The Non-residents who live abroad from India are most likely to face many practical challenges if they own a property here at Home. There was a time when people were worried about getting better money out of their investments.
Sometimes out of misfortune, the property faces struggles in wrong hands giving its owners fear and agitation for their property to come back to them in one piece. With changing times, there are several solutions that have come and people are more cautious to take measures when they leave their property at home.
Lack of Legal Awareness
Even though there are many online mediums to learn about the current happenings in Real Estate and Market, many NRIs have very little knowledge about the legal rights when it comes to investment in India. The real estate dealings by NRI in India are controlled by Foreign Management Act or FEMA that states that the NRIs can purchase only residential or commercial properties in India. An NRI is not permitted to buy a farmland or any kind of agricultural land.
This is because of the fact that, most of the farmland or agro land is sold illegally by the residents here when the actual owner is away. This issue has been witnessed in states of Gujarat and Punjab which has the largest of NRI population in India.
The best solution to overcome such issue is to get advised by a legal expert ad ensured that all the property transactions are discussed and certified before any exchange of money takes place. The signing of any bond or document should take place in the presence of a real estate legal expert in any case.
Trespassers or Illegal Land Grabbers
With increase in crime rates, gatecrashing is one serious problem the NRIs need to be cautious of. There are people who are waiting to take advantage of possessing your property when you are away. Surprisingly in most cases faced by the NRIs related to illegal property possession, the land grabbers are known to the NRI. They are either a family member, or friends or securities who were given responsibility to take care of the property in place of its owner. It is shocking news when the NRI just happen to return to India and knows that the property he once owned, is no longer his.
To avoid this issue, however the solution should be met with legal documents. Be it family or friends or a third person, make sure you sign a legal document advised by your real estate legal expert before allowing anyone to live or take care of your property temporarily.
There is a special branch of Indian Police who deals with cases for NRI. In case you aren’t able to file such legal documents, you can directly contact the police in case of illegal land grabbing issues.
Alternatively, you can use the help of media to broadcast and share your story to help you get justice for your case.
Unreliable or suspicious Builders
This is another serious issue to be aware of since there is a lot of cash involved. A large number of NRIs invest their money on wrong builders who either have a dubious record for workmanship or delay in the completion of the project. The NRIs tend to choose the wrong ones since they do not have time nor the knowledge to know which one is actually good and which is untrustworthy.
It is recommended to check the track records of the builders before making any opting to invest in the real projects, leave alone the huge amount of money transactions that’s bound to happen next. Not every builder with a shiny new office is transparent and follows work ethics. A good research is mandatory.
Do not hesitate to look into feedback from previous buyers and old clients. Check their websites and social media which is the effective way of knowing about an organization as they use them for promotions. Do your homework before you finalize your builder…
Make sure you keep in mind all these challenges you are about to face if you are an NRI owning a property at home. Be smart and cautious as well.