prava.way2wealth

Real Estate FAQs

Property Management and Transactions

NRIs can manage their property in India from abroad through various means:

  • Property Management Services: Hiring a property management company to handle maintenance, tenant management, and other tasks.
  • Power of Attorney (PoA): Assigning a trusted individual with PoA to manage property transactions and legal matters on their behalf.
  • Online Portals: Utilizing online property management and real estate portals for monitoring and managing property-related activities.

Yes, NRIs are allowed to acquire commercial properties in India. There are no specific restrictions on the number of commercial properties an NRI can buy. However, they must comply with the regulations outlined in the Foreign Exchange Management Act (FEMA).

Yes, NRIs and PIOs can invest in real estate in India. They can purchase residential and commercial properties without any restrictions on the number of properties. However, they cannot buy agricultural land, plantation property, or farmhouses.

The RBI guidelines for NRI investments in real estate include:

  • NRIs can purchase residential and commercial properties without any specific approvals.
  • They cannot buy agricultural land, plantation property, or farmhouses.
  • Payments for property purchases must be made through inward remittances or funds from their NRE/NRO/FCNR(B) accounts.
  • NRIs can repatriate the proceeds from the sale of immovable property under certain conditions.

Yes, NRIs can sell property in India without visiting the country by granting a Power of Attorney (PoA) to a trusted individual who can handle the transaction on their behalf. The PoA must be notarized and apostilled or consularized as per legal requirements.

NRIs can finance property purchases in India through:

  • Home Loans: Availing home loans from Indian banks and financial institutions.
  • NRE/NRO/FCNR(B) Accounts: Using funds from their NRE, NRO, or FCNR(B) accounts.
  • Inward Remittances: Utilizing inward remittances through normal banking channels.

 

NRIs can manage their rental property in India while residing overseas by:

  • Hiring Property Management Services: Engaging property management companies to handle tenant management, rent collection, and maintenance.
  • Assigning Power of Attorney (PoA): Appointing a trusted person with PoA to manage the property.
  • Online Management Tools: Using online platforms for tracking rent payments, property maintenance, and other related activities.

 

 

Legal and Regulatory Concerns

Yes, NRIs are not allowed to buy agricultural land, plantation property, or farmhouses in India. They can only acquire such properties by way of inheritance from a resident Indian.

Way2Wealth PRAVA offers comprehensive legal support for property transactions, partnering with expert professionals to ensure seamless service. This includes:

  • Due Diligence: Conducting thorough due diligence on property titles and ensuring legal compliance.
  • Documentation: Assisting in the preparation and review of sale deeds, agreements, and other legal documents.
  • Regulatory Compliance: Ensuring compliance with all regulatory requirements and legal formalities.
  • Repatriation Assistance: Guiding NRIs through the process of repatriation of proceeds from property sales.

 

The steps for NRIs to transfer property to their children include:

  • Drafting a Gift Deed or Will: Creating a legal document to transfer property ownership.
  • Legal Documentation: Ensuring all required legal documents are prepared and registered.
  • Registration: Registering the property transfer with the local sub-registrar’s office.
  • Tax Compliance: Ensuring compliance with all applicable tax laws and regulations.

 

Yes, NRIs can inherit property in India. They can inherit any type of immovable property, including residential, commercial, and agricultural land. The inheritance process must comply with Indian inheritance laws and regulations.

Yes, we have partnered with expert professionals to offer assistance with property due diligence, legal processes, and repatriation of funds. Our services include:

  • Due Diligence: Conducting comprehensive checks on property titles and legal compliance.
  • Legal Support: Assisting with documentation, regulatory compliance, and legal formalities.
  • Repatriation Services: Guiding NRIs through the process of repatriation of proceeds from property sales, ensuring compliance with RBI regulations.