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.
- Non-resident Indians holding an Indian passport do not require any permission from RBI to acquire an immovable property for bonafide residential purposes.
- 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.
- 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.
- 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.