change and getting the same executed after consent from the clients.
- Drafting and registration of the Lease Agreement.
- Negotiation of rent and other key terms like Advance rental and Security deposit with the identified tenant.
- Handover of physical possession and keys to the tenant.
- Periodic inspection of the property on the behalf of clients.
- In case of major or structural repairs which is the responsibility of clients, undertaking such work based upon approval of specs and cost from clients.
- Upon termination of the lease, receipt of possession & keys from the tenant, inspection of the property for any damages, verifying proof of settlement of all statutory dues and coordinating with clients for release of security deposit to the tenant.
- In case clients desire to rent the property to AirBnB or similar companies, we support clients in negotiating an appropriate arrangement with such companies.
Most NRIs have made real estate investments in India, whether in built up plots or residential apartments. Over time, these investments become old and may not yield appropriate income/benefit to the NRIs. Options are available now to redevelop or reconstruct plots or existing houses into multi-storeyed apartments/floors through reputed builders thus providing an opportunity to maximize returns thereon.
In case clients want to redevelop or reconstruct their property, we support them from conception to execution by providing the following services:
- Discussing the best possible solution as per clients’ needs/objectives.
- Our team of professionals assist clients in finalizing the criteria for shortlisting and actual selection of the architect, interior designer, contractor for building and material suppliers. Reference checks and police verifications have been done for all our vendors.
- Drafting and negotiating the Redevelopment and Construction Agreement with the selected builder to ensure that the interests of clients are adequately safeguarded.
- Securing all relevant approvals from Authorities.
- While undertaking construction projects, it is necessary to ensure that all Government approvals are in place. Such approvals include Construction permits, Completion certificates and Occupancy certificates. In the absence of these approvals, the construction will be deemed illegal and significant fines can be imposed, with a strong possibility of demolition. Our team of professionals ensure peace of mind to our clients by ensuring that relevant approvals are in place for each phase of the project.
- Reviewing the work progress by the builder as per the Agreement, highlighting key issues to clients and advising on release or otherwise of periodic payments to the builder.
- Our team of professionals ensures that the work progress by the builder/contractor is monitored regularly and any issues are brought to the attention of clients. We also assist clients by reviewing the agreed milestones per the Agreement and recommending release or hold of the periodic payment demands of the builder/contractor.
- Interior designing as per specification of clients.
- We assist our clients in planning the interiors of their homes (existing or new) through reputed and contemporary interior designers on our panel. Services include layout of the house, advice on paint colours & related materials, and selection of tiles/marble, wardrobes and kitchen cabinets. Our panel of professionals can also assist clients in furniture selection as well as fabrication of furniture to their specific requirements.
- Home automation has caught up in India and our team of experts can advise clients on all aspects related to home automation including design, material selection and implementation.
- Vaastu compliance is now an integral part of the decisions of some of our clients in a new construction or renovation of an existing property. To cater to their requirements, we have a network of Vaastu consultants who work with clients as well as interior designers in ensuring Vaastu compliance.
Every property needs regular maintenance and upkeep for ensuring its longevity. Such work includes both minor and major repairs from time to time depending upon the age of the property. Our team of professionals takes away this headache from our clients and provides the following services for the upkeep of property, whether it is given on rent or in the possession of clients/their family or friends:
- Repairs and permissible alterations to the property on need basis.
- Deep cleaning and pest control on periodic basis.
- Determination and payment of property/municipal taxes.
- Liaise with local Residents Welfare Association for resolution of any issues.
- Periodic inspection of the property with a report to the owner.
- Insurance of the property from fire, theft and other risks.
- Managing security arrangements – guard services, installation of security cameras and alarm systems.