India has witnessed a remarkable growth in the infrastructure in recent years. The increase in the number of well-built roads, railway stations, airports, bridges, high rise buildings, etc is attracting more NRIs. They are willing to invest in properties in their own motherland.
The price of the properties in India has increased by many times due to the high demand. It is almost becoming impossible for the middle class to own private property in India. Therefore the NRIs have to be very careful before buying any property here or they shall fall prey to wrong deals.
The RBI allows the NRIs to invest in certain categories of properties in India, for the others, special permission is required. The Foreign Exchange Management Act (FEMA) controls the transactions made by the people residing out of the country towards properties. This act regulates the ownership of certain types of properties in India by the NRIs
Anyone residing outside of India can only invest in immovable properties in India except the lands for agriculture, plantation, and farmhouse. The payment process can be done through banks using the money received in the country. The NRIs do not need to take the grant from the RBI if they are investing in any residential or commercial property.
As an NRI you can buy a property in India as a single owner or own it conjointly with another NRI. You will need to be a resident of the country to get permission for owning a property in India. If not then you will be disqualified in the initial ground itself.
If an NRI wants to invest in any kind of immovable property in India then he should be present physically while signing the deal. If you fail to be present in person, then you will need a Power Of Attorney also known as POA. The POA will allow any trusted person of yours to take charge of the whole deal on your behalf. He will be completing the legal procedures and conducting the transaction.
You will have to transfer the power of attorney to your trusted one for which a valid POA document is required. To get the POA document you will have to visit the Indian Embassy of your present country. There you will have to produce your recent photograph. The POA document will be signed in the presence of the consulate officer at the Embassy. You will have to put your left thumb impression on the document.
After the above procedure is completed you will have to send the legal POA to your trusted source in India. Here he will have to get it validated and the final step will be completed.
Owning a property in your motherland can be your age-old dream. You can always invest in a good property in India provided you abide by the regulations of RBI and do a good research of the market to get the best deal.
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