The real estate market in India has matured of late, with a number of professionally managed established real estate developers working on large residential townships, condominiums, and commercial properties. However, the opportunity is also being used by fly-by-night operators to make a quick buck by some unscrupulous elements.

State Governments and state judiciaries have made efforts to take up cases of NRIs in the fast Track Courts, as in Punjab, where property cases filed by overseas Indians are among the highest in the country. Land grabbing by impersonation, fake deals, building scams is what an NRI investor needs to be aware of before he signs on the dotted line.

In case of delayed possession of property, an errant builder often gets away lightly in spite of persistent follow-up. He ends up paying only a 10 to 12% penalty on the amount he has received from the investor, which he makes up in any case, citing inflationary costs of construction as the main reason.

Property builders have tried to woo NRIs with false claims of projects, backed by fake videos and information. The National Real Estate Development Council (NAREDCO) has proposed legislation on Real Estate Management. This would bring about transparency and ethical practices in the Indian real estate sector

A few precautions any NRI investor or home buyer should exercise are suggested here:

The real estate developer's track record
Track record of the developer refers to the maturity of the developer in terms of delivery of projects in the past. Track record of the developer is basically a function of various factors including:

·       Projects that the developer has completed in the past.

·       Whether these projects have been delivered as per agreed time schedule.

·       Whether transfer of title in these projects have been smooth.

·       Type of customer service that the developer has provided.

·       Litigation history if any.

·       Quality orientation of the developer

Insist on Original Documents
The clear title of the seller is the most important element in the purchase of a property. This ensures that the seller owns the property and has the right to sell it. It also certifies that it is not mortgaged or charged and is thus unencumbered. The title can be proven at the office of public records. Details of the sale deed are maintained by the office of the sub-registrar in every district and the revenue department maintains revenue records. Obtain a certified copy of the above deed.

Source:- Nri Realty News