Common Challanges Faced by NRI
✅ Compliance with Local Laws:
Rental agreements must adhere to the Rent Control Act and other state-specific regulations, which can vary across India. NRIs may not be familiar with these local rules and could inadvertently violate them.
✅Real Estate Regulations:
Some states have specific restrictions on property rentals, especially in high-demand cities. NRIs may also face challenges related to property registration, documentation, or permissions for renting out a property.
✅Finding Reliable Tenants:
Trustworthy tenants are a critical aspect of successful renting. NRIs may struggle to screen tenants properly due to distance and lack of local knowledge. This increases the risk of property damage, non-payment of rent, or legal disputes.
✅Eviction and Legal Challenges:
Evicting tenants can be a long and difficult process due to rent control laws and tenant protection policies in India. Legal procedures can take time, and it may require the NRI to engage with local lawyers to resolve such disputes.
✅Property Maintenance and Repairs:
Being away from the property means NRIs often have to rely on local property managers or caretakers. There can be challenges in ensuring the property is maintained well, especially when issues arise in their absence.
✅Security of Property:
NRIs may be concerned about the security of their vacant property, especially in areas prone to vandalism or theft. Finding reliable security services for the property can be an additional challenge.
✅Property Location and Demand:
NRIs may not have firsthand knowledge of current market trends or areas where rental demand is high, leading them to make poor investment or rental decisions.
How Prop Pundit address these challenges for you
