There are a lot of hurdles and problems that you might have to face as an NRI investing in Real Estate in India. As an NRI planning to buy property in India but cannot travel to India personally to sign the contract? Worry not, some legal procedures allow you to register the land and property and close the complete property buying transaction without being physically present in your hometown or wherever you are planning to buy property in India.
Also Read About:- Complete Guide to Property Registration Process in India
1) Choose the property well. Make sure that you are entirely aware of what you are buying.
Not being physically present is not a barrier to closing and registering your land and property deal but selecting a wrong property based on third-party opinion could be a disaster. Make sure that you are striking the appropriate deal.
2) Being an NRI, you can have the complete deal executed and the property registered on your behalf by anyone you choose.
3) Execute a Special Power of Attorney (POA) in favor of your chosen person. This person will be signing the agreements or deals and other documents on your behalf.
4) Payments for acquisition of the property have to be made from your NRE account which reflects the remittance made by you from abroad. Keep the entire transaction above board.
5) Ask the POA holder to make a record of all the documents that you receive during the whole transaction cycle from the property builder, the financial institution if any and the registrar and courier it to you. When you can, send out an email to the real estate developer to keep your rapport up and be informed of any problems or glitches in the transaction and paperwork.
It is advised that before you plan to buy a property in India take a legal advice from a law firm or property lawyer who provide the specialized services for NRIs.