- Posted by: Sanjeev
- 28 Aug, 2019
NRI SUPPORT |DDS Detective Agency
Being an outlander is no easy task. Non-Resident Indians and Persons of Indian origin (NRIs-PIOs), though physically away, are still emotionally and legally connected to their homeland. Without explicit citizenry, there are unspoken struggles that an NRI faces. As an NRI, you are bided with limitations from not one, but two nations. Legal and administrative problems often present themselves for everyone. But it can be a headache to solve these problems when you are not in India. Along with property matters and land disputes, family and matrimony issues, criminal litigation, civil litigation, power of attorney and pending administrative tasks also arise. While India is a growing economy, there are several other countries across the world where Indians are getting equally good career opportunities. The NRI population overseas is increasing due to the rise in global options every day. Nepal, United States of America, Saudi Arabia, Malaysia, UAE, South Africa, Canada and Australia are some of these countries.
Investments are a regular money making venture for NRIs. It becomes a more baffling process since they do not reside here. The struggle is real and so we’ve listed some of the most common problems that NRIs face when investing in their home country.
1. Lack of clarity on rights
There is a lack of clarity on legal rights of NRI homebuyers when it comes to investment in India. Punjab and Haryana which have the largest population of NRIs have reported the highest fraud cases as the locals dupe buyers by selling farmland and agricultural land illegally. When investing in real estate there is a lack of clarity on the legal rights of NRI investors when they invest in India. The locals sometimes dupe them by selling illegal lands thereby leading to huge losses for them. What the investors can do to tackle this problem is by always dealing with a certified real estate broker. Moreover, since NRIs stay overseas, it gets difficult for them to be updated with the latest news and reforms in the Indian real estate. It’s advisable to always discuss with an expert before signing any document or transferring money to the seller.
2. Land grabbing issues
Illegal possession, gatecrashing is another challenge faced by NRIs if they are investing in India. In fact, in majority of the cases, the land grabber and person taking illegal possession is known to the buyer. NRI should get in legal agreement in consultation with the real estate broker, with the local relative or family members before allowing anyone to use their property.
3. Concerns about developers
A large number of NRI investors have suffered because of their investment in the wrong project and real estate developer who have delayed their projects. With real estate law in place, buyers can check the track record of the developers on the state RERA website. Now, one can check everything about a developer online. Apart from this, use social media and internet to check the feedback of previous homebuyers. The best way to deal with such situation is to buy through real estate portals which are bound to list only verified projects. Check discussion forum to get information about the project you are interested in. Though RERA will encourage transparency in the unorganised real estate market of India, it is only a medium which enables access to information on one platform. Due diligence would still be a responsibility of investors and buyers. NRIs also suffer because they unknowingly invested in the wrong project or the work got delayed by the developers. To curb this issue the investors should make it a point to track the record of the builders on the RERA website. It’s also helpful to check reviews by previous homebuyers online. And when buying, they should only deal with projects that are verified by going through real estate portals.
4. Delay in process
A lot of NRIs complain that when it comes to investment, there are a lot of background verifications that lead to delay in services and time loss. Most of them face issues when they have to invest money in their NRE, NRO or FCNR accounts. That’s why NRIs need to use the banking services of a place that has a smooth process and have credibility in the market.
5. Lack of professional advice
More than half of the issues arise for NRIs because of their legal advisors who are dubious and know how to take advantage of them. It’s very important to have a trustworthy source of advice. Take help from your bank or a trustworthy advisor who can offer you end to end solutions from tax planning, real estate investments, ITR, TDS, mutual funds and other investments.
6. Financial Discrimination
The tax rules for NRIs are quite different from those that apply to normal residents. There is no tax on foreign income but still, the tax reporting is quite elaborate. There is a long list of rules that one needs to know before going in for any kind of investment whether big or small. Once you know all the rules, then it’s suitable to think what kind and how much of an investment you are ready to make.
A few steps taken in the right direction can secure your future and help reap benefits of your investment sooner and hassle-free in a foreign shore. From a thousand miles, NRIs cannot come down, solve their problems and then fly back overseas again. It takes will, time, resources and experience to deal with such problems. DDS Detectives Agency presents itself in your hour of need. Our strong work ethics and smooth turnaround time promise you optimal results. We have a 100% success rate in the resolution of cases handled by us. Contact us on +91 8506870002.
