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PVS Builders, Calicut, India.
Private Limited


KTC Building, YMCA Road, Calicut - 673 001, Kerala, India

About Business

Business Description

PVS Builders - The Property Development Division of the KTC Group, known as "PVS Builders & Developers" came into existence in the year 1991, with an aim to provide wide range of habitat from economy to luxury apartments in Calicut. 

You can meet the best home builders in Calicut, your city as it is your dream venture to be tailor-made by PVS Builders.

PVS Nakshatra is one of the completed breath-taking project. It is located on YMCA road, Calicut. PVS Nakshatra offers you 56 flats of 2 BHK or 3 BHK with different specifications. PVS Nakshatra owns the most advanced and sophisticated techniques combined with contemporary architecture which will attract the customers. PVS Nakshatra offers the most advantageous location, high connectivity to the shopping centres in the city, hospitals, educational institutes, centres of entertainment, etc..

PVS Builders
Representational Picture:
"aim to provide wide range of habitat from economy to luxury apartments. PVS Builders & Developers is into a variety of projects in the Residential and Commercial streams, providing quality specifications with latest building technology, and with care to deliver the best product in this industry."

PVS Nakshatra is filled with abundance of amenities like health club, swimming pool, car parking, playground area for children, indoor game area,community hall, beautiful lawn, etc.

Spend your precious life in your dream home with PVS Nakshatra. PVS Builders projects have aesthetic design features, elegant styling, well laid interior spaces and recreational outdoors which will attract the customers. They provide a wide range of habitat from economy to luxury apartments in Calicut. PVS Nakshatra will help you lead a luxury, comfortable and hassle-free life in Calicut city.

You can fulfill all your  dream home concepts to real from PVS builders. Many exceptional features have made PVS builders one of India’s most preferred builders and it will be your dream comes true with an address in the top rated luxury apartments.

Platform Enhanced Sections and Articles

Article by Siachen Editors to aid the customer in decision making

PVS Builders & Real Estate Business in-depth:

Written for by Raj Narayan Nyayapathi,
Resident of Hyderabad, Telangana State.


The inspiration behind the KTC group




Why Choose Us

We are just a call away

Tips to Pick the Right Property Developer

What you must know

  1. Spare time and research
  2. Check the previous projects
  3. Talk to other owners
  4. Financial credibility
  5. Pricing and transparency
  6. Quality. 4
  7. Questions you should ask the builders
  8. Document checklist

Bottom Line

RERA Act and Its Relevance for Home Buyers, Investors & Builders

What is RERA?

Why is RERA important?

Important definitions

1) Carpet area

2) Commencement certificate

3) Completion certificate

4) Occupancy certificate

What else you must know as a home buyer

RERA for builders

RERA in Kerala

To file a complaint on RERA Kerala


Coronavirus and its Impact on Real Estate Industry

Supply chain chaos

The China factors

Buyer’s dilemma

Agents/Builders optimize digital platforms


Tips for sellers

For the NRI Investors

Bottom line

The Real Estate Investment Options for NRIs

The rules

Continuance of ownership

Purchase rules

Home loan options for NRIs

Repayment Options

A few more points

Property Management Company and Why You May Need Them

The role of a property manager

Do you need a property management company?


PVS Builders & Developers, a division of KTC Group, are the most popular real estate developers in Kerala. Since its inception in 1991, the company has been a trendsetter building pioneering skyscrapers that transact residential and commercial sectors.  

The company’s primary objective is to provide homes with a commitment to quality excellence and personalized service.  All our constructions match global standards, offer a viable balance between luxury and affordability, without neglecting environmental responsibilities.

The essence of our proficiency is in the residential real estate market in the cities of Kannur and Kochi in Kerala, India.  We have built living spaces in various areas, overcoming many challenges and difficulties. Our team of professionals and efficient staff are capable of delivering quality and prompt service.

