Legal things for nri buying commercial property in tamilnadu
Ram
(Querist) 21 July 2017
This query is : Resolved
Hello,
We are NRI's and are currently trying to buy a commercial property in Tamilnadu.
Before doing anything, we would like to know the legal things that an NRI has to take care before proceeding.
Is it mandatory that NRI has to give POA to buy a property in India or can NRI buy it themselves when they are in India during vacation for 4 months?
Property which we are looking is having a land with a building which is currently let out by the current land owner for rent.
Current owner has taken a loan at Bank on that property and the schedule property is eligible for SARFAESI Act is applicable.
Is it enough to prove that this property can be bought by NRI? And not agricultural or farm house or plantation property?
What is the right way to know the type of land? Is it possible to check online to nullify its not agricultural/farm/plantation property?
I checked in tnreginet.net and the land is of type Residential Class V Type III.
Current owner bought this property in May/2014 which was a vacant land then and then build the commercial building with 2 floors. He has taken all the required approvals from VAO, corporation, etc when constructing the building. Is there any restriction for NRI buying the land which is sold 3 years ago?
BR,
Ram
Kumar Doab
(Expert) 21 July 2017
'Buyer Beware' applies to property deals.
It shall be appropriate to get proper legal opinion from a very able local senior counsel of unshakable repute and integrity specializing in revenue/property/civil matters before signing or making payment.
This may cost some FEE but can defend long term interest and hard earned monies.
Rajendra K Goyal
(Expert) 22 July 2017
NRI can purchase property himself or through POA.
Get all the documents checked by local lawyer / obtain non encumbrance certificate.
While effecting payment, first clear the bank outstanding, take dues clearance certificate / NOC / get release the title papers. Enter sale agreement accordingly and get it vetted by your lawyer.
Do not forget to deduct TDS as applicable after consultation from your CA.
Kumar Doab
(Expert) 22 July 2017
If you are on 4 months long vacation in India then take proper legal opinion as already suggested...
There are tenants in property, bank loan, then you have mentioned about SARFAESI Act without divulging details..............approvals for building etc etc.............
A very able local counsel well versed with such matters and local rules/laws can advise you in detail.......and provide with proper legal opinion.....
