Trying to get money back from off plan in India

A

amor

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I registered to buy, through an Irish company, a property in India, paid deposit & first installment. However there now seems to be a problem with the developer and/or getting your monies back down the line out of India. Apparently there has been a change in the law re overseas buyers and repatriating your monies. The co have been advised by KPMG to withdraw from the development but seem to be having difficulty in getting the deposits back. There are over 300 investors involved in this.
We have been assured by said company our money is safe and will be returned to us but we have been waiting since the start of the year.
Have anyone else come across this? Can I name the co here? A lot of people will know them. Any info or assistance will be much appreciated.
 
In the first instance why not try contacting the Indian Embassy - commercial section to find out if there has been a change in the law. If no change then lazunch an official complaint to the Embassy. Who are their Irish agents ?? It seems they maybe giving the Investors a load of bull to fob them off.
 
When was the change in the law re: overseas buyers repatriating monies from India? I understood that one can repatriate the initial cost of one's investment without any trouble (profit to be declared on IN 2 form, submitted to the RBI (Reserve Bank of India) and it would take 30 working days.
 
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