Even though economic pundits in the realm of India are considering the indigenous realty sector as one of the most vivacious and prospective sectors (certainly in terms of generating revenues) known hitherto, the picture is perhaps getting bleak bit by bit owing to several unforeseen developments. What makes one issue such ruthless remarks?
Go through the following and I hope that you may also abide by my standpoints.
It is getting evident an increasing number of non-resident Indians (NRIs) is getting vulnerable to real estate woes and as per some of the preys, negligence of governance happens to be supreme. To cut a long story short, copious numbers of complaints of real estate deals getting sour, crooked and dishonest encroachment and unauthorized occupation of properties have flooded the ministry of Overseas Indian Affairs (MOIA).
What we can say is that this is nothing new but the recent saga of Satyam scam casting its shadow on Maytas Properties has made the situation out of the frying pan into the fire. There is hardly any doubt that apprehensions amid overseas investors, thanks to all these tainted events, have deepened.
What has been the response of Government of India? After all, it is the foremost authority and can’t leave us in the lurch. Well, it has expressed own views and as indicated by Vayalar Ravi, Overseas Indian Affairs Minister, "Property dispute is one of the most frequent complaints by NRIs. They are unable to protect their property due to long absences or lack of awareness of laws."
Bear this in mind too. The majority of complaints are from major real estate markets like Delhi, Mumbai, Bangalore, Andhra Pradesh, Kerala and Punjab.
What types of complaints are there then? The nature of the complaints, it has been found, are mostly protection of property that has been forcibly occupied or encroached, dispute relating to division of property or inheritance and cases where investors have been cheated by real estate developers.
On the word of the minister, following this deluge of complaints, he had written to state governments asking them to appoint nodal officers for civil, judicial and police matters. These nodal officers are free from NRI cells that are dedicated for issues related to financial or welfare interests of overseas Indians.
No comments:
Post a Comment