Guidelines to NRI investors post demonetization

post-demonetization

The words “Property for Sale” always create a lot of interest. It is important for people to learn to protect their properties. More so, in this era post demonetization and the effects, the current wave is supposed to have on the real estate sector too. The first step in this direction is to get the required documentation in proper shape. This includes the registry titles and the ownership details.

One can buy a house either directly through the seller or through real estate agents. A common and prominent way of buying property is to invest through Builders. Unfortunately, it is common practice for such land developers to delay or completely avoid handing over of built apartments at the prescribed time. This results in monetary loss and mental stress to the customers.

It is, therefore, crucial to verify the past records of the builder –

  • See what kind of reputation he has in the context of the quality of construction and services.
  • Make sure if he has been giving the possession on time or not, who is going to be managing the property in the long run, what kind of credible associations he has and what is his reputation regarding the customer servicing.
  • Important to check out the balance sheets to see how the company has been faring over the past few years.
  • If the project is a Joint Venture, then you need to check out the details of the partner too.
  • The price framework is a crucial aspect when you check out an asset for sale – being clear on your budget always helps.
  • An investor must do a complete due search before investing in any asset
  • Do a background checks on the builder and his firm including looking into all previous projects completed by the developer
  • Check if the title documents are complete and also verify about all
  • Make sure all the papers are scrutinized by legal service experts before signing the agreement
  • The most important components of the agreement should be the cost, total area & size of the unit, the payment plan, date of completion and possession

If there are any conflicts in this matter, remember:

  • Consumer complaint needs to be filed in the State Consumer Commission.
  • In the present scenario, Consumer courts in India have become aggressive and quick.
  • A penal interest is charged from the date of possession mentioned in the original agreement.
  • Complete representation is provided by us throughout the matter till it reaches its logical end – without an Nri  having to travel to India.