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Swamitva Yojana
Swamitva Yojana Verifies Land Ownership In India

Swamitva Yojana Verifies Land Ownership In India

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Swamitva Yojana is to generate ownership documents of a land in villages so that people can be empowered with the grant of these officially attested documents issued by the Indian government.

Swamitva Yojana or ownership scheme is a new launch by the Prime Minister of India-Narendra Modi. This is a great relief for those who do not have the documents officially, confirming the ownership of the land in villages including those who temporarily live abroad, as NRIs or PIOs. The whole mapping will be done with the help of the modern drone technology.

There are people who have their property in the rural regions, but no mapping till the date has kept millions of acres of land unregistered in India. As people with attested documents, as birth certificate can apply for passport or visa, the verified land documents will help them to get loan on property for earning bread & butter. So, this announcement on the Panchayati Raj Diwas is seemed as a revolution.

Here are a few highlights of this scheme:

  • This scheme is introduced to scale from unregistered property to registered residential property in the rural areas, as the person who did not measured and attested land ownership documents due to no such facility till the date can now get it done using modern technology.
  • The Panchayati Raj ministry of the Union government has piloted it to launch on April 24, 2020.
  • This was compulsory to introduce as the villages have several acres of lands with no mapping & no ownership documents. There are many pieces of land owned by residents and non-residents in the villages that have not been measured for attestation of documents regarding the same.
  • This scheme is aimed at removing disparity in the ownership of land I the villages. The government is going to settle property rights in the rural hinterlands, which will help in empowerment later.
  • The drone technology will do the whole measurement of the residential land to create a non-disputable record.
  • The Central Panchayati Raj Ministry, Survey of India, Panchayati Raj Department and Revenue departments of various states will closely work to enforce it as per scheme.
  • The drones will sketch a blueprint of every property falling within the geographical boundaries of a village and demarcate them corresponding to the revenue area.
  • The state will accurately measure the property via drone-mapping and distribute the property card. The card will recognize the land owner and hence, the revenue record department will easily carry out its processing.
  • The legal registration of the property rights through an official document will assist land owners to get finance using their property as collateral.
  • The Panchayat will maintain those records so that the associated taxes from the owners could be collected. The collected fund will be used for the building of rural infrastructure & facilities.
  • The property registration will create an organized structure, including those having title disputes, to appreciate the market value of the properties.
  • The accurate records will regulate the collection of taxes, infrastructural development, issuance of permits and thwarting attempts at property confiscating.

This is a praiseworthy step to give the owners of the property a sigh of relief. There several land mafia and corrupt people who confiscate the property of non-residents for being not there with the attested documents. This announcement has provided a golden opportunity to all for getting back to the root after retirement. Such people can live a happy life in the clean idyllic environment of the village.

Property Management
What To Keep In Mind While Buying Property in Chennai in 2018?

What To Keep In Mind While Buying Property in Chennai in 2018?

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Most of the non-residents live with deep pockets. But, they don’t want to keep all eggs in one basket. It implies that they don’t want to invest their pan hard earned money in an equity or asset.

So, what should they do?

Should they keep that money in a bag for the lifetime?

Absolutely no, not at all!

One idea can help them multiply their money value. Let’s say, they invest in one of the fast developing areas or best place in Chennai or Tamil Nadu, they would get rental income as a capital gain monthly. It’s a viable investment in the property. Yes! It can let the non-residents live off through rental income. Or later, its selling value can make them a millionaire. But before jumping for joy, they must bear in mind these facts:

An act of guidelines called FEMA (Foreign Exchange Management Act) under the purview of Reserve Bank of India (RBI) was constituted in 1999 to look into all matters of NRI property & its management. It has set up a few rules to make the property management as easy as a walkover.

What FEMA suggests as mandatory requirements for NRIs to invest in the real estate?  

