NRIs Can Now Protect Their Indian Property from Illegal Ownership

NRIs Can Now Protect Their Indian Property from Illegal Ownership

By SiliconIndia   |   Wednesday, October 31, 2012   |    8 Comments
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Bangalore: Real estate property of an NRI is an easy target for illegal ownership. Property is a good option for investment and house left unattended for longer period of time do attract unlawful occupancy.Sometimes managing real estate properties in India could turn into a nightmare mainly for people who have been living abroad for a long time. Although NRIs (Non-resident Indian) are now investing on properties in India, keeping it safe from illegal possession could be tough and tedious, especially if they are unaware of the procedure in detail. Below listed are few steps which can help NRIs to shield their property in India, reports Deepa Venkatraghvan of Economic Times.

Firstly, how Illegal possession occurs in India

Illegal possession can occur in two ways. According to P Sunder, Managing Director of yourmaninindia.com, "First is when squatters prepare forged documents and threaten you that you do not have legal rights to the property. Generally these are thugs or people with connections who resort to these kinds of tactics to force someone to pay a cost for redeeming their property and enjoying peaceful possession or to force them to make a sale at a distressed value. Sometimes, this has even happened with the connivance of the local revenue authorities. The second is where a tenant forcefully overstays and illegally occupies your property in the face of inadequate checks and balances as well as poorly drafted contracts.”

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Reader's comments(8)
1: Sorry to say but P Sundar is an ASS
Posted by:Gurudutt - 16 Apr, 2013
2: poorly written. what is the significance of "now" in the title of article? all these things applied before too. what has chnaged? how does google map help keep illegal people out?
Posted by:pagero - 16 Nov, 2012
3: The one and only principle in real-estate investment is that
'you should be near the property and perhaps even making use of
the property'. If you cannot watch it yourself the risk is not worth it. The real estate gold rush has passed. Where there is huge sums of money is involved there is mafia, corruption and everything else. I think NRIs will ultimately stop investing, which I believe started this real estate gold rush in India. I know I lived on a budget to be able to send money home so the funds can be invested to secure a better future. But the funds vanished for various reasons mentioned in the comments/article. now I have to work extra years for my retirement and to get a better future for my children. I dont have anything here or there.
whatever is left there is so hard to bring back and it's literally
worthless with the inflation in India. So I basically worked hard for the past 10 yrs for the politicians/mafia in India.
Posted by:ravi - 05 Nov, 2012
4: Bad advice. Google map doesn't update locations *THAT* frequently - happens once every 5-6 years.
Posted by:tapavsi - 31 Oct, 2012
5: Vel I'm awfully sorry to read about your story of your hard earned real estate in India brother. I can sense how painful it must be to you and your family who have sacrificed years of labour and hardwork to build a paradise back home only to know that some illiterate goons and corrupted officials preying on it. I wholeheartedly wish you justice. One thing is for sure, If this trend continues, India will no longer prosper once the NRIs stop investing and propelling companies outsource jobs and investments to India.
Posted by:Venky - 31 Oct, 2012
6: This article is too little too late. I was a victim of exactly what is stated. The mafia in Bangalore tried to illegally take over after forging every document and even threatened my relatives coming in the middle of the night. It was all done in collusion with the local authorities as the mafia are well connected. The court system is basically a joke. Had to file several cases which have been dragging on for years. The court clerks, probably the judges, attorneys are corrupt. The system is rigged. Buyer beware.
Posted by:Vel - 31 Oct, 2012
7: It's a risk-reward equation. While the Banks offer 8% p.a interest
on fixed deposits with tax-exemption and easy repatriation it's hard sell to invest in real estate which has kind of gone through the roof and the appreciation from here will be marginal i.e cannot beat the bank rates for sure. even it beats the rates is the
risk worth it? think about it. The peace of mind that comes with the fixed deposits cannot be measured. Plus the rents on these housing units as so low it does not make sense at all. absentee ownership is very risky especially in India. of course if your family is strong enough to take care of the property then it is an
exception. Sometimes I wonder if I had taken advantage maximising my 401k and invested the funds in US Bonds and fixed income I would have more money than the money that I invested in India. currency devaluation took a toll and some properties just disappeared and I cannot do anything about it.
Posted by:raj - 31 Oct, 2012
8: NRIs need to know the process when investing in property here in India, or else they may end up in trouble.
Posted by:guest - 31 Oct, 2012

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