A multi-listing service, more commonly referred to as an MLS is a private home-selling database that is used by agents and real estate brokers to advertise and locate local properties for sale to their customers. With the aid of MLS, users can easily find the ideal property or buyer.
Almost all other issues and concerns that an NRI must deal with, can be derived from this fundamental problem.Let’s take a detailed look at these problems faced by NRIs when purchasing property in India.5 Problems Faced By NRIs When Buying Property In India:As much as the advent of technology has made it easier to conduct business across time zones when it comes to matters involving heavy money, nothing beats the security of proximity.
And this is primarily what plagues an NRI’s property investment in India.Here are some of the issues NRI investors have, attributable to the fundamental lack of proximity while purchasing property in India:1.
This is also a reason why NRI investors have to depend entirely on a real estate broker, or family and friends for any information on the ground reality of the property.2.
These people usually claim to be relatives or friends of the NRI owner and present forged documentation – including the Power of Attorney.4.
Lack Of Clear Titles:In many cases, the person who sells a property to an NRI provides only a photocopy of the title deed – this could either be because the property was pledged or because there are several owners.
Assured, Timely Delivery of Property:Before RERA, builders invariably failed to deliver their projects on time, because they would either divert the funds to another project, or they would sell the projects without following the necessary statutory regulations.
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