  1. The investor should be categorized clearly on the basis of his/her period of stay in India. He/she can be any PIO or OCI as well. But both these categories comprise the identical category namely non-residents.
  2. Those who like to be an owner of a piece of land/property, they must have an Indian passport. Meanwhile, they don’t need to take permission from the RBI for investing, transferring, disposing or inheriting the property as a gift.
  3. If the non-resident wants the property for the residential purpose, he/she can transfer, acquire, dispose of or inherit it. The payment mode, in such case, should be non-repatriation based. The owner must inform the RBI regarding it within 90 days of the purchase.
  4. The immigrant Indian can buy one or many property but that must be immovable residential or commercial property. The property can be any plot, pre-launched property, ready to launch property or any under-construction property.
  5. They are not allowed to invest/acquire in a piece of an agricultural land/farm house/plantation land. But if he/she has purchased such kind of property before joining the non-resident diaspora, he/she can sell. But the buyer must be an Indian citizen living in India.
  6. If he/she is gifted any immovable property, he/she can inherit/transfer/gift it to the resident Indian.
  7. The residents of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan are strictly prohibited to buy any Indian piece of land unless they get the permission of the RBI.

Which documents are required for a land purchase in India?

  1. PAN card (Permanent Account Number)
  2. Valid Indian passport
  3. OCI/PIO card
  4. Address proof
  5. Passport sized photographs
  6. Notarized power of attorney from the India consular service
  7. Employment contract
  8. Salary certificate
  9. Valid visa
  10. Work permit
  11. Work experience certificate
  12. Statement of NRO/NRE a/c

Things to know for NRIs to pay for the land purchase:

  1. He/she can pay the remitted funds via regular banking channels or NRE/NRO or FCNR a/c. Traveller cheque or foreign currency is strictly ‘no’ for the land purchase in India.
  2. He/she can take a loan to get the financial support as per the guidelines of the FEMA regulations. Do bear in mind that banks reject fresh grant of the loan or renew the existing loan if it’s more than INR 100 lakh against the FCNR and NRE deposits.
  3. The loan will be available up to 80 percent of the total property cost. He/she must have the documents that are mentioned from 7 to 12 (in the aforesaid documents requirement) for owing fund as the loan. He/she must pay at least 20 percent of the total value of the land. For the payment of the loan amount, he/she shall pay the principal amount with the interest.
  4. The repayment of that loan can be made through inward remittance. He/she can use any regular banking channel (NRO/NRE/FCNR) or rental income or relative’s a/c to pay the loan.
  5. The non-resident can borrow funds (loan) for the renovation or managing the property that already exists in his/her name. Many housing finance companies offer this scheme for property management in Chennai, Mumbai, Kanpur, Delhi and other metro cities. It payment mode and procedure would be similar to the home loan (as foretold in the 4th tip).
  6. If he/she borrows the loan amount from the employer based in India, it would be permitted provided it is used for the purchase of the property in India. The lender would send the amount into the NEO a/c. For its repayment, the loan papers must read the repayment shall be done through the remittance from the account outside India. The fund shall be credited to his/her NRE/NRO/FCNR a/c. No other payment mode shall be valid.

NRI Property Management
NRI Property Management Tips to Escape FATCA

NRI Property Management Tips to Escape FATCA

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FATCA Legislation

These days, most of the non-residents of India (NRIs) in the US are countering discomfort. India and the US governments have signed a deal under the banner ‘FATCA’ which is the US’ Foreign Account Tax Compliance Act. Since I have been living in America for half a decade I am very much aware of this act. It is ratification by the United States Department of Treasury and the US internal Revenue Service (IRS) that observes and takes action against the tax invasion in the US.

This act will cross examine if the NRIs as well as the US natives (in India) are paying tax on income generated from the wealth abroad or not. …

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Best 6 Tips for NRIs Property Management

Best 6 Tips for NRIs Property Management

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S2NRI has been prominently solving the puzzles of NRIs that may hamper their way to file tax, property management and documentation work etc.. What we do is to stretch our hands for bringing out possible solution of every NRI’s problems. Since you don’t have availability of time and even, spend most of the time abroad, we take care of your property, disputes and documentation, if needed. On being assigned authority by you, we can draw essential docs like rental agreement, lease paper and documentation work for you. You need to take a sigh of relief while doing evaluation of property management and rent as we cater you in experts’ way by preparing legal documents seamlessly. Our actions speak out louder than our words when we provide investment and legal services to you.

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