How NRIs can take care of real estate holdings in India- real estate advisory services
NRIs and real estate investment in India:
For the NRIs residing overseas, buying a property in India is one of their greatest dreams. The Indian laws have increased transparency and have made it reasonably easy for the NRIs to invest in the real estate market.
The real estate sector fascinates the NRIs to invest diversely in the Indian properties, and usually, investment by NRIs is made in the commercial and residential sectors. However, NRIs are familiar with the phenomenon that maintaining and looking after investment property in India is paramount. Usually, NRIs face extreme challenges when it comes to maintaining a property. Typically, NRIs either let out the property or hand it over to a near relative who is residing close to the property to the caretaking of the property.
Limitation Act and its utility:
But then again, there are several risk factors involved in renting out the property and even when the possession of property is handed over to a relative. Since the Limitation Act has made it relatively easy for a person holding the property peacefully and without interruption to establish right over the property if he succeeds in proving his possession in the Court over the property for 12 years or so. Conversely, the relative to whom the property is handed over for caretaking can even refuse to vacate the property or can also sell it fraudulently to third parties.
Real Estate Advisory Services:
To have a hassle-free investment in the Indian real estate market, NRIs must approach real estate advisory services to manage their properties effectively. Such real estate advisory services update the NRIs from time to time regarding the current market situation and help them ascertain the market situation in the coming years or months. The foremost advantage of hiring a professional advisory service is that NRIs who are inhabiting a foreign country can have peace of mind for their properties in India.
The NRIs who have already invested their hard-earned money in the Indian real estate market is always advised to approach the real estate advisory services to secure their investment. Such type of advisory services also ensures that the invested money of the NRI continues to grow.
Safeguarding real estate holding:
Besides that, if the NRI decides to hold the property for a longer duration, in that scenario, such real estate advisory services safeguard the right of NRI in the property. Suppose the NRI decides to appoint a tenant to his property; in that case, the Real estate advisors can assist them in the tenancy management, such as period base physical communication with the tenants.
This tenancy agreement ensures that all issues are resolved with the tenants concerning maintenance and ensures that a bona fide rent agreement is executed from time to time which is effectively complied with the local laws so that the agreement is foolproof. Moreover, the prominent part after appointing a tenant is to ensure that the rent agreed between the parties is timely collected. In such case, the real estate advisors are enormously supportive since they assure that the rent is collected on time from the tenant residing in the property.
After collecting rent, the real estate advisory service can provide them complete assistance in the repatriation of funds to a foreign country. Such funds are repatriated directly into their bank account.
Necessary steps to be taken:
Additionally, to have a prolonged investment, the NRIs must ensure that the title documents of such property are complete, indicating their ownership of the property. The situation may arise where the title documents are partially complete, leading to future complexities while selling the property to third parties.
After making sure of the title documents, the NRIs, to safeguard their properties, should also consider executing a Will so that after the owner’s demise, the property is not disputed, which could later avoid bickering between the legal heirs of the deceased person. Thus, to have a genuinely executed Will, the NRIs are suggested to approach real estate advisory services capable of executing a Will and ensure that the description of the property defined is complete, which in the future can assure the delivery of assets among the beneficiaries.
Hence, to ensure that the property of NRIs is handled with the equilibrium state of mind, seeking assistance from a professional real estate advisor is always recommended so that the measures mentioned above are guaranteed for taking the best care of the real estate holdings of NRIs in India.
