India is at a crossroads of change. The developing situation across the world has highlighted India as one of the preferred destinations for commerce and industry. Weaker Indian rupee makes Real Estate an enticing buy. Thus, transforming India into a land of opportunities.
An NRI or a Non-Resident Indian can buy property in India with complete ease. Thanks to the implementation of RERA Act, 2016, the process has become much simpler, transparent with committed timelines.
There are multiple channels for NRIs to pay for the property they intend to buy.
An NRI can buy the property of their choice in their own name or jointly with any other NRI. The property cannot be in joint ownership with a resident Indian or with those who are otherwise not allowed to buy property in India.
Power of Attorney (POA) is the person selected by the NRI, who is investing in a property in India to complete the transaction on their behalf. It could be anyone from a trusted relative, friend or even colleague.
A POA can be attained by going down to the Indian Embassy of the city and country where you are located and sign the document in front of the consulate officer.