How NRIs should navigate property purchases, rentals

They need clear property titles, PoAs, mutation records, keep track of TDS, registration fees

- Anagh Pal

Parag Chaturvedi, 55, a chartered accountant who lives in Manhattan, owns a couple of properties in India. For him, the most confusing aspect of purchasing a property was navigating the voluminous sale agreement.

He spotted a clause he disagreed with, but the builder declined to make any changes, stating that it is a standard contract in line with the Real Estate Regulatory Authority (Rera) rules. Chaturvedi's workaround was to insist on a written email confirming that interpretation before signing.

For nonresident Indians (NRIs), buying property in India can be a complex affair, involving dense legal paper work, state-specific regulations, and a high level of due diligence.

The checklist for NRIs investing in property should begin with full title verification. “Ifthe proposed purchase is in new or under-construction projects, verification ofthe builder's sanctioned plans, commencement certificate, Rera registration, and environmental approval is mandatory,” said Sanjay Daga, CEO and MD of Anex Advisory, a real estate consultancy.