Under the residential sector, PVS builders and developers offer super luxury, semi-luxury, and luxury apartments. The company has also made a mark in the commercial segment with many sturdy ultra-modern complexes. 

All our new constructions are built with smart infrastructure and are Vaastu compliant. We maintain neatly paved roads within our properties. The amenities you get in our apartments include an elegantly designed lobby, swimming pool, gym, health club, spacious clubhouse, 24/7 security, generator backup, children’s playground, and car parking.

The inspiration behind the KTC group

PVS Builders & Developers gets its name after Late Shri. P.V. Sami, the founder of KTC Group. He is one of the well-known industrialists of Kerala and an earnest freedom fighter. On his death, his family started the construction firm in his memory. While Mr. P.V. Chandran is the current chairman of the KTC group of companies, Mr. P.V. Gangadharan is the managing partner of PVS builders & developers.


PVS Builders & Developers provides complete real estate services to home buyers and investors.  The continual growth of our company over the last 29 years makes us proud in calling ourselves as top property developers in Kerala. We have customers who entrust us to manage their properties, recommend our services, and continue to invest in our ventures.

Our property management team pursues the best practices to make sure our residents get exceptional comfort. The services we provide include security, housekeeping, maintenance, landscaping, fire protection, generators, pest control, and more.  We focus on building real estate solutions that add value to lives.

At PVS, the customer is number one. We value your patronage and strive to provide individual attention and service as per your requirements. Whether you are a property owner, prospective buyer, or tenant, we commit to deliver services par excellence. The company manages properties for different landlords and specializes in interior enhancement services that include interior design, renovation, and repairs. We also guide and assist with home loans, rentals, and home maintenance services.


Interior design is a process of shaping and executing the decor, interior and exterior, of a room and building. Our designers coordinate and manage such projects with services that include conceptual development, communication with stakeholders, and executing the design. We are passionate about providing cost-effective solutions that add value to your property.


In the near to three decades, the company has carved a niche as reliable builders in Kerala for quality and robust constructions. We have won much acclaim for our initiatives and won many prestigious awards. Our PVS IRIS has bagged the CRISIL 5 Star Rated Project.

Since the beginning, PVS maintained strict financial discipline and credibility, and we received a memento as a privileged customer from our bankers’ HDFC Bank. We also are recipients of the KFC Gold Card in the years 2018 and 2019.    

We have a long-standing relationship with local suppliers, vendors, and contractors, enabling us to guarantee the best pricing.  It also allows us to be transparent by providing an accurate and detailed breakdown of the costs with no hidden charges.

Why Choose Us

We analyze every customer’s prerequisites to delivering innovative residences to make your dreams a reality.

PVS are leaders in the industry in terms of quality and services with the most competitive monetary value.

Our experienced team uses the finest technology to deliver a superior quality product.

We are just a call away.

All our projects are unique masterpieces with amazing features and amenities. We confidently acclaim of being one of the leading real estate developers in Kerala. Visit our website to have a glimpse of our completed residential and commercial projects. We are just a step away from building your dream house. Call us or fill up the quick inquiry form for our sales team to contact you.

Tips to Pick the Right Property Developer

Purchasing a property is a once in a lifetime opportunity for everyone. It is exciting, many dreams and emotions attached. You have to deliberate upon several things before taking the first step as it puts all your savings at stake.

One of the top priorities for you to do before searching for properties is to select the best real estate developer.  Be wise in your selection, as there are plenty of them in the industry, offering different   .

What you must know

The following guidelines should help find the right property developers to build your dream house.   

1.  Spare time and research

There is plenty of information available on the internet about various developers, builders, and sellers. You must decide on the type of property, location, and budget. Browse the various sites and make a list of those projects that match your requirements. After you complete, it would be good to visit the project sites and gather particulars about the builders and the project.

2. Check the previous projects

Ask the developers about their previously completed ventures. You can assess their worth and consistency by visiting any of their existing properties and projects. It will help you get a clear picture of whether their designs and styles are as per your preferences. To see what an ideal completed project looks like, visit

3. Talk to other owners

You usually read reviews and ask users about a product you intend to buy online. Likewise, you must speak to the current owners to know the quality of construction and other facilities. You can also ask if the project completion was as per schedule without any delays.

