If you are a non-resident Indian (NRI) planning to invest in real estate in India, time could not have been better. India’s real estate sector has witnessed a price correction in the recent past; buying property in the country has become more lucrative with favourable currency rates.
For your information, as an NRI, you don’t need to seek special permission to purchase immovable property. However, you are restricted to buy properties like agricultural plot, farmhouses or plantations while having the liberty of buying only residential and commercial properties.
Below is a checklist of what you will need to own or purchase a property in your domestic country:
- When you are an NRI, your passport becomes mandatory in almost every activity related to your motherland. Therefore, you will need to show your Indian passport. If you hold a foreign passport, you can also buy properties in India, meeting the requirements for a PIO (Persons of Indian Origin) card or an OCI (Overseas Citizen of India) card.
- PAN Card is another mandatory document for property transactions
- You also need to provide a power of attorney along if you are unreachable in India to execute the property transaction. On an important note, you will need an extraordinary power of attorney registered and notarised and not a general power of attorney to execute the transaction.
Besides the documents mentioned above, you will need to submit some other documents like your present address proof documents, for example, utility bills and passport size photographs for the sale deed registration.
You may wonder how you can execute a Power of Attorney. If you are doubtful about it, here’s how you can do it, or someone can do it on your behalf in your absence:
A power of attorney gives authorisation to another human living in India to complete transactions on your behalf. You will need to sign the POA (Power of Attorney) in the presence of a consulate officer or notary in your host country, which will also have to be attested by them mandatorily.