Buying Property As An Nri- Check Out Basic Guidelines

By Author: Skye Luxuria
Total Articles: 34
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Indian real estate market which has survived through inflation times and in fact has given charming results is now being eyed by Non- resident Indians as fruitful opportunity in investing property here. The chances of investments are not only being looked in Tier-I cities but in cities for tier II and III too. Properties in cities like pune, vadodara, Coimbatore, bhubhneshwar and Indore property are becoming equally demanding.

A developer with fair track record and quality price appreciation is an important factor for NRI’s to consider property investment. So they are on look out of good brands and price point that is beneficial for them to enter. Seeing the inflow of revenues from NRI’s, even government of India is providing full support for the buying process to be easy and less challenging. Therefore for expat Indian’s investment and asset creation in India is becoming preferred choice.

The general permission to NRI and PIO offered by govt. of India in regard of buying property here covers residential and commercial but not the immovable property as agricultural or plantation or farm house unless and ...
... until it is inherited by the buyer. They can take such immovable properties on lease for period of five years and needs to take permission from RBI.

For companies of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan to acquire property in India needs to take permission from RBI. Even foreign liaison office can lease property for 5 years with permission from RBI. The NRI’s can though rent out their properties without having to take permission from RBI.

This is regulation part for NRI to buy. But even NRI’s has to take the nerve of market and other possible steps to find an apt developer here. So here are some very important guidelines they should not miss:

Title of the property by the buyer should be very much clear. This gives a clear idea for the history of property or if property is under any dispute or litigation.

Approval for project layout and No due certificate from banks.

Permission for Building use and NOC‘s by other local authorities and service departments as fire, sewage, electricity, Municipal Corporation.

Encumbrance certificate.

Cross check developers reputation.

Stay clear from arbitration clause given by developer can go for sole arbitrator acceptable to both parties.

Before possession verification of completion and possession certificate plus society paper for the maintenance of the project under registered owners is important.

So being an NRI if you are thinking ahead of buying property in Delhi or apartments for sale in Indore go for these basic guidelines first.

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