4. Financial credibility

The financial standing of the builders tells you a lot about the quality of construction.  They require substantial capital to source engineers, contractors, suppliers, and other third parties to get the project going. There are several instances where the developers have not been able to complete the projects owing to a lack of funds. You can avoid inconvenience and problems by finding out the financial stability of the real estate company.

5. Pricing and transparency

You must survey the market thoroughly and seek builders who are honest and transparent in their dealings. Find out the pricing structure, payment plans, extras, if any, to ensure the final costs fit your budget.

6. Quality

After you have shortlisted and have a belief in the developer, it is time to focus on the quality of construction. Find out what material and fittings the company will be providing. Please make sure the alternative material they promise is of equally good quality. One reason PVS Builders & Developers stand out among the competition is the use of quality of construction material.

7. Questions you should ask the builders

  • Is the property title clear? Do you have legal rights?
  • Have you taken all the approvals such as building approval, pollution, and environment, height clearance?
  • Is the design final, and what are the future development plans?
  • What are the finance schemes and banks associated with the project?
  • What other services will you provide? Will you help with rental or resale?

8. Document checklist

Once you have the satisfaction of having found the right developer, another crucial stage starts. You must understand your needs and everything about the project you are looking at before deciding. The search can get complicated, especially for the new homebuyers.  You may need the help of someone who has experience in dealing with real estate documentation. Do not hesitate to ask friends or relatives because it relates to one of your biggest dreams of owning a house. Even the slightest of negligence can cause disappointment and substantial monetary losses. Ensure the land has a clear title, insist on a blueprint, link documents, and check for RERA approvals.

Bottom Line

Competition is high in almost every industry, and it is not surprising to find a few dishonest realtors.  They lure the naïve buyers with some alluring offers and amenities while claiming to be among the lowest in pricing. Homebuyers fall into their trap and struggle with several unpleasant hidden costs that escalate the prices.

Owning a property is a dream come true for all aspirants. It is also one of the complicated decisions with several financial implications for buyers. You must be strict and follow up with the developer to ensure you get the house on time with quality construction. If you have any apprehensions about the builders, do not compromise and buy in haste. 

Contact us at PVS Builders & Developers for any assistance regarding real estate in Kerala. We believe in punctuality, quality, and personalized service.

RERA Act and Its Relevance for Home Buyers, Investors & Builders

RERA Act aims to address the concerns of home buyers, investors, and other stakeholders’  and usher in transparency. The Government of India passed the Act in March 2016, and it has come into effect from 1 May 2016. The state governments had to define their own rules within six months on the guidelines framed under the central act.

What is RERA?

RERA is expandable to Real Estate Regulatory Authority. The purpose of the Real Estate( Regulation and Development) Act, 2016 is to eliminate the inconsistencies  in the industry. RERA committees have been set up at state levels to bring uniformity and standardize the real estate industry.  The Government of India passed the Act in March 2016 which came into effect from 1 May that year. The Ministry of Housing and Urban Poverty Alleviation(HUPA) released the general rules of the Real Estate (Regulation and Development) Act, 2016, applicable to the Union Territories.

Why is RERA important?

RERA removes the discrepancies and aims to promote uniformity with one centralized act. As mentioned earlier, each state has drawn a set of rules based on the guidelines framed. For example, prospective home buyers looking for the RERA act in Kerala must search for RERA Kerala (

Home buyers felt they were at a disadvantage when it came to real estate dealings. Families plan for many years to own a house, and because of irregularities by the builders, their dreams are shattered.  They lose faith and suffer the consequences. RERA ensures simpler, unbiassed, and fair transactions between the property sellers and buyers.

Important definitions

Homebuyers should have a complete awareness of specific terms that people use in real estate transactions. These include the previously defined calculations and how RERA has corrected them.

