Important Note for NRI
At B4 Properties, we aim to help you take care of every issue and question. We have collected basic legal information to help you buy property in India. Study through the following factors and contact us if you have any more concerns.
- Non-resident Indians holding Indian passport do not need any permission from RBI for attaining immovable property for bonafide residential purposes.
- Non-resident Indians having Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking options or out of NRO/ NRE/ FCNR account.
Get a copy of the title report by the solicitor of the property. Make sure that there are no conditions written in fine print and that there are no specific reservations by the state government.
Look for particular approval reviews. For example, if the development is near a shore, you will need to examine for a Seaside Control Area (CRZ) approval. If the venture is being developed over or in the close area of a heritage building, you must examine for any heritage reservations for the property. The idea is to make sure that you do not get trapped with a residence that is or may get captured in any kind of conflicts. Deficiency of approval of headings also means that you will not be able to acquire mortgage loans.