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Interests of NRIs Investing in Property to be Protected: Government

  •   Thu, Jan 07 2010 08:53:53 PM

New Delhi, Jan 7 (IANS) The government is taking various steps to safeguard the interests of overseas Indians who have invested in property in India, according to Minister for Corporate Affairs Salman Khurshid.

Speaking at a seminar on 'Property-Related Issues of NRIs and PIOs' here Thursday as a prelude to the Pravasi Bharatiya Divas (PBD) 2010, the annual conclave of the Indian diaspora, Khurshid said that many solutions have been found to the issues raised by overseas Indian on property investments in the country and are being implemented in a phased manner.

"Property records are being progressively computerised. The Wakf Board records will also be computersied in a year and a half," he said.

Making special mention of those who had invested in projects of Maytas Properties, the real estate company promoted by the family of B. Ramalinga Raju, the disgraced former chairman of the erstwhile Satyam Computers, Khurshid said a viable solution has been found to protect the interests of investors.

"All they need is cash flow to finish the project (Maytas Hill County, Hyderabad) and two major infrastructure companies have come forward to help the government in this regard," he said.

Minister for Overseas Indian Affairs Vayalar Ravi said property issues of overseas Indians mainly comprise inheritance and succession, landlord-tenant relationship, registration of properties and new investments and non-delivery by builders.

Stating that land and property is a state subject in India, Ravi said: "As property laws differ from state to state, consultation meetings have been organised with all states and all major states have responded positively by establishing individual departments or cells to deal with the NRI issues."

The two-day PBD 2010 will be inaugurated by Prime Minister Manmohan Singh here Friday.

Over 1,000 delegates from countries around the world are expected to attend the event, being organised by the Ministry of Overseas Indian Affairs in partnership with Government of the National Capital Territory of Delhi and the Confederation of Indian Industry.

  

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Comment on this article

  • Maya, Mangalore/Canada

    Thu, Jan 07 2010

    It is great news that the government has taken this step. What happens to people who already had property and have been victims of the Land Mafia wherein someone has buldozed their property and now they cannot even claim it. Will they look into previous mishandlings.

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  • Joshua, canada

    Thu, Jan 07 2010

    Its a great News Tht Indian goverment is trying to protect Indian Origin as i lost 3 properties in India and 1 which i hv owner is making problm, they know we cant come every yrs , I will be happy if Indian Goverment give more details if Indian Origin Having a property and having problems with the Builders whom should we write and how to solve the Problems it will be great help if Indian Govt give some deatils to Indian Emabassy tht will be great help as all we know this builders hv all the politicians and cops in thier pocket and we r left know where.And our hard earn money is gone in drain hope to here from Indian govt soon thnx .

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  • A.S.Mathew , U.S.A.

    Thu, Jan 07 2010

    It is a great news that the government is going to take extra care of the investment of the people of Indian origin. People of Indian origin are around the world and working hard to create wealth, and if and when they invest money in their homeland, it is the primary duty of the government to pamper and protect them. Even as recently, when the people of Indian origin reach India, they were treated with disregard and being used by everybody. Hope that the situation will change dramatically. possible.

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