Speaking about the experience of buying a home with the perspective of a developer, broker and a homebuyer, Dr. Mustafa Taherali Saasa, Chairman & MD, Raj Group of Companies, UAE and Vijay Chaudhary, Chairman, Ram Rattan Group and Dalmia Ram Rattan shared their mindful thoughts with Sapna Srivastava, Editor, Realty+.
Throwing light on the needs and wants of a NRI buyer of Indian real estate, Dr. Mustafa Taherali Saasa said,” NRIs have a natural emotional attachment to their home country and they look forward to having a piece of property in their hometown. With this in place, there will always be a demand for real estate among NRIs from any country.”
Adding to this Vijay Chaudhary, shared the same view, “I also believe NRI’s should be rooted to their hometown and that is why Indian government too has eased the processes to make it attractive and convenient for an NRI to invest in India.”
Speaking on the buyer’s perspective, Dr. Mustafa Taherali Saasa shared, “There are three major players when it comes to real estate which is the developer, brokers and buyers. In this the developer has an accountability to fully establish project implementation and transactions as per RERA. The buyers have a duty to do full due diligence of the project and the developer before investing their hard earned money. The brokers are the bridge between the developer and the buyer and that is the weak link. Unfortunately there is a lack of professionalism and accountability among majority of brokers that
needs to be established."
Adding to this Vijay Chaudhari said, “Real estate is not just housing but comprises variety of projects from IT parks, commercial, retail to data centres etc. Be it any kind, size or scale of project, the developer has to bring transparency to win the trust of the clients. Another important factor is the value for money that most NRIs consider, be it a luxury residential or farmhouse or land. When brokers bring clients to the developers, all aspects need to be justified and a developer has to ensure the broker is communicating the right information to the prospective buyer.”
Sapna Srivastava briefed on the latest developments, “Now a days developers have experience centres for the buyers to explore the project and the brand first hand and are also giving importance to after sales service. In terms of brokers, now RERA has started training courses for brokers and only certified brokers are allowed to practise.”
THINGS TO CONSIDER
Pressing on the need to read and understands the contract and clauses Dr. Mustafa Taherali Saasa said, “The buyer should without fail read and understand all the contract clauses in detail and if required take professional help. The developer cannot be blamed later if something goes unfavourably, but is mentioned in the contract and thus cannot be challenged in the court.”
As per Vijay Chaudhari, the buyers, especially NRIs should do a proper research of not only the project and its location but also the developer and his track record. “Indian real estate has become much regulated invoking confidence among the buyers. However the clients should make sure that the project is RERA registered and check all the information on RERA website.”
Sapna Srivastava concurred that clear communication is the key to seamless transaction. “On all aspects regarding the project information and contract, the buyers should ensure a clarity to avoid any legal complications.”
THE EXPERTS DISCUSSED THE FACTORS THAT NEED TO BE CONSIDERED WHILE BUYING PROPERTY IN INDIA AND HOW TECHNOLOGY PLAYS A VITAL ROLE IN PROMOTING BEST PRACTICES IN THE REAL ESTATE BUSINESS AND REACHING OUT TO THE FOREIGN BUYERS.
