Caution: Why NRIs must avoid buying properties from builders in India
ฝัง
- เผยแพร่เมื่อ 18 ต.ค. 2024
- Here are the reasons why Indians working and living abroad should beware of the Indian real-estate market, which is a morass of unwholesome practices. Builders are systematically trapping unwary buyers, and NRIs and PIOs are even more clueless and more helpless than the local Indians, because they have almost no access to Indian police and Indian judiciary.
Non Resident Indians would be highly advised to avoid sinking their money into purchasing properties in India -- especially properties that are not yet in existence, and are only promises & rosy projections of builders.
Builders in India routinely break their promises, and they suffer no legal consequences whatsoever. This is because they have mastered the art of abusing the judicial processes to protect themselves. Their application forms, agreement formats, and other legal paperwork is carefully crafted for taking advantage of legal loopholes.
Indians abroad have no means of verifying the claims of builders, and no way of regularly monitoring the progress of the real estate project. As a result, they are completely at the mercy of the builders, who milk them for all they are worth, and deliver a shoddy product in return, many years after the promised possession date.
NRIs, if you must buy a property in India, please buy a ready property from the second-sale market. Do not buy from builders. You have been warned!
ISSUED IN PUBLIC INTEREST BY
Krishnaraj Rao
9821588114 and 8169471229
krish.kkphoto@gmail.com
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This is what we want Mr.Rao. Please keep making such videos to expose such procedures from which Common people can protect themselves. Not only about Real estate, but other subjects also. Mr.Rao, you are knowledgeable...Please spread your valuable knowledge to all of us.
He is 50+ and mature person
Also NRIs should not be buying flats in india at overrated prices.....it disturbs whole demand supply logic......ppl earning in india can not buy a flat for 3 cr at all
Exactly. They have easy money when it gets converted to INR.
Their brain stops working. They just give the amount quickly.
Such people need a brainnbuster shock zhatka like this to wake up 🙂
This guy must be a victim as well that's why he is making videos to warn people.
Correct, which employee in Mumbai can afford 5 Cr Home Loan ?
Mindless buying without any utilisation, just for sack of show off among India based Indian Community, by hiding fact of Poor living out of India...🙏🏻😜
Don't worry brother ... now when NRIs will bring their money here India will half their money as property prices will go southward for the next 20-30 years
Bharat - "ppl earning in India cannot buy flats for 3 CR" really? Do you think all the flats are bought by NRIs? You have no idea who owns lot of real estate in India. You need to watch the video again.
3cr/5cr/7cr or whatever the mathematics... every one invested in property because of high rate of return... But now when property prices will keep decreasing or remain stagnant ... any one who parks his money in real estate will be a loser ... Indian Government has given a strong statement that it wants to improve the standard of Indian living ... And killing asset inflators is on their top agenda
Thank you sir , I am from North America and planning to come back and settled down in my retired life - you opened my eyes and I shall be rethinking my decion. God Bless you.
Invest in ready to move property and only in viewed property by yourselves.
Thanks Rao Sir I really appreciate your sharing behaviour
Mr, Rao, I watch your videos and you speak reality and truth in every video, you teachings in this videos to NRI are absolutely correct and I hope NRI watch this video and understand your thoughts and reality.... great work Sir.
Sir you just saved me! I am altering my plans now in the light of your information! Revising it so that I do not become victim to such malpractices! Thank you so much!
You r very practical...you saw reality in life. One should earn lot of money to overcome all this overheads....earn big to pay big bills...
"""DISHONESTY HAS BECOME THE ORDER OF THE DAY."""
Press Nota in elections
@@straightforward8219 none of the assholes😀
Sir you deserved all my praise , your information regarding buying property in India now I am more wise and shall made my decisions carefully , I am gratefully acknowledges yours advice .
I really don't understand who dislikes your videos? I mean how can anyone have problem with this?
Anyway keep uo the good work. Huge fan of yours! 👍
Lodha's TH-cam Bouncers
A very simple solution for these kinds of problem.. Stop buying properties under construction. As simple as that. Look for finished apartments, inspect it, get it evaluated for loan and then buy it. Even if it is little smaller it is worth it than buying an apartment under construction which may never see the light of the day. This is how most properties are transacted around the world. This kind of unique problems exists only in India and China that are rapidly growing. Builders offer low prices initially to lure customers and if you do the simple math, builders can't finish the building with that kind of low price. Knowing this truth many people fall for it and when they end up in problems they are seem very surprised! People should be very careful when they are investing their hard earned money especially at their retirement. Please STOP buying apartments under construction, buy finished apartments only. they may be expensive, but worth it. Go for smaller apartment which is finished rather than a big apartment that may or may not be finished. Banks also should not give loan to unfinished apartments. When this kind of culture develops, then the builders will go for small projects, they take the full risk, finish the project completely, sell it and then they move on to the next project. People can drive this market in a healthy path. See my blogs at: @t
Thank you so much sir. You guided very well and always you are doing such a great job. Feeling so proud that you helping others with sometimes putting your self in trouble. Hats of you sir. Love you sir. Take care. Warm regards from Muscat, Oman
I totally agree with your assessment. You courage is very rare in India. Wish you all the best in your efforts to educate ordinary Indians.
