Property rates in India have soared over the past decade. Today, the number of licensed and unlicensed, property dealers and real estate brokers have gone up. This has started posing a challenge for many investors, especially NRIs, to decide the right agent and property for them.
In many cases, it has been observed that many NRIs are taken advantage of because of their non-proximity to the place of investment and being unaware of the legal proceedings. This paves way for real estate agents, and even family or friends to dupe them of their hard earned money, without any trace.
For example- Mr Singh (name changed) lives in Canada and is interested in buying a property in his hometown, Punjab. He spoke to his colleague and friend to help him with this investment proposition. His colleague connects him with a friend of his in Punjab who deals with NRIs property investment in India and knows all the procedures.
As a friend, you trust the person to guide you through all the procedures and make the investment as smooth as possible. The ‘friend’ in India sends Mr Singh a lot of property photographs and advises him with the best lucrative property deal, shows him all the pros and cons of every property and helps him select the best one.
Mr Singh is quite impressed with the friend’s knowledge and goes ahead with the investment. The friend asks Mr Singh to transfer the funds to his registered bank account and sends him all the documents that do not have a trace of being forged or look fake.
Mr Singh transfers all the funds to the person and is quite happy with the investment he has made. Least realising that the next phone call he places to the friend will go in vain. The real estate agent turned out to be a fraud and vanished with all the money that was transferred to him. Mr Singh is at a loss of words and money about this huge setback. Once he confronts his friend back in Canada, the friend flatly refused to take any onus about the deal that fell through the cracks. This has left Mr Singh feeling cheated.
Procedures in Indian Property Investment for NRIs
The biggest problems NRIs face is not knowing the correct rules and their rights when it comes to investing in a property in India. Employing professional investigative services in India helps NRIs to find out every minute detail about the properties in the discussion, about property dealers and complete fact-based reports, in the comfort of their homes.
Many NRIs, like Mr Singh, need to carry out their due diligence before thinking planning to invest in India. As per Indian Real Estate rules and regulations, all real estate proceeding for NRIs is controlled by the Foreign Exchange Management Act (FEMA). The rule under this guideline states that the NRI can only purchase a commercial or residential property. He/she is not allowed to invest in any agricultural land, farmland property, plantation property and so on in the Indian market.
We have been working with NRIs to help them understand the types of properties they can invest in.
Non-possession of property or fraudulent paperwork often leads to builders duping NRIs from the wealth. We help you by giving you complete factsheet regarding the builder and their property status along with verification regarding their previous projects and quality. This will help you make an informed decision regarding property investment in India.
Cost of property
Every city has different property rates along with different property tax, tax benefits, brokerage, etc. Not all NRIs are aware of the current rates and end up paying more than the actual amount.
We are committed to helping you solve this problem and therefore have onboard the best professionals to carry out a detailed verification of the actual cost of the property vis-à-vis the ones being quoted to you. With all the facts in hand, it helps you make a better decision.
We all know the paperwork involved in buying a property, however, it increases when it comes to NRI investment. The investigators on the platform will do the groundwork and give you a complete list of paperwork and check the documentation that is required for the property you want to invest in.
Rather than going through a variety of real estate agents and relying on untrustworthy individuals or relations, get the work done by trustworthy professionals on the platform within the comfort of your home.