NEW YORK (TIP): The Global organization of People of Indian Origin – New York chapter organized a community meeting where many issues of NRIs buying, selling and owning properties in India were discussed. It was jointly organized by the Indian American Kerala Center at its auditorium in Elmont, New York.
The speakers included New York Attorney Anand Ahuja who is also the President of GOPIO-New York and Mr. Pambayan Meyyan, Senior Vice President of Forest Hills Financial Group. The meeting was chaired by GOPIO Founder President Dr. Thomas Abraham.
Several issues were brought out at this meeting especially buying, selling and owning real estate properties by NRIs/PIOs in India. It was pointed out that there have been growing number of scams against NRIs/PIOs hereditary, residential and commercial properties and due to these reasons, NRIs/PIOs are being greatly discouraged to invest in India
“NRIs/PIOs are at a great disadvantage to contest property issues in courts in India due to the length of the time (10-20 years) it takes, and/or due to the fact that in both civil and criminal cases NRIs/PIOs need to be present on many occasions before the court,” said Dr. Abraham. The meeting requested GOPIO to take up this issue with Govt. of India to have Fast Tack Courts.
The meeting also called upon the Government of India to enact another legislation to provide Title Insurance to ensure that their ownership in real estate is protected against forged signatures on the deed and for any such fraudulent transfer of their properties.
It was also pointed out that NRIs and PIOs are subjected to higher TDS (tax deducted at source) than resident Indians for capital gains and while selling properties. GOPIIO meeting passed a resolution covering all these issues and plans to present it at the Regional Pravasi Bharatiya Divas to be held in Los Angeles on November 15th.
GOPIO-NEW YORK – KERALA CENTER SEMINAR RESOLUTION
Investments in Properties & Disputes
- WHEREAS many NRIs/PIOs are keeping their emotional ties alive to their motherland by maintaining their hereditary property; and
- WHEREAS NRIs/PIOs are committed to contribute financially and otherwise to the growth and progress of India; and,
- WHEREAS many NRIs/PIOs have substantially invested and/ or are in the process of investing in residential and commercial real estates; and,
- WHEREAS there has been a growing number of scams against NRIs/PIOs hereditary, Residential and Commercial properties; and,
- WHEREAS due to growing property scam NRIs/PIOs are being greatly discouraged to invest in India; and,
- WHEREAS one of the main reasons for these growing scams against NRIs/PIOs is that the NRIs/PIOs are at a great disadvantage to contest property issues in courts in India -due to the length of the time (15-20 years) it takes, and/or due to the fact that in both civil and criminal cases NRIs/PIOs need to be present on many occasions before the court, and
- WHEREAS despite several attempts to bring this problem to the attention of the Central Government Agencies and Ministers no corrective measures have been taken so far.
- THEREFORE BE IT RESOLVED that GOPIO urges the Government of India to enact legislation to designate Fast Track Courts for NRIs/PIOs for the speedy settlement of their property issues in India, and enact another legislation to provide Title Insurance to ensure that their ownership in real estate is protected against forged signatures on the deed and for any such fraudulent transfer of their properties.