How Non-Resident Indians Can Protect Their Homes from Overseas
For Non-Resident Indians (NRIs) owning property in India, managing it from abroad can be a daunting challenge, as highlighted by a recent incident involving a UAE-based professional. On a quiet afternoon in Ajman, the smallest emirate in the United Arab Emirates, Saiam Hasan received distressing news from his neighbours in Noida. They informed him that the tenant of his semi-furnished 2BHK flat had abruptly vacated the property and disappeared without a trace.
The tenant had skipped paying the final month’s rent, taken some furniture, and even neglected to lock the flat upon leaving. Hasan, a radio professional based in the UAE, had purchased the apartment in 2021 as a rental investment, making this setback particularly frustrating. This case underscores the vulnerabilities NRIs face when managing properties remotely, often leading to financial losses and security risks.
Adopting a Managed Model for Peace of Mind
In response to this incident, Hasan decided to shift to a managed model for his property. He appointed a society caretaker to handle all aspects of tenant management, including paperwork, maintenance, and oversight. This proactive approach has proven effective, with the cost amounting to approximately 15 days’ rent per year. For Hasan, this investment has bought him significant peace of mind, ensuring his property is well-maintained and secure even from thousands of miles away.
This strategy is becoming increasingly popular among NRIs, as it mitigates risks associated with remote property ownership. By delegating responsibilities to trusted local professionals, NRIs can avoid common pitfalls like tenant defaults, property damage, or legal issues. The managed model not only provides regular updates but also ensures compliance with local regulations, making it a reliable solution for long-distance property management.
Key Steps for NRIs to Secure Properties from Afar
To effectively protect their homes in India, NRIs should consider several practical measures:
- Hire Professional Property Managers: Engaging reputable agencies or caretakers can handle tenant screening, rent collection, and maintenance, reducing the burden on NRIs.
- Use Technology for Monitoring: Installing security cameras or smart home systems allows remote surveillance, providing real-time updates on property conditions.
- Conduct Regular Legal Checks: Ensure all tenant agreements are legally sound and periodically verified to prevent disputes or unauthorized activities.
- Maintain Open Communication with Neighbours: As seen in Hasan’s case, neighbours can be invaluable in alerting NRIs to issues, fostering a community-based safety net.
- Invest in Insurance: Property insurance tailored for NRIs can cover losses from tenant defaults, theft, or damage, offering financial protection.
By implementing these strategies, NRIs can safeguard their investments and enjoy the benefits of property ownership without the constant worry of remote management challenges. As the global NRI community grows, such proactive approaches are essential for maintaining secure and profitable real estate assets in India.
