Indian real estate market is exhibiting promising growth and it’s the perfect time to acquire properties for a future gain. Can NRIs tap the potential of this profitable situation to get property in India? The answer is yes. Though there are certain regulations, NRIs can buy residential and commercial properties. Here are the essential details that you require.
The payment should be in Indian Rupees. The funds need to be held in non-resident accounts and maintained by the NRI. The accepted modes of payments are:
- Wire Transfer
- Pay Order
- Banker's Cheque
The following documents are required:
- Proof of Nationality
- Details of Passport
- Proof of NRI
- Complete postal & permanent address (local or overseas, as applicable)
- Residential status
- Name, address & account no. of customer's bank
Details about property
As an NRI, it is essential that you have proper knowledge about all the terminologies related to the real estate market in India. So, here are some of the essential aspects that you need to consider.
Saleable area: This area is the total area that includes carpet area, common area, and wall area.
Sell deed Vs Sale deed: Sell deed is considered as the preliminary document between a buyer and seller. This document establishes the terms and conditions between the seller and the buyer after the property is purchased. It is given after the buyer has paid 20% of the total selling amount. This deed is not a final one. The final document which transfers the ownership of the property to the buyer from the seller is known as Sale Deed.
E-stamping/Franking/Notarizing: The legal documents concerning the property that is not executed on a stamp paper needs to be registered with Indian government along with the essential judicial charges. This process is called e-stamping/franking.
Though executed on stamp paper, at times it needs to be authenticated by an advocate or someone with legal authority. This process is referred as notarizing. It’s used for various documents like Power of Attorney, Affidavit, etc.
Stamp Duty payment: The stamp duty is paid depending on the ‘Government Market Value’ of property. The rates, however, differ according to the jurisdiction.
At Subhagruha, we assist you with smooth and effortless property buying. Our real estate experts walk you through every step ensuring the only thing you have to think about is the beauty of your home.
Have more questions? Want to enquire? Drop us an Email at EMAIL ID or give us a call at PHONE NUMBER.