Are you an NRI considering an investment in commercial property in India? Finding out the documentation requirements can be a complicated task, but with the right information, you can simplify the process and ensure a smooth transaction.
A valid passport is a necessity. If you have an OCI (Overseas Citizenship of India) Card or PIO ( Person of India) Card, you need these as well.
Documentation regarding proving your country and place of residence like utility bills or bank statements from the resident country banks or govt. Issuing an identity card will work too.
Income Proof is needed as well. These proofs are income tax or salary slips, income tax returns from your country of residence along employment verification letters.
Having a Non-Resident External (NRE) or Non-Resident Ordinary (NRO) account In India is a necessity. Bank statements from your resident place banks can serve as proof of funds.
Obtaining main documents like title dead (establishing ownership ) or sale deed, property tax records and land records are important. These documents will be examined thoroughly during the final process.
Procure a TAN (Tax Deduction Account Number) and ensure that you submit any type of documents to taxes that will be required by Indian law.
If you are not directly present in front during the process you can present a trusted representative through Power of Attorney. This helps them to act directly on your behalf during the purchase of property.
Obtaining different clearance certificates from different regulatory bodies and legal authorities is necessary depending upon the type of property.