Nris Can Register Property From Abroad
Anon-resident Indian (NRI) is permitted to purchase and sell property in India
. However, a NRI needs to comply with the requirements imposed by the Reserve Bank of India (RBI).
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NRIs can invest through their representatives in India with a power of attorney to act on their behalf. A copy of the power of attorney should be notarised with the Indian consulate in the respective country. This will give it authenticity and provide an ideal opportunity for residential property investors and land developers in suburban and peripheral locations to earn competitive yields on investments.
The property can be registered in the name of the NRI, and the power of attorney holder can sign on his behalf by producing a copy of the power of attorney to the appropriate authorities. NRIs can seek home loans through a power of attorney holder and documents can be signed on their behalf while investing in property. Home loans can be processed through overseas representative offices of banks for NRIs. The RBI permits NRIs to hold joint accounts with residents.
A NRI can issue a power of attorney in favour of his relative or representative. This enables him to sell property and arrange to repatriate the sale proceeds through an authorised foreign exchange dealer. Further, a representative can also rent out the property and credit the proceeds to a NRO account.
A power of attorney gives authority to a person, to act on behalf of another. The person who gives the power is known as grantor. The person in whose favour the authority is granted is known as grantee. The document gives a person the authority to act on the buyer's behalf for a specific period and matter. The holder of the power of attorney can undertake all the formalities including execution of agreement of sale, registration, possession, and execute all deeds, mortgages, contracts, lease etc. So, the power of attorney holder can sign documents for the buyer and undertake all such acts and deeds as may be required to be undertaken by the NRI had he been physically present.
The power of attorney has to be attested by two or more independent witnesses. If it is given to sell property, it needs to be registered. An advantage of power of attorney is that one doesn't need to be physically present to execute the property-related documents. The deeds of the agent will be binding on the grantor.
A general power of attorney is used when the agent is empowered to undertake all types of transactions on behalf of the grantor. A specific power of attorney is granted when the Agent is authorised to undertake only specific transactions. Usually, the power of attorney can be revoked, subject to certain conditions. It is automatically revoked in the event of death or bankruptcy of the grantor.
A NRI needs to sign the power of attorney before a consulate officer or a notary in the country of his residence. The signature on the deed has to be attested by the consulate officer or notary. He needs to sign all pages of the deed. It then needs to be sent to India and should be presented for adjudication within three months. Adjudication is a method of paying proper stamp duty for a power of attorney. The stamp duty payable varies from State to State.
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by: abhiram
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