Properties, Homes & more

A real-life version of “Khosla Ka Ghosla” is being played out with an increasing number of non-resident Indians (NRIs). The Ministry of Overseas Indian Affairs (MOIA) is being flooded with increasing complaints of illegal / fraudulent real estate deals and encroachments. In fact, with the recent Satyam scam casting its shadow on Maytas Properties, apprehensions amongst overseas investors has deepened.

It should be noted that property dispute is one of the most frequent complaints by NRIs. They are unable to protect their property due to long absences or lack of awareness of laws. The largest number of complaints are from major real estate markets like Delhi, Mumbai, Bangalore, Andhra Pradesh, Kerala and Punjab.

The nature of the complaints are mainly protection of property that has been forcibly occupied or encroached, dispute relating to division of property or inheritance and cases where investors have been cheated by real estate developers.

What actions are being taken by Government?

A minister from MOIA has mentioned that, following this flood of complaints, he had written to state governments asking them to appoint nodal officers for civil, judicial and police matters. These nodal officers are independent from NRI cells that are dedicated for issues related to financial or welfare interests of overseas Indians. The ministry has also planned a session on property disputes at the Pravasi Bharatiya Diwas in January 2010. The purpose of the interactive session is three-fold: allowing NRIs to invest safely in realty, putting in place an institutional mechanism at the state-level for property related disputes and providing a channel for credible information relating to property and inheritance laws.

In a recent survey by Reuters, More than a quarter of Americans currently renting houses and apartments have no intention to ever buy a home!

The survey, by real estate search site Trulia.com, found 27 percent of renters do not plan to ever buy a home. Although 72 percent still expect to buy eventually, that proportion is down from 77 percent six months ago.

Of those who do hope to become homeowners, two-thirds say they will wait two years or more. This reluctance to buy could drag out the real estate market’s slump longer than many have predicted, Trulia said.

Renters converting into buyers are crucial to turning around the housing slump, but the current economic crisis is causing people to become very hesitant to get off the fence and buy a home. Among the factors affecting sentiment: Renters are unable to save for a down payment, or they are waiting to get a new job or for mortgage rates to go even lower. Trulia’s online survey of about 2,000 Americans was conducted by Harris Interactive in late July.

[Ref: ABC News]

In Grand Isle, La., July-August usually is a busy season for most realtors. Interested buyers come to check out the available properties in this barrier island known for its July fishing rodeo, sandy beaches and vacation homes. But since the Gulf oil spill sent a sheen of oil into the island’s bay, Curole’s buyers have fled. First, they put closings on hold. Then they canceled contracts. Now she’s hoping to get some money from BP for lost commissions.

The beach is now clean, she says, but sales are still suffering. The buyers aren’t simply there. In coastal areas of Alabama, Louisiana and Mississippi, the spill has whacked housing prices. Some residential and commercial development deals have fallen apart, and Realtors and brokers have watched demand falter as some buyers balk.

Most of the 4.9 million barrels of oil that gushed from the well have been contained, with about 26% dispersed into the waters, scientists at the Interior Department and National Oceanic and Atmospheric Administration reported this month. Waters most affected by the BP oil spill are largely between Louisiana state waters at the mouth of the Mississippi River and waters off Florida’s Pensacola Bay, according to the White House. There’s virtually no remaining threat to the Florida Keys or the East Coast, the government has said. But fears persist that property values could drop even in areas where the oil has not been spotted, and concerns that tar balls could wash up has been enough to sink some sales.

One of the recents developments happening in Thane’s real estate market is: builders are duping customers through sale of “stilt parking”. One of my close friends was a recent victim of this “possible scam”.

The builder in question is a reputed builder of Thane and has multitude of projecs running in and around Thane. this case happened in one of the projects which was, for some reasons, stuck in litigation in past. the builder have kept buyers in dark about it. now, somehow, the project is cleared and the project is almost on completion, he is trying to dupe customers by selling parking slots at exorbitant rates. he is also saying that STILT PARKING CAN’T BE SOLD LEGALLY (hence hehas & is selling them illegally) & HE IS NOT ALLOWING PARKING REGISTRATIONS ALSO.

I want to ask the legal experts if this is true.
1. Can “stilt parking” be sold at all?
2. Can “stilt parking” be registered? or, regularized?
3. What are legal options available to the customers?

Please share your opinions & save others.

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