Several Indian-Americans, under the banner of Global Organization of People of Indian Origin (GOPIO), New York chapter and the Indian American Kerala Centre have recently demanded for a legislation to protect their properties in India against growing number of scams and setting-up of fast track courts to deal with the property related disputes.
The meeting also called upon the Indian government to enact relevant legislation providing title insurance to ensure that their ownership in real estate is well protected. It was also pointed out that that the growing number of scams against hereditary, residential and commercial properties of NRIs and PIOs involving forged signatures on the deed, fraudulent transfer of their properties, etc. is significantly discouraging them to invest in India.
It was also observed that NRIs and PIOs are subjected to higher TDS (tax deducted at source) than resident Indians for capital gains, while selling properties. The meeting passed a resolution covering all these issues and plans to be presented at the Regional Pravasi Bharatiya Divas to be held in Los Angeles, the US on November 15.
The meeting was chaired by GOPIO founder president Dr. Thomas Abraham. “NRIs/PIOs are at a great disadvantage to contest property issues in courts in India due to the length of the time (10-20 years) it takes, and/or due to the fact that in both civil and criminal cases NRIs/PIOs need to be present on many occasions before the court”, said Dr. Abraham.
The speakers included president of GOPIO-New York, Anand Ahuja and Pambayan Meyyan, senior vice president of Forest Hills Financial Group.