In this section, we give you a lowdown on all that you need to know if you are an NRI wanting to buy a flats in udupi.So it does not matter which part of the world you live in a home in India is simply a must. And the Indian laws, over the years, have made this a fairly easy job. The Reserve Bank of India governs such transactions and they fall under the purview of the Foreign Exchange Management Act (FEMA).
Yes, a non-resident Indian can buy either a residential property or a commercial property in India. Further, there is no limit on the number of residential or commercial properties that an NRI can purchase in India.
Property held by NRIs in India can be sold. No permission is required from the Reserve Bank of India.
Payment for the purchase of property can be made either by way of funds remitted to India from abroad through regular banking channels or through the balance in the NRE, NRO or FCNR Account.
NRIs can let out immovable property in India. The rental income from the investment has to be credited to the NRO account. Subject to changes from time to time.
The Reserve Bank of India allows NRIs to take home loans for buying property in India. You can also take a loan for repairs and renovations of your home.
Yes, in fact experts recommend that you give a PoA to a person resident in India so that he or she may complete formalities such as registration, possession, execution of agreement of sale etc. A PoA can be given to execute all contracts, deeds, mortgages, lease, sell and all matters relating to managing the property. However, at any given time, it would be better to give a specific power of attorney to any person, restricted only to a single action such as only purchase or only for lease. The power of attorney should be executed on a stamp paper or as per the requirement of the country where the PoA is executed. You must then get the PoA attested by any authorized official of the Indian Embassy/Consulate/Trade commissioner in that country.
2nd floor, Devraj Towers
Court Road, Udupi - 576 101
Phone:+91 888 050 5855
+91 924 330 5855