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  #1  
Old January 11th, 2003, 05:18 PM
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Any NRI tried and sold property in India?

What is the process or procedure? How many days does it take to wrap up the entire deal? Will I have to deal with any government departments? Are there any taxes to be paid? Does the money from sell of property to be left in a Bank in India or am I allowed to bring it out? What do brokers charge as commission?
How much should I pay to lawyer who happenes to be a friend and might not like to quote?

I really will appreciate whatever knowledge experienced echarchans may have to share. Thanks.

I got the bug and bought a flat in Mumbai for my retirement. Thanks be to a friend who has found a genuine buyer, although I am going to loose half of my investment. I have called my lawyer friend but all he says is : "We will discuss everything when you are here. No use wasting time and money discussing on phone."

But, I want to be prepared and in the know.
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Old January 15th, 2003, 05:33 AM
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It seems no one have had such experience.
Pushing it up for one last time ... just in case.
I thank you.
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दूर से देखने पर तो यही लगता था ... 'वाह! वहाँ क्या मजा होता होगा!'
बुरे फसें 'मजाल', आ कर जन्नत में ... हमने तो सोचा था, कुछ नया होता होगा!
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  #3  
Old January 15th, 2003, 06:14 AM
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Tantric bhai,

We have brought and sold a few properties as foreign nationals (no longer NRIs) a couple of years back.

It is a long process and a pain in the posterior.

We would not do it again unless absolutely necessary.

I am very busy right now. Please give a few days and I promise I will post some more. The process and our experience with the system.

PS: I know I am long due to send an e-mail to you. My fault completely, but I need to find words to phrase my thoughts and frankly I am chicken.

But I promise, I know it is long due and it is coming your way.
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  #4  
Old January 15th, 2003, 06:32 AM
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Unhappy

Tantu,

Is Real Estate market that bad in Bombay still. Hopefully you can get more than a 50% loss on your investment, I have friends whose brother has a flat in Navi Mumbai but was able to get out with a slight loss after he got his green card and needed money to live here.

Last edited by desinetcharge; January 15th, 2003 at 06:34 AM.
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  #5  
Old January 15th, 2003, 07:10 AM
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Oy Tantu,

Done it just a month ago. Is as much fun as having four root canals. Simultaneously! Super G is right.
Anyways.
Lets chat on msngr or call me.
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