Properties For NRI's
A. Acquisition & Transfer of property by NRI, PIO & foreign Citizen
Acquisition and transfer of property by NRI/ PIO/ Foreign Citizen is governed under FEMA Regulation, 2000. General Permission has been given to NRIs/ POI for the acquisition and transfer of residential immovable property in India.
B. Mode of payment by NRI/ PIO
The payment/ consideration amount for purchasing the residential immovable property by NRI/ PIO can be made out of
a) Funds remitted to India through normal banking channel, or
b) Funds held in NRE/ FCNR (B)/ NRO account maintained in India.
No payment can be made either by traveler’s cheque or by foreign currency notes. No payment can be made outside India.
C. Process for Registration of the property
Documents required to be presented at the time of registration:
2. Documents required in case of NRI & PIO: In case documents mentioned in Clause 1 are not available, an NRI/ PIO will have to produce any of the following documents:
- 1. Documents required in all cases i.e. Indian Citizens, NRI & PIO:
- 1.1 Photocopy of Residence Proof of each owner like Passport, Election Identity Card, Driving License, Ration Card and any identity card issued by Center Govt. / State Govt,
- 1.2 Photocopy of PAN Card of each owner/ Form No. 60 of Income Tax Rules*
- 1.3 Photocopy of Possession Certificate,
- 1.4 Two Passport size photographs of each owner.
3. In case owner is not able to present himself at the time of registration he can execute a Special Power of Attorney (POA) :
- 2.1 Persons of Indian Origin Card (PIO card) issued by ministry of External Affairs, Government of India.
- 2.2 Overseas Citizenship of India Card (OCI Card) issued by Indian consulate of the country in which NRI/ PIO resides.
PIO/ OCI status and card no. should be mentioned in the Conveyance Deed with the purchaser’s details.
- 2.3 NRI/ PIO will produce and attach the detail of payment regarding residential unit with proof and mention the same in the receipt clause of Conveyance Deed.
For the purpose of registration, NRIs and PIOs who are not holding any of the cards mentioned above are required to seek permission from District Collector.
POA executed outside India: In case where the POA is executed out of India, the signature of the executor should be attested by any authorised official of the Indian Embassy/ Indian Consulate/ Trade Commissioner of India in the country where the applicant resides. On receipt of POA in India, such POA is to be duly stamped. In case of blood relations* * , the stamp duty charges are Rupees two thousand only and in other cases, it is two percent of the transaction value of property or circle rate which ever is higher.
Such Power of Attorney should be signed by the Executor, Attorney Holder and by the witnesses with their names, addresses and thumb impressions. Self attested Photographs of the Executor, Attorney Holder and witnesses shall also be affixed on such Power of Attorney. The Photo and signature of the Attorney Holder shall be attested by the executor as well. Before registering such POA, the concerned Sub Registrar shall first confirm the identity of executor and Attorney Holder and also confirm the details and interest in the property then only shall register the POA.
At the time of registration of conveyance deed, following documents are required to be presented before Sub registrar:
- Original POA
- One photograph of the executor which shall be attested by the Attorney Holder
- An affidavit by the Attorney Holder that this POA is still in force and not cancelled and that the executor is still alive.
- ID proof of the Executor of the state where the POA is registered that is like Ration Card, driving License, Voter ID Card, PAN Card etc.
- ID proof of the Attorney Holder
- Details and ownership interest of executor in the property be confirmed from this PO