1) Carpet area:

It is “ ‘the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.’”

Before RERA, the method used by the builders to calculate the carpet area was ambiguous. There was no standard formula, and buyers were at a loss as builders were using different procedures. Builders now have to specify the apartment size based on the carpet area in all their ongoing and future projects. 

2) Commencement certificate: 

Section 2(m) of RERA act, 2016 defines commencement certificate as “ ‘the commencement certificate or the construction permit, issued by the competent authority to allow or permit the promoter to begin the development works on immovable property, as per the sanctioned plan.’”

Earlier, the developers could alter, amend, or revise the sanction plan and original layout as per their convenience. Now, this is not to be the case with huge penalties.

3) Completion certificate:

It means “ ‘completion certificate, or such other certificate, by whatever name called, issued by the competent authority certifying that the real estate project has been developed according to the sanctioned plan, layout plan, and specifications, as approved by the competent authority under the local laws.’”

4) Occupancy certificate:

It refers to “ ‘means the occupancy certificate, or such other certificate by whatever name called, issued by the competent authority permitting occupation of any building, as provided under local laws, which has provision for civic infrastructures such as water, sanitation, and electricity.’”

The clause here is that the completion certificate alone is not enough to make the property legal for occupation. The occupancy certificate is issued by the local municipal authorities when the building is complete and ready to occupy.

What else you must know as a home buyer:

  • Builders must register their project under RERA if the land exceeds 500 square meters or has more than eight units. The realtors submit details of their completed and ongoing projects when they file for registration. The authorities can regulate defaulters and usher in transparency.
  • Builders cannot do any promotional activities and advertise the project until they get it registered under RERA. They should ensure the ads are conforming to the details submitted to RERA.
  • The promoter should open a separate account in a scheduled bank for the project ( section 4(2)(I)D.) A project audit must be conducted every six months by a certified chartered accountant. The builders should deposit 70% of all the project receivables into the account, and they can withdraw only after submission of audit certificate from the CA.  
  • If there are structural defects within five years from the date of possession, the builders must repair at their cost. If the builder does not rectify the defect within 30 days, the house buyers can claim compensation ( section 14(3).)
  • The builders must mention the carpet area of the property in brochures and agreement of sale. The precise meaning of the carpet area, as per RERA rules, is defined above in point no.1 of the previous subtitle. Customers can have a clearer picture of the procedure a builder uses to calculate the carpet area. 
  • RERA has given a standard agreement of sale format. The builder must use the same presentation that is applicable in the related state. It includes all details and descriptions about the project and financial transactions.
  • The builders will update the progress of the project at each level every quarter. Owners can learn about the current status without visiting the project site. It is a great relief for the NRIs and investors working in different cities.
  • The promoters cannot take more than 10% of the total cost before signing a written agreement. In case of delays in the project, the builder is liable to pay compensation/ interest.
  • The builder cannot make any changes to the sanctioned plan, common area specifications, and fittings unless they have the consent of 2/3rd

RERA for builders

By protecting home buyers against fraudulent builders, RERA has ushered in a substantial transformation to the real estate industry.  However, it does not mean the Act has ignored the other builders’ interests.

Builders must register with RERA and obtain a valid RERA registration number. Without registration, the builders cannot advertise, market, or sell the project units. 

Property investors who were hesitant and wary of the builders now trust the builders with RERA registration. Their approach and confidence will improve compared to earlier times.

For some reason, if there is a dispute,  RERA will resolve it within 60 days. The courts have no authority to interfere in decisions taken by RERA. 

The registered builders can improve their image and reputation by focusing on quality and timely completion of the project. It will be a healthy competition among the developers without any false promises or hidden costs.

Buyers are required to take possession of their property within two months of receiving the occupancy certificate. It is also mandatory for the buyers to regularize payments that include maintenance, taxes, utility bills, and similar. It eases the burden on the builders of sending reminders for stalled payments.