Sensational. "May the force be with you". Golden words. Those who miss it will be buried penny less.
In Bangladesh's Dhaka, a lot of people nowadays buy land as share and make flats/apartments of their own afterwards altogether.
what's your opinion about sharing a land and make a apartment like this.
Very correctly put .Hit the nail on the head .of the NRI .cheated hook line and sinker .
Very very good, thank you. Now this money लालची builder will not snatch money from Indian residence people.
So true, I wished I wanted you 5 years back. I am an NRI and trapped. Went with application form and took loan and gave all the money to builder. Until today not apartment has come up
This video needs to be shared most. From 8.00 advices are gold not just NRIs it is suitable for everyone.
We are still not an independent country as we are living under black British Raj
Rcr
Truthfully correct , Thank you Sir . God Bless you Bhai sahib ji.
Krishnaraj, I suggest you challenge the so called application procedure which turns the law of contract on it's head, in a declaratory suit (rely in a real application, with Lodhas). Seek guidelines for selling a flat, such as right of the buyer to have the flat inspected, measured, etc before deciding to enter into a contract to sell ( not buy, mind).
BEST VIDEO.. LOVED IT.. VERY TRUE & VERY HONEST.. WELL DONE & WELL SAID.. KEEP UP THE GOOD WORK..
real hero crusader, god bless...thanks for your videoa
This is fantastic advice you have given Us .
Yes you have mentioned hard bitter truths about India. But the sooner we swallow this bitter truth , the better it is for us .
Thank you very much sir. So much u doing for us 😭. God bless u
Your money is actually builders money.
1. Avoid under construction property.
2. Check 4 things. Commencement certificate, occupation certificate, water in tap and fan is running. Then u r safe to a great extent.
Great insight Mr Rao- Thank you
Krish 👍
U r absolutely right. Millions & billions of innocents NRIs have been sucked in the system network like the way Krish has narrated.
Most NRIs invested in dombivili as builder claimed it will be gurgaon in 2019.😊
Gurgaon is shit btw😂😂😂😂😂
@@bindasguy3666 but few people talk very highly about it.
Lodha palawa..🤣
Every supporting subscriber should SHARE this VIDEO & its link as many times as possible in different social media..
Great video. Thanks for informing people wasting their hard earned money.
I had a similar approach with a reputed builder where I refused to part with money or sign in blank. They show you flat on the plan which location you never understand. That's the reason they ask you to sign their application and accept any amount (their main aim here is that the consideration was made after agreeing the terms) Isolate them by not going for booking so they have to put their money in the project. Secondly ask for offer letter.
Sir, what you said is unfortunately correct. Though all builders r not same, it's very much true that we need to be vigilant while buying a flat or apartment in any new construction. We don't throw 2000 rs note or 5 dollars on the road. Do we? We never purchase 20 rs vegitables without even looking at it. Do we? Then how can we be so careless while buying a flat worth 3-4 crores rupees? I know, the people who did it were not fools, but they trusted the builder. But after this sad incident, we need to be very very cautious.
instead of buying flats why people dont fixed deposit there money in bank and enjoy interest for life
Please share this as much as possible
U r hundred percent correct, Mr. Krishnaraj Rao. Customer will be issued open ended allotment letters, even without a delivery deadline. More than 1000 NRIs scattered around the world r silent sufferers in a project Launched by Hiranandani developers, first In the name of Sunny Vista Realtors and now under a new overcoat Persipina Developers by same builder. In the promotional literstures, he uses vague terminology. Oromites as sales and when if comes to signing agreement, the buyer is trapped with a 99 year lease. Those booked flats in his Panvel project now known as Hirandanani Fortune City 10 years back to yet to get keys to their flats. It has been a fortune for developer but MISFOTUNE for the buyers waiting for 10 years to get by possession. Developer went on to levy rs.4 lakhs for open parking which RERA adjudicating officer threw out. Read mumbai Mirror issue of 25/1/2020 He kept on changing delivery deadline. Now he has been directed to be pay interest at 10.5 percent to a buyer from May 2018. RERA is of little help. The buyer was entitled to interest from 2012 against which he was allowed interest from May 2018, on a very flimsy ground of delay on the part of govt to issue notification approving integrated township project status . In my own case developer is insisting on signing a 3 page undertaking containing an unlawful clause that we will not claim compensation and or penalty from the developer. When v we took exception to this particular clause, developer refused to hand over key to my flat . The law of this country is nothing but sheer jokes with govt agencies colluding with builder's.
