NRI Legal Services in Punjab

An NRI ( Non-Resident Indian) is that person who’s a citizen of India, holds Indian Passport, and is living in another country for the period of 6 months or more for the purpose of employment, education or any other purposes. Many of us get confused between an NRI or PIO (Person of Indian Origin). While PIO is that person either of Indian Origin or his/her ancestors born in India. PIO might have Indian citizenship, but is a citizen of another country.

Now, the world is being transformed into an urban village and many of us migrating to a different country for the purpose of higher education, better jobs. There are several reasons why NRIs are increasing. Majority of NRIs living in abroad often invest in Indian property or real estate. But you’ll always find some people who try to take advantage of innocent people these kinds of situations. Therefore, you should be very alarming and careful while investing in Indian real estate. If you’re looking for the best law firm in India or, NRI Legal Services in Punjab, Sharma & Sharma Advocates is the firm you’re looking for.

Common Issues Faced by NRIs

Lack of Information- NRIs are allowed to buy only commercial and residential properties in India, they’re not authorized to purchase any agricultural land. Majority of NRIs lack knowledge or proper information regarding all these. And hence, it’s observed that many dishonest people take unfair advantage of that.

Land grabbing- NRIs tend to settle in a different country, but their homeland property is often sold illegally or misused by their caretakers or relatives. They trust their priceless possesions with them in good faith, but end up cheated or lose their property. These kinds of cases have been rising this past decade. Wrong Builders- Investing in the right builders is very necessary. Money’s earned with hard work & sweat, so you need to be extra cautious while choosing the right real estate builder. The right builder will not only guide you but also provide you with the best options available in the market. Some important points you need to consider

• Buy in a gated community, so that your possession can be easily taken care of even in your absence.

• Buy from a renowned & trustworthy builder.

• Look for the original construction approval from authorities.

• Project approvals from the most reputed vendor like ICICI, HDFC, etc.

• Payment slabs.

• Terms of cancellation and return of booking amount.

 There are also some business problems faced by NRIs who wish to start a business in India.

• LLP ( Limited Liability Partnership)- Investments in LLPs have been made very stringent. Government has allowed certain limit FDI ( Foreign Direct Investment) in LLPs

• Limited Company- Limited companies are allowed to have full-fledged access in India, but a higher degree of compliance will be there.

• Public Limited- Minimum requirement of 7 people including one needs to be Indian citizen and resident.

• Private Limited-Minimum requirement of 2 people including one needs to be Indian citizen and resident.

We, at Sharma & Sharma Advocates, provide you with the best NRI Legal solutions. Contact us today to resolve all your legal issues.