RERA in Kerala

The Kerala Real Estate Regulation and Development rules were announced in 2018 and launched a new website ( in 2020. All the Kerala RERA rules that were previously in force are no longer valid.

To find registered projects in Kerala

Click on the ‘ Registered Real Estate Projects’ column in the official RERA website mentioned above. Likewise, to know the registered agents in Kerala, click on ‘Registered Real Estate Agents.’

To file a complaint on RERA Kerala

  1. A) Aggrieved parties, whether builder, buyer, or agent, can file their grievances with the concerned Authority under section 31 of the RERA Act, Kerala. To file a complaint, use Form M.


The complainant must submit three sets of the form with supporting documents to the Authority and copies of the same to the respondents. A fee of Rs.1,000 is to be paid by way of a demand draft. The DD must be drawn on a scheduled bank in favor of the ‘Kerala Real Estate Regulatory Authority’ payable at Thiruvananthapuram. The documents can be done online or sent by registered post. 

The complainant can hire an advocate or file the complaint themselves. Section 56 of the Act specifies the rules the complainant should follow if the complainant is hiring legal services. A vakalat duly attested with enrolment number, court fee stamp, and Advocate Welfare Fund stamp should also be filed along with the complaint. 

  1. B) If the complaint is being filed before an Adjudicating officer, use Form N.

( The other requirements are almost similar, as mentioned above.


RERA is still young, and too early to make a judgment on its effectiveness. However, it promises to clean the real estate industry with hefty punishments for the corrupt and protecting the interests of honest builders and buyers. RERA serves as a watchdog to the real estate industry providing clean and clear dealings.

Coronavirus and its Impact on Real Estate Industry

The world is witnessing unprecedented challenging times with the novel coronavirus showing no mercy. The pandemic has brought most industries to a standstill and all the countries are facing a social/economic decline. The scene in India is no different from the rest of the world.

The real estate industry struggles to get back to normalcy after the nation-wide lockdown and different unlock phases. It is not easy for an industry severely affected in quick spans with Demonetization, RERA, and now the COVID-19 to bounce back to normalcy.

The pandemic has created a significant void that the real estate market has not experienced previously. Migrating labor, uncertain supply chain, inflating costs, social distancing is some challenges that need deliberation. Besides these issues, the conflict with China have many repercussions.

The coronavirus figures are not important here. What is important is how the disease affects the key players associated with the real estate industry. It includes builders, agents, buyers, owners, and NRI investors.

Supply chain chaos

There will be a deep impact on the supply chain and an increase in expenditure for the industry. The companies will have to ensure the health and welfare of the labor  and provide them with adequate safety equipment. The construction costs will surge with the disruption in the supply of raw material, transport, and maintenance of the labor force.

The China factors

China is facing a global backlash with accusations of being the cause of Coronavirus. The recent skirmishes at the border has made India reconsider many of its policies with that country.  Before the pandemic and lockdown, India has been importing several products from China. The real estate industry also relies on China for several items and finished products. The products include solar panels, electronic equipment, plastic and fiber material, iron and steel, etc. The reasons for imports include superior quality, timely delivery, resilience, and lower costs.  

The import-export imbalance with China had always been a worrying factor for India. Boycotting Chinese goods has to be gradual and simultaneously the country must work towards consolidating its infrastructure. It will be a good opportunity for SMEs ( Small and medium industries) to boost the Government’s Make in India and Atmanirbhar Bharat Abhiyan initiatives. Encouraging local businesses will generate employment, improve the economy, and usher in self-reliance.

Buyer’s dilemma

Till early 2020, India was one of the fastest-growing economies in the world. The real estate industry mood was buoyant with low-interest rates at around 7% and attractive tax rebates on home loan interest payments. Coronavirus changed everything. The over two months of total lockdown brought the country to a standstill, dampening the public’s hopes and confidence.

