Here is How Nris Can Take Care of their Property
Jan 09, 2018 Home Trading Steps
As the saying goes ‘every coin has two sides’, real estate sector also has two sides. That is people often see as a lucrative investment option with good returns but you can also be at risk for that investment if you lose it. And as real estate sector is considered to be a good investment choice, NRIs often put their money into it. But at the same time, they need to be sure that their investments are in safe hands. Such as there have been instances that relative who takes care of the property gradually take hold of that property. Hence NRIs needs to be extra careful and cautious about their property in India.
Let us understand different cases and how NRIs can handle certain situations.
1.Relatives are the first people who come to mind while thinking about someone to take care of the property. As relatives are someone whom we trust the most and they also do not charge money to do the job. But there can be a risk too, what if the relatives snatched the property from you. Well, you can take the legal route against them. A victim of this kind of fraud can claim his or her property back, under section 5 of the Specific Relief Act, 1963. According to the section 6 of the act, if the owner can prove their previous possession and the subsequent dispossession, then the recovery can take place. You can also take actions against the offender under Section 145 of the Criminal Procedure Code. However, in this case, there is a risk of losing near and dear ones. Hence, if possible this option should be avoided.
2.Whether keeping a tenant will be safe or not? Renting out the property could be another option for safeguarding the property, that too without involving your relatives. But this route is also not that safe. As according to the provisions of the Limitation Act, 1963, a tenant can acquire the legal right of a property, if the owner does not claim his or her stake over the property for 12 years. In order to claim the ownership of the property, the tenant has to prove that his or her occupancy has been continuous for the entire period.
To avoid such situation, the NRI need to keep a regular watch over the property and should visit from time to time. Although visiting on a regular basis from abroad might not be possible, so here you can seek help from your relatives and families living in the same city. They could keep a tab and report about anything suspicious.
It is also advised not to keep the same tenant for a long period of time despite the fact that he or she has been an ideal tenant in terms of making payment regularly and taking good care of the property.
3.In case tenants are also a problem, then NRIs can think of hiring caretakers to maintain the property. As compared to a tenant, it is quite difficult for a caretaker to acquire the property. There are also service providers who charge you for maintaining your property. And this is one of the safest and hassle free ways to maintain your property. You can also make a legal document to be sure about this option.
Let us understand different cases and how NRIs can handle certain situations.
1.Relatives are the first people who come to mind while thinking about someone to take care of the property. As relatives are someone whom we trust the most and they also do not charge money to do the job. But there can be a risk too, what if the relatives snatched the property from you. Well, you can take the legal route against them. A victim of this kind of fraud can claim his or her property back, under section 5 of the Specific Relief Act, 1963. According to the section 6 of the act, if the owner can prove their previous possession and the subsequent dispossession, then the recovery can take place. You can also take actions against the offender under Section 145 of the Criminal Procedure Code. However, in this case, there is a risk of losing near and dear ones. Hence, if possible this option should be avoided.
2.Whether keeping a tenant will be safe or not? Renting out the property could be another option for safeguarding the property, that too without involving your relatives. But this route is also not that safe. As according to the provisions of the Limitation Act, 1963, a tenant can acquire the legal right of a property, if the owner does not claim his or her stake over the property for 12 years. In order to claim the ownership of the property, the tenant has to prove that his or her occupancy has been continuous for the entire period.
To avoid such situation, the NRI need to keep a regular watch over the property and should visit from time to time. Although visiting on a regular basis from abroad might not be possible, so here you can seek help from your relatives and families living in the same city. They could keep a tab and report about anything suspicious.
It is also advised not to keep the same tenant for a long period of time despite the fact that he or she has been an ideal tenant in terms of making payment regularly and taking good care of the property.
3.In case tenants are also a problem, then NRIs can think of hiring caretakers to maintain the property. As compared to a tenant, it is quite difficult for a caretaker to acquire the property. There are also service providers who charge you for maintaining your property. And this is one of the safest and hassle free ways to maintain your property. You can also make a legal document to be sure about this option.
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