If you are an NRI, acquiring property in India can be confusing and complex. The acquisition of property always follows a great deal of deliberation. Hence, it is better to thoroughly read through all the documents before investing.
NRIs holding valid Indian passports do not require permissions from RBI for acquiring immovable property for residential purposes.
NRIs holding Indian passports may pay the purchase consideration either by remittance of funds from abroad (through normal banking channels) or out of NRO/ NRE/FCNR accounts.
Obtain a title report by the solicitor of the property and go through it with a fine toothcomb. Do ensure there are no encroachments, hidden conditions written in fine print, or any kind of reservations by the State Government.
Thoroughly check the clearance reports to ensure that the property is not disputed. For example, if the project is being constructed near a heritage building, there may be issues with the Heritage department. Remember, the lack of clearance of titles will hamper the availability of home loans.
