Investment from any source in the housing sector is an appreciated aspect in today’s indian real estate scenario, from an industry perspective. Let it be Resident Indians, NRIs or even companies, constructing houses creates jobs for a lot of people. A back of the napkin calculation shows that for a 1000 sq feet house, 100 direct employment (architect, building engineer, masons, helpers, electricians, plumbers, painters, carpenters, etc) and over 1000 indirect employment (people working in cement plant, brick kilns, tiles kilns, electrical fittings companies, saw mills, steel plants, paint companies, etc) opportunities are created. Of course the duration of the employment will depend on a number of factors like nearness to a supply sources for material and labour, access to high tech equipment, architecture, etc.
But to construct a house is not all that easy. It is not without substance that a Tamil saying goes, “Veetai Katti Par, Kalyanathai Panni Par” (Basically the saying rates constructing a house and having a child’s marriage done among the toughest).
NRI’s Woes
To an already difficult task, the sheer distance and absence during construction become problem multipliers for the NRIs. There was an NRI based out of the USA who got a wonderful sales pitch from a builder. The salesman met the NRI at his office in the USA and arranged for all the documentation and also sent video clippings of the apartment at Bangalore. Convinced on the genuineness, the NRI transferred Rs.50 lakhs to the builder’s account. The date for the house warming was fixed after one month. The NRI could not make it to the function due to a pressing office work and had asked his parents to do the poojas.
More : economictimes.indiatimes.com
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