Skip to main content

A Simple Guide For Property Registration in India, For NRIs

 Global economic conditions along with the depreciation of the value of the Indian currency have proven to provide lucrative opportunities for NRIs to invest in the real estate sector. Saying that more and more NRI property investors and buyers are showing interest in owning property back in India even during these harsh times with the pandemic. They all have reasons. 

Although NRIs do not need to meet any special requirements or permissions to buy property in India, they do need to register the property to legally transfer the property in their name. 

So, what’s the procedure? 

The overall property registration process has simplified over the years and involves the usual necessary paperwork. For instance, for NRI property investment in Bangalore, all that the NRI applicant needs to register the property is to submit a written application to the authority such as the Sub-Divisional Magistrate or the Sub- Registrar of the area. The following steps include stamp duty and paying the fee for the transfer/ sale of the deed. 

The registration process is then finally completed with the authorized signatures from signatories of both parties (the seller and the buyer). However, in this step, two witnesses are also required. 

For successful and quick completion of the registration, the signatories must supply the sub-registrar with all the necessary documents which include their government identification proof, property card, original documents, and proof of payment of stamp duty. 

In the case of NRIs, there is no compulsion of them being physically present in the country to complete the whole procedure successfully. Nonetheless, a trusted individual (relative or friend) must be assigned with the Power of Attorney to go ahead with decision making and get the paperwork completed as your representative. 

So, what needs to be considered before registering your property? 


Well, the process may look very simple. Nevertheless, few important points must be considered before going ahead with the registration of your property. 

  • Verify that the seller or the current owners are producing relevant and authentic documents. Moreover, ensure that the property comes with no encumbrances such as outstanding mortgages, unpaid debts, unpaid property taxes, and others. 

  • Make sure all the documents required are in place- such as the list of property documents the NRI needed to buy property in India and the documents needed by the NRI for the purchase procedure. The documents required at the time of registration must also be in place. 

  • Evaluation of the property according to the market value and the location and type of the property. This will be required to calculate the stamp duty needed to be paid for the property registration. 

  • The stamp paper duty must be ready and must be collected during registration as the stamp duty varies from state to state. It also depends on the type and location of the property. 

  • The preparation of the sale deed is done by an attorney on the behalf of the NRI. The sale deed depends on the nature of the property being purchased. The sale deed comprises the details of both the parties, the details of the property involved, and the specific required terms and conditions. 

If you are looking for deeper insights into NRI property investment in Bangalore, we are here to help you out. We are one of the leading developers of Bangalore City and we serve our customers with a lifetime of satisfaction. 

Comments

Popular posts from this blog

Checklist Points To Reckon Before Buying Villas in Bangalore

Buying a house itself is one of the biggest decisions of your life. After all, it involves investing more than half of your savings. Therefore, undeniably it requires a lot of planning, researching, thinking, and calculations before you make the leap. However, having the right information and the right guidance can make the process a lot simpler.  Bangalore as a city has grown to become a hub of premium villas. You will find innumerable builders and developers offering you presidential villas for sale. Hence, choosing the best one suiting your needs and requirements can end up being quite a daunting task. In this article, we have put together a list of factors that you must consider before buying a villa in Bangalore.  The Location Needless to say, the location plays a major role when it comes to purchasing a house. Finding one in the prime localities in the city will ideally put you in an advantageous position- whether you decide to reside there or rent it out. Either way, i...

All about the best 2 BHK in Sarjapur that you cannot miss

Finding the best apartment of your dream can prove to be a hassle, especially in a small city like Sarjapur. We all desire to have a luxurious standard of living with the finest amenities. Nambiar Builders offers the best  2 BHK in Sarjapur  that provides you with an unmatched standard of living and many world-class amenities. These 2 BHK flats offer excellence in design, and the architecture is also very good in their constructed buildings. The potential homebuyers usually strive to make the interiors commendable by using the most uncommon design excellence and world-class amenities. The luxury apartments in sarjapur offered by Nambiar Builders are in great demand in the present times because they offer a lot of flamboyance and convenience to their residents. These spacious 2 BHK flats have well-planned and wonderful ventilation that makes it very comfortable for the residents to reside in these houses. There are also several modern amenities like a well-equipped gym, swimm...