Hi, I write this for the benefit of all the people (especially the NRI's), who have either invested their money in real estate or have ancestral properties AND have rented their homes looking for some extra income, I just hope you are cautious about your tenants and fully trust them. There have been a LOT of cases where the tenant has simply denied vacating the flat. In that case, you have the right to approach the indian court, but god bless you going that route because Indian legal system is fucked up. Your case would continue for a few years (>3-4), you will spend loads of money on corrupt lawyers whose only purpose would be to make the case more complicated so that case keeps on extending and you keep making their payment and you won't anyways be able to attend the regular hearings back in India. And this is when you have every document in order, the rent agreement and everything, don't live in the illusion that if you have all documents in order, you will be able to get out of it easily. Essentially, your property is as good as gone. No amount of rent per month would be able to make up for the value of your property. The only solution is, keep on changing your tenant every ~1 year or so. Or better yet, don't rent it in the first place. And, I repeat, don't rent it to lawyers, or policeman, they are the worst kind, in India. I have been affected by something like this, therefore, just wanted to make others aware.
It’s unfortunate fam. People don’t pay debts either. Few people owe my father money and simply refuse to pay and legal system is fubar
Lots of similar cases in india
My uncle is a local don, so no issues.
OP needs a referral 😂
Haha you are safe:)
Get the agreement registered! Saving 2-3k for notry agreement is the worst saving. Trust me, asshole tenent would just refuse to do registered agreement
Arent people who invested in real estate in India in the early 2000s multi-millionaires? I have no way to validate it but I heard lands bought for $4000 are worth $400000 or so. Insane appreciation is what I heard. It will be interesting to know how they plan to repatriate the profits and if they are able to get white currency.
In india im assuming youd pay the police to help with this kind of situation
Nope. They do not touch the educated middle class. These days everyone knows someone who knows someone who has connections they are willing to use for a dear one or for a price. Only the poor are being oppressed easily.
Maybe lease it to companies like Nestaway?
Always do renter agreement in india to avoid hassle.
Where is your property. My father is in real estate and has sorted many such matters. The court route is too painful and long. It can only be sorted putting a social pressure on the tenants and bringing them on the negotiating table
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He is giving an advice take it or not. Don’t be an asshole
+1. What a douche bag comment. It is exactly this kind of attitude of not helping each other that gives power to police/lawyers/politicians. Op is giving good advice dont be an ass.