Buying Real estate in india, without being present - Indian Real Estate Forum

05-11-07

Hi,

What are the requirements for NRI (living is US) to buy property in India?

Can this be done by a family member while NRI is not present in India?

thx.

Pinnacle · 05-11-07

Hi
A NRI can certainly buy a property while not in India thrrough his representative/freind/family member/relative
You would have to follow certain norms which can make your property buying experience a pleasant one

1. Execute a Special Power of Attorney in name of the Person who will be signing the agreements and other documents on your behalf. The Power of attorney has to be signed in front of the consul officer in the Indian Embassy of the city n country where you are located. Affixing photograph and the left thumb impression alonwith your signature is essential. You can then send the POA to India, where it has to be adjudicated. After the adjudication process, the POA is ready for use in India for buying any property.

2. Payments for purchase of property has to be made from the NRE account which should reflect the remmitance made by you from abroad.

3. Engage a local lawyer to carry out due diligence on your behalf even if you have a housing finance company doing it for you already.

4. When buying from a builder, keep copies of all correspondences you do with the builder for your records. This can help you in future

5. Carefully read the fine prints of the Agreement for Sale and undertand your rights and remedies as a buyer

Hope this helps
For any more information, feel free to ask me

umjain2007 · 26-12-07

Thanks for the information. I was told that POA can be taken on a simple plain paper and get it notarised through some US notary authority like a bank. Do we need to sign it in front of Consul officer in Indian embassy with photographs affix?? Kindly advice as I need to send one POA urgently to India in the name of my father.

Kind Regards,

Umesh

Quote:

Originally Posted by Pinnacle

Hi
A NRI can certainly buy a property while not in India thrrough his representative/freind/family member/relative
You would have to follow certain norms which can make your property buying experience a pleasant one

1. Execute a Special Power of Attorney in name of the Person who will be signing the agreements and other documents on your behalf. The Power of attorney has to be signed in front of the consul officer in the Indian Embassy of the city n country where you are located. Affixing photograph and the left thumb impression alonwith your signature is essential. You can then send the POA to India, where it has to be adjudicated. After the adjudication process, the POA is ready for use in India for buying any property.

2. Payments for purchase of property has to be made from the NRE account which should reflect the remmitance made by you from abroad.

3. Engage a local lawyer to carry out due diligence on your behalf even if you have a housing finance company doing it for you already.

4. When buying from a builder, keep copies of all correspondences you do with the builder for your records. This can help you in future

5. Carefully read the fine prints of the Agreement for Sale and undertand your rights and remedies as a buyer

Hope this helps
For any more information, feel free to ask me

atulprasad · 23-01-10

Hi Even i have purchased one flat for my relatives by obtaining a POA. Just go to ICICI bank website and checkout the POA format and instructions.. It is clearly mentioned that the POA grantor's signature should be attested by Indian embassy official or Notary public..

so going via the Embassy is optional.. but if u do it through the notary, it should be registered at the subregistrar's office where the POA holder resides.

KumarK12 · 3 Days Ago

Am currently dealing with ICICI Bank for a sale through POA and have been told by them that attestation at Indian Consulate is mandatory.

If you are in the UK and you are an NRI, then just an attestation at consulate gen office is required for the POA.

If you are an OCI/PIO, notarisation is also required. Just check the Indian embassy/consulate's website which should clarify the details for OCI/PIO.

05-11-07	#1
kingofms Unregistered User Posts: n/a	Buying Real estate in india, without being present Hi, What are the requirements for NRI (living is US) to buy property in India? Can this be done by a family member while NRI is not present in India? thx.

05-11-07	#2
Pinnacle Member Join Date: Nov 2006 Location: Mumbai, India Posts: 260 My Mood: Thanks: 0 Thanked 3 Times in 3 Posts	NRI Property Buying Hi A NRI can certainly buy a property while not in India thrrough his representative/freind/family member/relative You would have to follow certain norms which can make your property buying experience a pleasant one 1. Execute a Special Power of Attorney in name of the Person who will be signing the agreements and other documents on your behalf. The Power of attorney has to be signed in front of the consul officer in the Indian Embassy of the city n country where you are located. Affixing photograph and the left thumb impression alonwith your signature is essential. You can then send the POA to India, where it has to be adjudicated. After the adjudication process, the POA is ready for use in India for buying any property. 2. Payments for purchase of property has to be made from the NRE account which should reflect the remmitance made by you from abroad. 3. Engage a local lawyer to carry out due diligence on your behalf even if you have a housing finance company doing it for you already. 4. When buying from a builder, keep copies of all correspondences you do with the builder for your records. This can help you in future 5. Carefully read the fine prints of the Agreement for Sale and undertand your rights and remedies as a buyer Hope this helps For any more information, feel free to ask me __________________ Ram

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23-01-10	#4
atulprasad New Member Join Date: Aug 2009 Posts: 5 Thanks: 0 Thanked 0 Times in 0 Posts	Hi Even i have purchased one flat for my relatives by obtaining a POA. Just go to ICICI bank website and checkout the POA format and instructions.. It is clearly mentioned that the POA grantor's signature should be attested by Indian embassy official or Notary public.. so going via the Embassy is optional.. but if u do it through the notary, it should be registered at the subregistrar's office where the POA holder resides.

3 Days Ago	#5
KumarK12 New Member Join Date: May 2012 Posts: 1 Thanks: 0 Thanked 0 Times in 0 Posts	Am currently dealing with ICICI Bank for a sale through POA and have been told by them that attestation at Indian Consulate is mandatory. If you are in the UK and you are an NRI, then just an attestation at consulate gen office is required for the POA. If you are an OCI/PIO, notarisation is also required. Just check the Indian embassy/consulate's website which should clarify the details for OCI/PIO.