Interest of Maytas investors will be protected: Minister

NEW DELHI: A "viable solution" has been found to protect the interests of those who have invested in projects of Maytas Properties, the real estate company promoted by the family of former Satyam owner B. Ramalinga Raju, Minister for Corporate Affairs Salman Khurshid said Thursday. (Watch)

"All they need is cash flow to finish the project (Maytas Hill County, Hyderabad) and two major infrastructure companies have come forward to help the government in this regard," he said at a seminar on 'Property-Related Issues of NRIs and PIOs' here.

The minister also said the government is taking various steps to safeguard the interests of overseas Indians who have invested in property in India.

Speaking at the seminar during the Pravasi Bharatiya Divas (PBD) 2010, the annual conclave of the Indian diaspora, Khurshid said many solutions have been found to the issues raised by overseas Indians on property investments in the country and are being implemented in a phased manner.

"Property records are being progressively computerized. The Wakf Board records will also be computerized in a year and a half," he said.

Minister for Overseas Indian Affairs Vayalar Ravi said property issues of overseas Indians mainly comprise inheritance and succession, landlord-tenant relationship, registration of properties and new investments and non-delivery by builders.

Stating that land and property is a state subject in India, Ravi said: "As property laws differ from state to state, consultation meetings have been organized with all states and all major states have responded positively by establishing individual departments or cells to deal with the NRI issues."

Over 1,000 delegates from around the world are attending PBD 2010, being organized by the Ministry of Overseas Indian Affairs in partnership with Government of the National Capital Territory of Delhi and the Confederation of Indian Industry.

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