Buying a home or a property, whether it’s the first or not, is an emotional investment. And this fact can be considered especially true for Non-Resident Indians (NRIs) as they feel a special connect with their homeland which is strengthened even more through the ownership of property. In the past, buying land used to be a little tedious for NRIs in terms of process and paperwork, but things have improved tremendously after the infrastructural and regulatory changes that have been implemented in the last few years. Here’s a small set of guidelines for NRIs to follow while investing in property in India.
Choose the right type of property:
As an NRI, the kind of real estate investment you are willing to make will decide the kind of mandates you will be required to follow. But don’t let this scare you. Not much changes if you are looking to make an investment in a residential property or a commercial space. If you plan to buy a farm house or an agricultural land, you may require special permissions from the RBI and other government bodies. What’s your motive behind investing in Indian real estate? Is it purely asset building or do you wish to own a place that you can return to whenever you feel like? Do you wish to set up a business venture in the country in the near future? The answers to these questions will decide the type of property you should invest in.
Securing the right funds:
If you have been planning towards buying a property in India since sometime and have accumulated the resources you need, consider the battle half won! Once your funds are in place, all you need to do is sort out the paperwork after finalising your dream property. But don’t lose hope if you have your budgets allocated across a range of avenues and need some financial help to make your real estate investment happen. Nowadays you can secure a loan pretty easily, provided you have the right documents… which brings us to our next point.
Get the right documentation done:
Over the years, the government has thankfully made it so that you don’t need to show too many documents when you are looking to buy property. While you may be required to show some additional documentation later on, the most basic things you’ll need are a valid passport, address proof, a Permanent Account Number (PAN card) and a recent photograph. For those NRIs who can’t be physically present in India to buy property, there is such a thing known as Power of Attorney or POA. This means that you as an NRI can choose someone close to you such as a trusted relative, friend or even colleague and allow them (legally) to complete the transaction on your behalf. They will be signing agreements and other official documents on your behalf. To get a valid POA you have to visit the Indian Embassy of the city and country where you are located and sign the document in front of the consulate officer. There are some additional procedures which you may be required to follow while getting a POA. Just understand the process fully before taking the important step.
If you are an NRI seeking the right property to invest in Pune, Pyramid Lifestyles offers a wide range of property options that suits your requirements and contribute to your growth. Pyramid strives to erase the clouds of uncertainty surrounding NRI real estate investment by offering extraordinary row houses, flats, offices, and commercial spaces, as we understand your world. Book your space for awesome returns and benefit from the improved facilities for NRIs!
