NRI BUYING PROPERTY IN INDIA
NRI Buying Property in India without visiting India,
is it possible?
Overview of NRI Buying Property in India
The matter of Buying property by NRI is quite complicated and tedious process under the India Legal System. In fact it can get really tricky for NRIs to get their property matters resolved off shore. While they can buy all sorts of immovable properties in India, they cannot make purchases on agricultural land, farm house and plantation property. NRIs can make the purchase using Indian currency, through funds received in the country by means of normal banking channels.
At Law Advisor India, we’ve figured out the least tiresome and most cost effective procedure for NRI Buying Property. Click the button below for free legal advice from expert NRI lawyers.
Procedure for NRI Buying Property in India
There are 2 broad ways for NRI buying property in India:
•Step 1: Identification of seller
For NRI buying property in India, the first step would be to identify and get familiar with the seller. We will have to understand if the person selling property in India is a known to you who’s an NRI buying property or has the connection been established through an advertisement or something similar.
•Step 2: Consultation
We’ll understand your exact query regarding NRI buying property in India. It would involve questions like: if you are facing any taxation issue? Or the extensive background check of property you intend to buy. New Ticket will be generated along with your case summary and submitted in our system for further action.
•Step 3: Finalizing/Matching Lawyer
We’ll assign you a property lawyer who has the most experience and a successful history in cases similar to yours. Our very resourceful lawyers as well as your personalized case manager would be available on call 24*7 at timings which suit you the most. The aim is to simplify the process of NRI buying property in India for you and to serve you with expedited justice.
•Step 4: Submission of documents
You’d be requested to submit the original/attested photocopies of the documents which are required in the procedure of NRI buying property in India to the NRI lawyer which has now been assigned to you.
•Step 5: Completion of buying of property
The real estate will be lawfully handed over to you with minimal number of visits to India for you. This would mark the closure of our drill of NRI buying property in India.
From Foreign Country:
The procedure will be similar however it will be undertaken by the person you will be giving the special power of attorney to. To know more,call us now to get connected with best NRI lawyers for free legal advice.
Documents Required by NRI for Buying Property in India
Why Law Advisor India?
Law Advisor India along with the panel of effective and resourceful NRI lawyers provides fastest NRI legal services. If you’re an NRI and are stuck with any legal work in India. We ensure we’ll get it done for you in record time.
Cost of NRI BUYING PROPERTY starts from 35$; and varies according to the complexity of your case. This 35$ includes the primary NRI Property Lawyer consultation fees along with the documentation cost.
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FAQs about NRI Buying Property
Yes, an NRI can buy property in India without being physically present in the country. There are several ways in which you can achieve this heavy duty task and that too with the help of the Indian Government. RBI (Reserve bank of India) has explicitly mentioned instructions so that anyone who is living abroad can buy property without any difficulties.
Note: It should also be clear that NRI buying immovable property, should only be used for residential purposes or to complete any other requirement except agricultural land, farm house and/or plantation property. But even if an NRI want to buy any of the properties that comes under exception then, they have to obtain special permission from RBI which is not always guaranteed.
1. Under the RBI’s general authorization, an NRI can purchase a property, either individually or mutually with another NRI. The most competent way of NRI buying property in India is adopting a Power of Attorney (POA)
Your query can be discussed in a three-fold system.
- You can hire a Power of attorney who will look into the legal matter for you and will personally help you in buying property in India. This way all the legal proceedings and best deals in the real estate will become efficient, effective and most imperatively cost friendly. The attorney can even work with you parents to mediate about the decision of suitable property as he will be representing you in India and your physical presence will not be required to fulfill all the formalities. Hence, the transfer of money into your parent’s account can be dealt with a hassle free choice.
- If it is essential for you to transfer money in India, then it can be done through the concept of Inward Remittance. it basically suggests a way to transfer a heavy amount of money to family or relatives. It is completely safe as it is governed by FEMA (Foreign Exchange Management Act). Although there is a Foreign Inward Remittance Certificate (FIRC) that is needed from the authorities to complete transaction. Also, while transacting there will be a fee charged according to the amount of the transfer. Remittances can be sent via a wire transfer, electronic payment system, mail, draft, or check.
The solution to speeding up the real estate matter without legal proceedings can be through many ways.
1 You can appoint a Power of Attorney (PoA) who will legally and personally manage your concerns directly in India. Not only will the attorney be cost efficient but he will also communicate with you in a way which can help you reach best deals. Through the way of assigning a trustworthy PoA, you can automatically speed up the process because he will be familiar with the country’s legal system and can finalize the deals within a reasonable time period.
2. To avoid court proceedings at all, then the transfer of money in order to make arrangement of the property can also be looked at. All the transactions should be done in Indian money exchange through Indian banks. All the transactions should be carried among the course of Indian banking channels only. NRIs can use NRO/NRE account for all inward remittances. Post-dated cheques or ECS from your NRE, NRO or FCNR (Foreign Currency Non-Resident) account can also be released.