Who can ever miss the opportunity to live the lifestyle of lavished? Of course, money should in one’s bag or account for it. Jobs in hand in foreign countries can make this big deal very small & easy. Their salary package is where the secret of migration lies. Non-residents of India (NRIs) migrate in multitudes in search of better living and lifestyle with much broader space for thinking & growth. That’s why an Indian readily accepts to be an NRI. But his heart always beats for his motherland. Once established there, they attempt to build bridge with their land of origin. This is where Solution for NRIs Legal Problems began to emerge.
Legal problem in NRI Investment & Property Management:
As the retirement knocks at door, an NRI begins to feel more homesick. He/she turns net savvy for searching a home back in India. Not only this, NRI Investment services for real estate here have become promising. With 25-million migrants, India trails China in world’s diaspora. However, India law favours Person of Indian Origin (PIOs) & NRIs to make a deal of real estate in the country. Reserve Bank India (RBI) has stamped over it.
Investment in real estate is on hike these days & by the end of this year, this trade will be flourishing extra-ordinarily. Property sellers are on spree to jump up their sales due to this factor. ‘What should they look into’ check out below:
- Before investing, you have to look into the property if it’s worth to pay off or if it is fulfilling your necessity for which you are investing your hard earned money or not.
- Prime section of concern for NRI property services is location, size & price.
- Relevant market knowledge is must. For this, you ought to consult a reputed property consultant who is beefed up with the knowledge on the location, pricing & track record of the developer. Put effort by self also for eliminating the effect of any loophole.
- For regulatory approvals & documentations of the property, you should have relevant information.
- Hire or consult a Chartered Accountant for taking opinion on the taxation issues while repatriation of the sales process.
- Online information can be hollow or incomplete. To avoid any foolery, check out its all aspects & don’t rely on the information solely on it.
- Buyers make a land deal with the motto of good return. Today’s time is in the favour of buyers. Within two or three years, it’s going to shoot up for sure with healthy pace.
- One’s net worth, includes stocks, gold & bank deposits etc., defines his healthy portfolio. Investment in real estate provides it to an NRI. It will be a security of not only shelter overhead but also, the society & emotions.
- Peeping into seller’s credentials is utmost important for timely delivery, quality & safety standards. One can also get himself away from the litigation due to land fraud, statutory disapprovals from the government & regulatory agencies.
- Make an urge to your friends or relatives for visiting the site in person, if you have lack of time. Investment in home requires time & patience. Hasty deal can dump you in loss and litigation. Get feedback from your relatives and friends to avoid such unwelcoming/ disrupting factors.
Legal problem to NRIs due to CENOMAR:
Apart from NRI property management services, migrated Indians face legal troubles in another sector. When the question of marriage comes in the countries like Indonesia, Malaysia, UK and Philippines, they require CENOMAR.
It’s a Certificate of No Marriage declaring you as bachelor or bachelorette. You can easily get away from any statutory issues relating to marriage through this single status certificate. Your separation from your ex-husband may not be legally valid although it is decreed by the court there. The foregone countries require the foretold certificate for re-marriage.
Many companies can be approached to get it hassle freely.
Legal Problem due to Aadhar Cards:
The Unique identity number is to assign to NRIs. Obeying the orders of Indian government, the Aadhar Card is considered as an identity proof. Thus, it will not be incorrect to call it a valid document for availing various public services to them. NRIs documentation work in India will require it for opening bank accounts, making land transactions & visa.