The Indian citizen is now a citizen of the world. A global Indian who traverses the world. No matter how far we go, we are never far away from home. An NRI can build a life outside India, but the connections with the country of his roots can never really be severed.
Some NRIs might invest in property to keep that connection with their roots. Others might just be seeking a great investment option that offers decent returns while ensuring the safety of their investment. The Indian bureaucracy might seem a frightening place to navigate. We thought we might make it simpler for the NRI.
There is usually no restriction of any kind on the kind of property that NRIs can invest in. Be it an independent house, a piece of land, an apartment or even a pre-launch property, investors are free to take their pick. But what’s need though are certain papers. We compile the most important:
Essential Documents Required
Indian Passport or PIO Card
The most important document required by NRIs for initiating property investment procedure is their Indian passport. In case NRI investors do not have an Indian passport, they need to produce the PIO (Person Of Indian Origin Card). For investors with one or both parents of Indian origin, the Overseas Citizen of India (OCI) card will be considered valid
PAN Card
All NRIs seeking to invest in property in India will be required to file IT returns on their investment. This makes it necessary for them to possess a PAN (Permanent Account Number) card issued in their name.
Certificate of Power of Attorney
It is tough and even impractical for NRI investors to be personally present to handle the various aspects of property investment. Hence they are required to issue a certificate of power of attorney in the name of someone they completely trust. This makes the process of handling the registration, execution of sale, getting possession and managing other related investment aspects relatively simpler and faster.
Title Deeds
NRI investors also need to make sure that they possess a valid title deed for the property in the name of the current seller. Also, they might also be required to provide any other title deeds in the names of previous owners of the property for the past 15 years. The investors should also verify the authenticity of the deeds and resolve any doubts about the same before starting the investment process.
Approved Plans and Building Permit
NRI investors are also required to submit a copy of the approved plans for the property along with the building permit for the same. These documents can be easily obtained from the builder or the developer. Like all other documents, ensuring the authenticity of these documents is essential to complete the investment process in a hassle free manner.
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