Title: Problems Faced By NRI Investors
1Home gt Blogs gt Problems faced by NRI investors
Problems Faced By NRI Investors
Mar 2018
PROBLEMS FACED BY NRI INVESTORS
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In Green Homes
Finding the correct kind of property is always
the struggle especially when you reside in the
carried country. The non-resident Indians, for
example, at times face various issues while they
plan to invest in the Indian realty market.
Here is a list of some common problems faced by
the segment of purchasing and their possible
solutions-
Lack of clarity on rights There is lack of
clarity on the legal rights of the non-resident
Indian home buyers when it comes to investing in
India. Haryana and Punjab have the largest
population of the non-resident Indians have
reported the biggest fraud cases as the locals do
dupe the property buyers by selling farmland and
the agricultural land illegally. To actually cope
up with this, the investors should deal with the
certificate realty brokers only. With the Real
Estate Regulatory Authority taking shape, all the
property agents are getting themselves verified
by the authority of states while making it
convenient for the realty buyers to transact.
Furthermore, all the realty dealings by the
non-resident Indians takes place under Foreign
Exchange Management Act (FEMA). As per the rules
by Foreign Exchange Management Act, the
non-resident Indians can invest in commercial and
residential properties. A person of Indian Origin
or the non-resident Indian can't invest in
agricultural land or farmland.
Land grabbing issues Illegal possession or the
gatecrashing is yet another challenge that is
faced by the non-resident Indians if they are
investing in property in India. In fact, the
majority of the case, the land grabber as well as
the person taking illegal possession is pretty
known to the buyer. Non-resident Indians should
get into an illegal agreement in discussion with
the realty broker with either the local relative
or the family members wells in advance allowing
anyone to use their property. Concerns about
deveLopers A huge number of non-resident Indian
investors have certainly suffered with their
investment in the wrong project as well as real
estate developer who have delayed the
projects. With the realty law in place, the
property buyers can check the track record of
developers on the website of the state RERA. Now,
one can easily check everything about the
developer online. Apart from this, internet and
social media to check the feedback of the earlier
home buyers. The most appropriate way to deal
with such situation is to purchase through realty
portals which are bound to list the verified
projects. Through RERA would encourage
transparency in the unorganized realty market in
India, it is the medium which enables access to
the information on a specific platform. Due
diligence would still be the responsibility of
the buyers and investors.
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