An NRI’S guide to property investment in India
1WHO IS A NON-RESIDENT INDIAN (NRI)?
A non-resident Indian (NRI) is an Indian citizen or a person of Indian origin who stays abroad for employment, business, vocation outside India or stays abroad with circumstances indicating an uncertain duration.
2WHAT ARE THE DOCUMENTS REQUIRED FOR THE PURCHASE OF PROPERTY ACROSS INDIA (FOR AN NRI)?
- a. Valid passport or PIO card (Person of Indian Origin card)
- Address proof
- Permanent Account Number (PAN card)
- Latest photograph
3WHAT IS POWER OF ATTORNEY?
Power of Attorney (POA) is the person selected by the NRI, who is investing in a property in India to complete the transaction on their behalf. It could be anyone from a trusted relative, friend, or even colleague. To attain a POA, you must approach The Indian Embassy of the country where you reside and sign the document in front of the consulate officer.
4WHAT ARE THE DOCUMENTS REQUIRED FOR AN NRI TO SELL THE PROPERTY?
The following are the documents required for NRI sale of property:
a. Address proof
b. Sale deed
c. Tax returns
d. Allotment letter
e. Encumbrance certificate
f. Approved building plan & OC
5HOW IS THE NRI PROPERTY OWNERSHIP IN INDIA?
An NRI can buy the property of their choice in their name or jointly with any other NRI. The property cannot be in joint ownership with a resident Indian or with those who are otherwise not allowed to buy property in India.