India’s improving economy, better infrastructure and enhancing lifestyle of the people have convinced the migrants to think about their resettlement in India seriously. Apart from the advantages of having native place, they will be reunited with their kith and kin. The career opportunities have rapidly expanded. These facts are enough to make them rethink for shifting back to India. Today, it is happening in real. This is why queries from NRIs for investment in property are souring online as well as offline. The depreciated value of INR against dollar has inflamed this desire in NRIs’ heart. They have started investing in highly affordable deal of property purchase.
Let I introduce some valuable property investment tips for NRIs. They have to navigate through these guidelines meant for real estate investment:
- Determine the property type: Migrants are permitted to buy residential and commercial property. Agriculture land, farm house or plots reserved for plantation are not permitted to invest in.
- Check the legal documents of the property: For steering away the litigation and the allegations of investing in illegal deal, all property related documents should be examined with keen eyes.
- Must check the TITLE DEED: You must check the title deed. It is in the name of seller only. If original is missing, ask for its photocopy. Lacking original indicates that it has been submitted during seeking home loan. Now, its history will automatically be opened.
- Check out all clearances: You have to cross examine the environment and municipal clearances and completion of the construction formalities.
- Take the help of lawyer or an experience NRI services provider in India: Taking legal advice of the lawyer or hiring affordable NRI services India can ensure that the builder has acquired all necessary approvals or not. This will provide coverage to all legal aspects.
- Selling inherited property: If the NRI has inherited a property when he was the resident of India, the right to sell that property approves its selling without taking permission from the Reserve Bank of India (RBI). This clearly states that the seller of the property must be sold by a resident Indian.
- Must have ‘SALE AGREEMENT’: On the stamp paper of Rs. 50 or more, the ‘Sale Agreement’ is to be drawn. It must have the apparent mention of final amount, advance payment, time limit to clear the payment of due amount and installments regarding information. NRIs must mention its address of offshore.
- PoA: All these legalities can be carried by his representative to whom the NRI has transferred his/her authority. Notarization of PoA should be conducted with the Indian Consulate in the residential country of the buyer.
- Register the property: Go to the Sub-registrar or Sub-district magistrate office and get the property be registered in the name of the NRI. PoA holder has a right to sign on the documents of the property on behalf of the NRI.
- Clearly define the payment channel: If it is NRO, NRE or FCNR, NRIs must pay in Indian currency.