NRI Investment in Real Estate Property India – Things you should know
NRI Investment in Real Estate property is a big decision an individual makes in his/her lifetime. Be it for personal use or commercial use. We are bound to expect returns from the invested amount in the property. This article is to educate NRI’s in case of investing in a property in India. If you are looking to buy land in your home country, make sure to follow the listed steps to secure your purchase. A major part of the property-buying process is registering the property. In the process, there are a number of steps, but property registration is the most essential. Registries prevent fraud and provide evidence of rightful ownership. The buyer must take great care when purchasing a piece of immovable property and ensure he is aware of the legal provisions that govern registration.
Verification of Encumbrances
Make sure that the property you’re going to invest in real estate is free of all the hindrances. Generally, an encumbrance is a factor that impedes the transfer of property between owners. Be it pending mortgages, outstanding debt, or unpaid taxes. You have to make sure to verify these things before purchasing.
Before buying a house, a buyer should ensure that they have all the necessary documents. The documents provide information regarding the transfer of the property. The legitimacy of every document, the source is essential to get scrutinized. All the linked documents related to the property, permissions from authorities, including paperwork are necessary.
Preparation of Sale Deed
A Sale deed is a legal document that acknowledges the transfer of property from one party to another. The agreement should contain information about the parties involved, the properties involved, and the terms and conditions of the transaction.
It is an essential step for the buyer to Stamp duty is a type of fee charged by the government. It is calculated based on the market value of the property involved and is a very important step in the process of buying a property.
Power of Attorney
If you live outside the country, you as an NRI have the option to give power of attorney to your trusted people like friends or family so they can complete the purchasing process in India. General or specific, your representative can exercise the powers according to your requirements under the law.
In addition to the above-mentioned steps, NRIs are treated the same way as any Indian resident. Getting a property registered is a critical part of the real estate process. Non-resident Indians are also subjected to simpler regulations over the past few years. In addition, tax laws and FEMA have benefitted NRIs immensely.
If you are an NRI or a resident of India, with Flivv Realty you can enjoy the benefits of securing a property that will increase your ROI. Our team ensures that you get educated about the property in detail before purchasing. Flivv Realty helps you to invest in Real Estate wisely without any hassles or lengthy processes.