A Distant Real Estate Deal

To strike up an investment deal in India for an NRI is not easy.

This friend of mine had disappeared from the Indian scene into Canada with lock stock and barrel, having got married in India and been off, ages back. Now he reappears like a baby lost in the woods and coming back as grownup and wise. What happened, I inquired when he wrote me an email. Suddenly you decide to reach to your old pals, I was inquisitive. He did not hide his motive. "With India turning into a real estate investment destination, I could not help knowing where could I park my dollars and make killing for my later years," he wasted no time disclosing.

I told him there were umpteen property options across India for investment and he surely could opt for the one that suits his budget. But how to go about it, who would buy a property safely and reliably? a big question more than just a NRI Repatriation. Didn’t he have some relations to help him in this, I asked. No way, who has the time and why anyone do it for anyone, he was right in saying.

There is no special popular place for NRI investment in real estate either. There is no such thing as reputed and reliable real estate news in India or NRI reality news an unaware could rely upon. Yes, I could guide my friend on some of the most reputed names in property in India and my friend could directly get in touch with them and know property options through their respective websites. That sounded good to him. Atleast he would know what the best in property have to offer and then take up from there. It is quiet likely that he could strike up a deal without leaving his country.

Over the few mails and phone calls to me he got me to agree on helping him a bit with first hand knowledge of the property. He wanted me to have a look at the place and kind of property on offer before he transfers money into the accounts of the property company he chose to buy from. So I set aside a Sunday for the job and made detailed inquiries on the property option he had zeroed on.

Do the NRIs make their real estate investments like this, I have still been wondering.