Developer refusing to hand over key to your flat is sheer goondagiri and extortion. But even filing a criminal complaint is very difficult for NRIs.
Many NRIs lost their flats in Kochi .. When the demolition took place for 4 skyscrapers
All NRIs, Please do not invest in India. You are distorting even the middle class market. The law is very loose and the infrastructure these builders provide is of 3rd class quality.
A flat I visited in Vikhroli 2015-201 near to a cricket ground. Amazing view and not a show flat. The builder said 10500 Rs per sqft + car parking. On negotiation floor rise cost cancelled. Then the builder showed the 19th floor flat , 20th floor was the building terrace. So then I said no. And after 15-20 minutes he agreed for 17 or 18 floor as all lower floors are booked unless I want to buy 3bhk or 2.5bhk. The 17th floor living room balcony had cricket ground view and bed room had highway view. Now I was about to agree on the deal and said 17 floor and to give some time as it was Saturday.
I got called to come on Sunday. I didn't go with my family and said Monday. But got few calls for agreeing by Sunday with token money. Then when I called them on Monday, the Builder son rudely says now this flat is 11575 Rs per sqft. I told him we had decided on 10500 from 10800. He said no. I got irritated as although the apartment looked good why they changed the price I felt they were pushy in accepting and on another side behaving rude with me and parent. I said no, not interested. After a week they were like do you know it's balcony has cricket ground views. The other side highway. It's closer to BKC. About price appreciation in future. During that week I did a lot of research and found that legally builder was given only 14 floors to built and 15,16,17,18,19 floors were illegally built. I told the builder about this and he was arrogant and rude saying don't worry we will get the permission. This price will not remain the same in few weeks time. I said ok. I will get back later. I never got back. I still see flats in the same building floors 18, 19 and some 17, 11 available. Priced 11500,12000 Rs per sqft. Builder was confidently selling illegal flat saying it will be legalized.
Please start real estate consultancy firm where you can promote good builders & stop nefarious activity of these big unethical builders.They have taken buyers for granted & NRIs need good honest advice.By best wishes to you...
I gave my flat for rent, the tenant not paying rent and he is not vacating. He is avoiding my phone calls. He is a hell in my life. He want to put a case on me for asking rent ... what kind of a country is this? Legal procedures are taking time....court protecting tenant than owner.
Why don't you sue him?
RamkyR how many moths advance refundable deposit did you take ! And how many moths rent is due !
Why u purchase flat in india
Thank you sir. An eye opener.
How we get vikas as per PM . can we get a forum to tell PM to stop these inside terror for not getting our homes in quality.
Good awareness video
Some fights will be never ending but the thing to learn is "NEVER BENDING". George Fernandes.
Very good one... Thanks for this video
Sir, are there any builders in Mumbai who sell flats without allotment letter? Putting it other way I would like to suggest please make a video on good n decent practices followed by some builder. I understand people may feel you are doing paid advertisement, but we must appreciate n publicise good work too
Thank you Mr. Rao for such informational videos. Just out of curiosity, how rera is being misused by builders? I was of an idea rera will ensure buyers protection. Specially when it comes under construction
Sir make video on RERA , is it favouring builders more or buyers.
He projected thw true picture of indian real estate industry.
There is a legal difference between NRI = Non resident Indian (Holding Indian Passport) and OCI(formerly PIO) = Person of Indian Origin ( could be a person who is born in India or having a Grandparent born in India barring Pakistan) foreign passport holders.
My recent trip to Mumbai, India had 8 bankers from different leading banks coercing me to buy life insurance. This in spite of me telling them, I am not an Indian citizen, they wouldn't budge. Incredible India!!!
That's really true.each and every words said is true.
What all documents to ask when buying a flat/villa before visting and paying a single penny?
Every Subscribers should share this educational video to all the friends, dear ones and relatives..
Ridiculous...! Just look around, wherever U stay - How many houses are actually utilizes ?
Around us, Societies are 'Khanders', either own by NRI or New Vacants Society - invested by Metro guy, who rarely get Time to live & enjoy that !! 😜
NRIs r investing in Metros, living Poor abroad.😜
Metro earners, investing in non-Metro, living Poor in Metros.😜
Sameway, non-Metro guy living Poor in City, investing in village..!🤣
Villagers are commenting Suicide !!
