Tips to NRIs Buy/Sell Properties in Kerala
Kerala is indeed the best choice for all NRI living in US, Europe, Canada and Middle East for doing their real estate business. Real estate is one of the fastest growing sectors which always attract the NRIs. Whenever an NRI plans to engage or invest in real estate in Kerala, make sure that he goes through proper channels. This is to ensure the authenticity of the land. Also the NRI can go through certain real estate websites so that he could obtain all the necessary details regarding the property viz. flats, homes, villas and apartments.
NRIs in Kerala often get confused with the ever changing rules and regulations associated with buying/ selling of land properties. The main reason being the lack of information about how to buy / sell property without the concerned person's physical presence in Kerala. The present rule implemented by the Government made it mandatory for the buyer and seller to be present at the registration office in order to add photos and thumb impressions. The purpose of this was to act as an identification measure so that the fake land registrations can be put to an end. The new procedures made it difficult for the NRIs to involve in real estate business in Kerala. The Government has, however, decided to exempt NRIs from being physically present when selling/buying property in Kerala.
NRIs Investment Methods in Kerala
According to the rules and regulations of FEMA and RBI, an NRI is allowed to invest in real estate business. An NRI can invest in the following properties:
Any immovable land can be acquired by an NRI in India other than any agrarian property, farm house and farmstead property.
An NRI can acquire any immovable land as mentioned above by gift from an Indian who is residing in India, also from Indian citizens living outside India or person who has Indian roots.
He can acquire any land by means of legacy.
He can transfer an immovable land by means of sale to a person residing in India.
He can transfer any agrarian property, farm house or farmstead property as a gift to anyone residing in India.
- He can also transfer his residential or commercial land as a gift to an Indian resident or abroad or person who has Indian roots.
Steps to Buying/selling Real Estate in Kerala for NRIs
- Calculate the fair value of the land/property. A document writer can help you in finding this information.
- Get a Stamp Duty Paper for the registration price.
- Make sure that one Stamp Duty Paper is with the NRI who is involved.
- Attach a passport size photo on the Stamp Duty Paper and leave a left hand thumb impression
- Attach attested copies of identity and address proof and necessary documents to prove the NRI status.