NRI’s getting fed up with Indian developers
NRIs are losing interest in the upcoming projects with Indian realty firms in a big way due to major problems with developers
A furious Naresh Chopra, a NRI from America, said that he had booked one flat in Gurgaon in a project of a very well-known realty player. He had also been paying whatever money the realty firm was asking of him. Despite that, there was no progress on the project. The realty firm failed to deliver the flat to him, which they promised to hand over almost a year ago. While narrating his tale, he also said he would take up this matter with Vayalar Ravi, overseas Indian affairs minister.
Complaints of Indian real estate deals going sour, and unauthorized occupation of properties have flooded the officials of ministry of overseas Indian affairs.
Property dispute is one of the most common complaints by NRIs. They are unable to protect their property due to long absences or lack of awareness of laws, Vayalar Ravi admitted. Moreover, some realty firms are not delivering them their flats on time. The largest number of complaints is from major real estate markets like Delhi, Mumbai, Bangalore , and also from Andhra Pradesh, Kerala and Punjab.
The nature of the complaints are mainly over protection of properties that have been forcibly occupied or encroached, disputes relating to division of property or inheritance, and cases where investors have been cheated by real estate developers.
In all honesty who can blame NRI’s for not investing. Some unscrupulous developers have duped them of their money by not delivering projects at all, or in some cases, projects have got inordinately delayed as well. These factors have contributed towards a comparative lack of interest on part of overseas Indians.
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Tags: illegal encroachment, Indian Real Estate, ministry of overseas Indian affairs, Property dispute, unauthorized occupation
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