Believe me, Happy are Those, who are 'Living' whereever They are 'staying'....
Please don't ruin innocent life, be it Own NRI life or Villagers...
True
so well said !
Keep making enlightening videos Sir. Thx
NRI rule 1. Do not trust any builder. Rule 2. Do not trust your relatives as well. Be it, brother, sister, sons, daughters, etc. Rule 3. Do not trust others as well. Only then you will sleep peacefully. Sad but true. Relatives think they are entitled to what is yours and quickly lay claim to it.
He is rightly said and true.
Please also like to know which builders are good to buy. Godrej ?, Tata,?
Very informative presentation. It also seems that even when a foreigner has bought a flat, it is not really a property but something like a lifetime lease. When this person makes a little mistake it can happen that this "property" is immediately confiscated.
Ministry of External Affairs, Government of India
Q: Can a foreign national of non-Indian origin resident outside India purchase immovable property in India?
A: No. A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India. However, he/she can acquire or transfer immovable property in India, on lease, not exceeding five years. In such cases, there is no requirement of taking any permission of/ or reporting to the Reserve Bank of India.
This is the reality of being robbed by a builder in India.
Sometimes The builder doesn’t even have planning permission to start the project before he is already taking bookings. Planning permission might never come
Look at Palais Royale. An 84 story ghost tower of dead money in Bombay. It rises above Bombay like a headstone of the financial graveyard of all the people that invested in the tower and has been empty to 12 years
The Lodha world one tower doesn’t have planning permission for that last 25 floors.
It will be another ghost tower in Bombay waiting for permissions that will never come
Thank u very much for ur valuable information
Why N.R.I's look India for property investment, there are good options like Dubai, Abu Dhabi etc
not only abroad citizen those who are service class, especially mumbai pune service class they also don't have time to mess with builders. do not invest and waste your money and time with this kind off ass hole builders, even bankers are join hands with builders,they will sanctioned the loan to builders without seeing floors under construction.
NRI
RULE NO -1 NEVER BUY FLAT
RULE NO 2 DONT FORGET RULE NO 1
Hmm
sir, congratulations for victory. What you are actual, advocate, investor or what? casually asked.
Regards.
Activist, journalist & blogger
Max One can look for TATA, Godrej , L&T at least these are some extent safe
This man got balls
In last few sec of ur video u gave correct advice 👍 Beaware, investigate, satisfy urself, see if its value for money, legal n structural advice must before investment 🙏
We
Thanks Sir, you just saved me
What rera is doing against builders?how buyer can find way out?
Always buy individual plots from individual owners
I appreciate ur efforts sir
NRI hard earn money why ur wasting or giving these mafias like Lodha and many more 3rd rate builders. Max to max you can buy from Godrej , TATA , L&T not 3rd grade builders
Important advice
thank you Sir
#respect
Sir excellent thought, well prescribed
A britishers curse :- I Now Declare Idiots Azadi. (INDIA) majority have become that , very few standup & fight against wrong doings.
never , ever , buy a property in any of the metro cities in india .
Thanks
He is one man army, worried about his life by Ladhas
NRI people must only buy ready to move in property when all documents and formalities are complete.
You are right sir
indian property market is worst ,
Well said that's good
Thank u so much sir
Absolutely true
Very very nice video 👌👌💝
Totally wrong It depends on area price and based on builder I have been doing apartment investment in Kerala as nri for past 7 years and for me it’s all been successful in terms of rental returns and appreciation
Buy only built, completed houses.... good video.. be careful when investing in mumbai shumbai.... I own two properties in central delhi, bought close to a decade back.. kind of prime location.. ! thought mumbai shumbai would fare tad better , I was wrong.. couldn't stay there for a week.. every time I go to mumbai.. plan to buy something, i like ! in suburbs, stay there for bit long..; and I run away in a week.. damn that populated hell hole is definitely not for me.. jai hind. Pulimi anil Reddy.
So do it with some more investigation? Don't sign application form. Mou?
MOU is such a fragile document.
eye opener🙏🙏🙏🙏
We cannot deny there are dishonest builders in India but there are honest builders too exist in India. But the way government functions for real estate related documentations they have to pay bribes to get approval fast track. I have seen some politicians being contractor behind the scene for fire fighting works by keeping their man as contractor. Builders too give them contracts as they get approval fast. So the conclusion is whatever Mr. Rao is saying make checklists according to that and also research on websites to know whether you missed some important points before investment.
Sir plz get security God bless u
One can buy small land and build his home 🏠 rather than buying
BRILLIANT.
Very true Sir
Huda Pataudi Gurgaon sector one plots 30000 yard
Thank you sir