While the real estate agents and companies are ready to sell, the list of takers is less. Many individuals and families are reconsidering their priorities as they feel the pinch financially. Employees are not sure of their jobs as businesses are cutting down on the workforce. Small entrepreneurs are struggling to generate revenue because of the restrictions in movement.  Many families are using up their savings to make  ends meet.  They are wary of taking risks or make any financial commitments because of job uncertainty.

However, the pandemic has also made people understand the value of home- ownership. The hesitancy is momentary for some, and they are determined to decide within the next few months. Many have plans to  move to larger spaces to accommodate the work from home concept.

The builders and developers need to provide accurate information online to enable the buyers to shortlist sites that match their requirements. Once they have an idea, the homebuyers can plan a visit taking all precautionary steps for a formal meeting.

Agents/Builders optimize digital platforms

At a time when personal visits are discouraged, builders are under pressure to provide prospective buyers with engaging content. The realtors are likely to defer new ventures and focus on selling the ready-to-occupy properties. Some of the technologies they use include

  1. a) eBook or e-brochure: One of the most cost-effective ways to promote a housing project is through e-brochures, digital versions of the print brochure. It is exhaustive giving complete details that include catalogue, manuals, layouts, photos, specifications, amenities, configurations, pricing, etc. The brochure is in an impressive 3D format that showcases the registered properties.
  2. b) Walkthroughs: Videos have always been useful for buyers seeking property in another city or country. The local home seekers can view the videos during their search, avoiding a physical visit until the final decision. The videos are somewhat similar to YouTube videos.
  3. c) Virtual tours: Virtual tours like videos, enable a person to view a property location, surroundings, and landscape. The tour is usually several videos and/or images with AV effects such as sound effects, narration, music, and text content.

PVS Builders & Developers, one of the top property developers in Kerala, is available on all online property portals.  They encourage their clients to go through the photos and details on their website to learn about the available projects.  


With the work from home being the primary option for many organizations, the commercial spaces are losing value. Some organizations, where work from home is not possible, are gradually returning to offices. Remote working is likely to stay for some time wherever possible. Many firms are willing to equip their employees with the latest technology gadgets to collaborate and stay connected,  giving the commercial real estate sector a significant financial blow.

However, industry experts are optimistic the trend of work from home will not be a permanent affair. It gained momentum because of the countrywide lockdown. Office spaces and commercial establishments are working on a makeover. Reading body temperature at the entrance and creating safe distance seating arrangements are mandatory.  Cubicles and compartments will again be back replacing the practice of ‘bring the workforce closer.’ The number of contact surfaces will be minimal with open doors and sneeze guard desks with in-built hand sanitizers. Masks, hands-free faucets & dispensers, etc., will be the new protocols. By going green, organizations can promote the health and wellness of the workforce.

Tips for sellers

The pandemic has upset the property seller’s plans as much as it did to the others. They have to either do distress selling at a low cost or wait with hope for the crisis to be over soon. Rather than lose out, the sellers could consider a few practices that would catch the property seeker’s interests.

  1. a) Maintain the property well: Applying a fresh coat of paint before posting pictures in the media will catch media will catch buyers' eye. Cleaning up the rooms and yard, in case it is a villa, will also be useful. The idea is to make it look clean, spacious, and presentable.
  2. b) Let the world know: People should know there is a property available for sale. Spread the word among all contacts- business, family, workplace, friends, neighbors, with a request to carry it among their contacts. The more the word spreads, the faster can be the responses. List the property in all social media platforms in the real estate sale columns.
  3. c) Have all documents on hand: Ensure all the documents such as Society NOC, the Title deed, tax receipts, encumbrance certificate, and any other are ready. Delay in presenting any document can raise a doubt in the buyer’s mind.
  4. d) Transparency: Tell precisely why you are selling the house, such as upgrading to a bigger space, relocating, etc. It shows that you are selling a house where you are achieving success. Giving history will enable buyers to know the owner is not selling due to bankruptcy, death, illness, or any misfortune.

