Purchase of Properties from Non-Resident Indians and the regularised properties


There are few NRI properties for sale. Please check the acquisition of property by the NRI whether it is as per the legal parameters and also a serious investigation into the tax issued related to it.

We suggest the buyers to avail the services of a Chartered Accountant with NRI expertise in money and tax matters before embarking upon the purchase or even the agreement.

Do not try to make payment in any other currency other than Indian Rupees. The Government is scrutinising the transactions due to the suspicion of havala transfers in dollars and Benami Transactions in properties. Few NRI properties have been sold in the past, but the original owners are not AWARE OF IT TILL DATE.

Buy from the original owners only, pay them only through bank cheques. As there is Akrama-Sakrama, being brought in by the Government, lakhs of properties may be thrown into the real estate market for sale.

WARNING:

1). Conversion of B Katha does not confer any good right, title and interest. Check the titles diligently.

2). Conversion or regularisation or reconvey of buildings constructed on BDA sites,(acquired by BDA) must be done or executed as per the regular norms. There is no short cut. Purchase of buildings constructed on BDA sites (acquired by BDA) must also be thoroughly examined.

3). Regularisation of Grama Tana or village Panchayat or Revenue Sites does not confer any right, title and interest, without proper transfer of titles.

4). The sellers in many DC Converted layout, have sold off the common areas and even the roads in many cases. Do Not buy properties without proper approach road.

5). Ensure that the Minimum road width must be 30 feet

6). Ensure that the site or property is not closely attached or located near raja kaluve or secondary channel or teritory channel or the lake.