At times, navigating the legalities of a new home purchase can be a daunting task. To make the process easier, we have compiled the basic legal considerations of acquiring a property in India. Additionally, you can get in touch with us with any specific queries.
1. Non-resident Indians holding an Indian passport do not require any permission from RBI to acquire an immovable property for bonafide residential purposes.
2. Non-resident Indians holding an Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of their NRO/ NRE/ FCNR account.
3. Ensure that the title report of the property contains no conditions written in fine print and that there are no specific reservations by the State Government.
4. Look for specific clearance reports. For instance, if the construction is near a seafront, you will need to check for a Coastal Regulation Zone (CRZ) clearance. If the project is being constructed over or in close vicinity of a heritage building, you must check for any heritage reservations for the premises. The idea is to ensure that you do not get stuck with a property that is or may get caught in any sort of a dispute. Lack of clearance of titles also means that you will not be able to avail home loans.