For the NRI Investors

According to the Ministry of External Affairs, India, the second-most populous country globally, has 28 million people living abroad. India also tops the list in inward remittances. While most of the remittance is for family maintenance, a large share  goes towards investment in real estate.  Things, however, are different nowadays. NRIs are in two minds about investing in real estate because of the uncertainty due to the pandemic and changes in the  FEMA rules.

Nevertheless, it is a good time for the NRIs to purchase residential property as a fallback for the future. Investing in India is safe and more secure than in other countries. Real estate is  buoyant than the highly volatile stock market, gold, or fixed deposits. The falling Indian rupee, though bad for the country’s economy, is advantageous for the NRIs. The RBI has also reduced the Repo rate ushering lower interest rates on borrowings and easy availability of loans.

Bottom line

Real estate is always the safest and best investment option if done correctly. It offers financial security and is a means to fall back upon in times of financial crisis. With the relaxation in home loan interest rates, people will prefer paying to own a home rather than hefty rents. The pandemic has wreaked havoc that will take several months to clean. It will take time for normalcy to return. Staying safe is the highest priority today.

The Real Estate Investment Options for NRIs

Non-Resident Indians ( NRIs), generally, invest in a property in India to stay when they come home on a vacation. Some let it out on rent to gain back some income from their investment. As an NRI, if you have such plans, this is a favorable time for you to go ahead. Understand the legal provisions relating to purchase and ownership of immovable properties under FEMA (Foreign Exchange Management Act).

The rules:

NRIs can purchase any commercial or residential property in the country without the need for any approval from the RBI. They can purchase any number of properties without the necessity of intimating the authorities. The Income Tax laws also permit the NRI to purchase any number of residential and commercial properties. If the NRI is not in India, they can authorize someone to execute the purchase with a valid power of attorney. 

However, the NRI cannot purchase farmhouses, plantation properties, or agricultural land without prior approval of the RBI. Reserve Bank takes a decision after scrutinizing each application on a case-to-case basis. An NRI can invest and own property individually or jointly with another NRI. But a resident Indian, or a person not allowed to invest in property in India, cannot become a joint holder to such property, even if that person is a contributor.

Continuance of ownership:

A person owning farmhouses, plantation properties, or agricultural land, as an Indian citizen can continue to hold the property in the country, in case he becomes an NRI. It means if you already are an owner of these lands before you became an NRI, there is no problem.  You can also let out the property and collect rent, paying the appropriate applicable taxes, if any. 

Purchase rules:

A few rules regarding how to finance the purchase of property in India are as follows.

The money for the property purchase should be through banking channels only. They can make the payments using their FCNR (Foreign Currency non-Resident) account or NRE ( Non-Resident external) rupee account.  The payment can also be from their Non-Resident Ordinary (NRO) but they cannot use traveler cheques or foreign currency.

Home loan options for NRIs:

NRIs can also avail of home loans from banks and house financing companies in India for the purchase of a property.  The loans can be for buying non-agricultural land, apartment, or construction of a house in the country. The loan can also be taken from the Indian employer of the NRI employee, if salaried. They can apply for the home online or in person. The documents will vary depending on the status whether the NRI is salaried or self-employed, the country they reside in, etc. Copies of passport, visa, photographs, employment details, income, and proof of residence are mandatory. Besides, the NRI must fulfill a minimum period of stay in that country. The banks may ask for an NRI guarantor or Co-applicant with similar documents.

Repayment Options:

The EMIs (equal monthly instalments) should be by proper banking channels

  • through remittances from outside India
  • debiting the NRI’s applicable NRO, FCNR, or NRE account,
  • the rental yields if they have let out the property, or
  • any money transferred to their NRO account by dear relatives.

If the NRI has purchased the property for self-occupancy, they can avail a loan against the NRE or FCNR account deposits to service the home loan up to Rs.1 crore.

