It is not easy being an NRI as there are several things that add to his or her anxiety. Some of them happen to be investing the money in the right place, lack of knowledge regarding legal rights, and so on. On top of this, they can’t spend too much time in India and this leads to several complications. So, today let us understand the common challenges confronting the NRIs in their home countries and the ways to tackle them.
Poor Knowledge Of Legal Rights
One of the biggest challenges faced by the NRIs happens to be their limited awareness of legal rights while putting their money into Indian real estate. Resultantly, they become victims of some local fraudsters by buying illegal lands. This makes them suffer big losses as well. But, NRIs can deal with such an issue by getting involved with certified real estate brokers.
Also, they mostly stay overseas and this makes it tough for them to keep themselves abreast with the latest happening in the realty scene of the country. So, they are advised to consult with an authorized legal expert prior to signing any document or giving money to the seller.
Lethargic Pace Of The Process
Several NRIs are frustrated by the reality that when it comes to investing a lot of time is wasted on background checks. This can get to the nerves of anyone. Also, the majority of the NRIs encounter a lot of hassles while investing money in their NRE, NRO or FCNR accounts. So, it is very much in the interest of the NRIs to avail the banking services of a region which has a smooth process and good reputation in the market.
Association With Dubious Sources
A lot of problems crop up for NRIs due to their involvement with shady advisors, who are hell-bent on capitalizing on the ignorance of the former. Hence, it’s absolutely pertinent to seek counsel from trustworthy sources. Get assistance from your bank or a dependable legal advisor regarding matters related to realty investments, tax planning, TDS, ITR, mutual funds and other investments.
Builders Of Shady Reputations
NRIs don’t stay in India that much and the resultant paucity of time forces them to go for builders who are anything but trustworthy. Due to this they sometimes put their money on the wrong projects and suffer from inordinate delays as well. To keep such issues at bay, it is advisable on the part of NRIs to check the track record of builders on the RERA website. Most importantly, before buying they should assess the credibility of the project on various realty portals.
So, NRIs come across a lot of challenges but these are not something they can’t overcome. They only need to choose the right paths to ensure that their investments do not give them sleepless nights.