What is the process an NRI must follow if they wish to buy a property in India?

The process for an NRI resident to buy a property in India is as follows:

  1. Do your research. - This includes understanding the different types of properties available, the current market trends, and the legal aspects of buying property in India as an NRI.
  2. Get your finances in order.  - This includes determining how much you can afford to spend and whether you will need to take out a loan. If you are planning to take out a loan, you will need to get approval from a bank or financial institution.
  3. Appoint a power of attorney (POA). - If you are not able to be in India for the property purchase, you will need to appoint a POA to represent you. The POA can be a family member, friend, or trusted advisor.
  4. Find a property. - You can find properties through real estate agents, online listings, or word-of-mouth. Once you have found a property that you are interested in, you will need to negotiate a price with the seller.
  5. Get legal advice. - It is important to consult with a lawyer before signing any contracts or making any payments. The lawyer can review the property documents and ensure that your interests are protected.
  6. Register the property - Once the sale agreement is signed, you will need to register the property with the local sub-registrar's office. This is a mandatory step to complete the property purchase.

Here are some additional things to keep in mind:

  • NRIs can purchase residential and commercial properties in India, but they are not allowed to purchase agricultural land or farmhouses.
  • NRIs can buy property from resident Indians or other NRIs.
  • NRIs must make all payments in Indian rupees.
  • NRIs can take out loans from Indian banks to finance their property purchase.
  • NRIs are liable to pay taxes on their property income in India.

It is important to note that the process of buying property in India can be complex and time-consuming. It is advisable to seek professional advice from a lawyer or RERA registered real estate agent to ensure a smooth transaction.

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