American-Indians are seek for the protection of their properties in India
property protection
Indian people who are living in America and other countries are looking for the way to protect their properties in India. Most of the time NRIs prefer to buy properties in India due to attractive return from real estate sector, but from past few years people of Indian origin who are living in abroad are demanding for legislation with an aim to protect their properties in India against growing number of scams and fast track courts to deal with property dispute cases.
Indian is one of the fastest growing nation and due to attractive return from real estate sector a large group of scammers are not hesitating to cheat NRIs in the property deal, no matter its related to hereditary, residential and commercial domain. At a community meeting in New York before last weekend it was noted that due to these issues NRIs and PIOs are getting discouraged from investing money in Indian property market. This community meeting was jointly organized by New York Chapter, The Indian American Kerala Centre and Global Organization of People of Indian Origin (GOPIO) with an aim to discuss many property related issues such as; property buying and selling from NRIs and owning other kinds of properties in India.
This meeting was chaired by Dr. Thomas Abraham Founder and President of GOPIO and he requested that GOPIO should take up step towards the issue of property scams and setting up fast track courts with the help of Indian Government. The speakers also included that Anand Ahuja, Attorney from New York and he is also the President of GOPIO-New York and Pambayan Meyyan Senior VP of Forest Hills Financial Group. This meeting was called upon the Government of India to enact legislation with an aim to provide title insurance to make sure that their property ownership is protected in India against forged signatures, scams and other fraudulent transfer of their properties. He also pointed out that in India NRIs are subject to higher TDS (tax deducted at source) for capital gains while selling properties. In meeting a resolution was passed while covering all kinds of issues and plans to present it at the Regional Pravasi Bharatiya Divas (RPBD) which is about held on November 15 in Los Angeles.