A few more points

The NRI must search and reserve the property to get the best price and commitment from the builders without relying on agents. They get almost similar tax benefits as a resident Indian does. However, the NRI has to pay a withholding TDS at the rate of 1% if the property they buy is worth more than Rs.50 lakh. If it is not for self-occupancy, they must let it out for at least 300 days in a year to avoid wealth tax. The rule is for the first property that they purchase. They can sell or gift an immovable non-agricultural property to an Indian resident.

Property Management Company and Why You May Need Them

Often investors hesitate to acquire property away from their place of living and miss out on great investment opportunities. They either are not aware or ignore the option of using a property management company.  The following should help you understand the services they offer and how they are useful to you.

The role of a property manager:

Property managers perform the following functions for the landlords.

  1. Evaluation of the property to determine the accurate rental rate:
  • Provide documentation of the interior and exterior of the building with photographs.
  • Suggest on repairs and improvements to enhance its rental value
  • Collect data on the rental rates in the area.
  • Discuss the optimal rate the landlord can get as per the size, type, and location of their building
  • Advice on the pros and cons of different policies, such as accepting pets. Lawn and pool maintenance ( if an independent villa/ home.)
  1. Marketing the property for rent
  • Prepare the property to attract tenants
  • Publicize and advertise the property in appropriate media channels
  • Spread the word among their network and other realtor agents.
  • Offer around the clock contact support for prospective clients to communicate
  • Manage and deploy relevant digital solutions to avoid physical meetings during the pandemic crisis.
  1. Tenant reputation check and selection
  • Confirm details such as identity, income, rental and credit history
  • Send inquiries list to the landlord, grading them as per predetermined criteria
  • Inform enquirers who you reject
  • Draw a lease agreement after confirming the move-in date with the tenant
  • Review and reconfirm guidelines with tenants regarding rental terms, payment dates, and property maintenance.
  1. Financial services
  • Collect payments / confirm online deposits
  • Track and remind for late payments
  • Send notices in case of violation of lease rules
  • Make payments- taxes, insurance, leases, warranties.
  1. Manage legal issues
  • Advice in case of any litigation
  • Refer legal advisers/ attorneys to landlords, if necessary
  • Update the landlord about local and state rules & legislations.
  1. Other services
  • Periodic inspection of the property with prior appointment with the tenant
  • Advice on any needed repairs
  • Inspect for any violations/damage to property
  • Send a report to the landlord with photos where possible.

Do you need a property management company?

Answering a few questions will determine if you need a property manager.

  1. Do you live in the same vicinity or city where your rental property is, and do you have the time to visit the site regularly ?

If you are in a different city or country, talking to property management companies will save you plenty of time and effort. You will waste a lot of money making trips and still have no control.  Otherwise, you will need to rely on friends and relatives to manage the documentation and other works.

  1. Can you find reliable tenants quickly and do the negotiations confidently?

Delays in finding good tenants is a loss of revenue and can make you desperate and compromise on lower rent as time goes. Do you have the time to advertise, make calls, show the property to rental seekers?  It can sometimes be awkward to negotiate and tell your rental terms if the tenant is a close friend or relative.

  1. Do you have the experience of repairs and maintenance?

The apartment society has handyman for minor repairs, but you must act quickly, if the repair is something major within the house. The tenant may wake you up at midnight in an emergency. Do you have the capability to handle such stresses? A professional management company has 24/7 support where one can leave a message. They will attend to the problem at the earliest.

  1. Are you confident and aware of the local tenancy and rental laws in case of disputes?

It is essential to ensure you abide by all the local state laws. The tenant may take advantage of your lack of knowledge. More important is you must act fast if there is a disagreement.  

  1. Is it financially beneficial if you spend your time managing the property?

Do you think you can take time off your business/work and attend to the property issues? It could be a society meeting or a major repair work that needs supervision. Consider the options and decide. You pay a monthly/annual fee to the property management company and relieve yourself of the hassles.

If you are interested in hiring a property management company in Kerala, contact PVS Builders & Developers. Visit their website to learn about their projects and services.

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