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Best Ways For NRIs To Sell Their Property In India

A good number of Indians live abroad. Many of them have settled in foreign countries and they earn great name and fame there, and contribute a lot for the development of the motherland. Unfortunately, when these NRIs try to sell their properties in India from abroad, they face a lot of problems. Some dexterous people cheat them financially and occupy their costly lands unlawfully. As a matter of fact, for NRIs, selling their properties in India has always been a challenging task if they left India many years back. Are you also an NRI? and want to sell your property in India? Don't know how to do it? If yes, then follow the below-mentioned guide. This will help you a lot while selling your properties in India.

1. Perform The Title Transfer For Inherited Property
If you have inherited the property from your parents/grand parents, then you should get it transferred against your name by the process of mutation of revenue records. For this, you will need a will or a succession certificate. If you are not able to do so, then the local court can issue a succession certificate using which you can easily apply for a title change in the mutation of revenue records office. This process takes a lot of time. So, you should get it done as soon as possible.

2. Collect The Necessary Documents
To sell properties in India, NRIs need to collect a lot of documents. Some of them are detailed here below:

  • The title deed or mother deed of the property,
  • No objection certificate to declare there is no pending debts and litigation against the property you want to sell,
  • Occupation certificate issued by the municipal corporation,
  • Plan approval/sanction certificate,
  • Cooperative share certificate in case,
  • Lawyer certificate, in case any of the original document is missing.

Besides these documents, you should have a PAN card number if you want to sell properties of bigger amount transfers. As an NRI, you can apply for PAN to sell your property or submit form 60 at the registrar office for the same. 

3. Choose A Right Brokerage Firm
If you don't have any close friend or relative whom you trust for the transaction of funds, then it becomes mandatory for you to find a brokerage firm so that it can assist you in the selling process. In case you have the ample knowledge of the Indian real estate market and people to support you, you can go ahead with the selling process easily and quickly.

As a matter of fact, the brokerage firm can help you in suggesting the market situation, finding suitable buyers, price trends and risks involved. You can seek their help whiling fixing the selling price, applying for PAN and attorney service to obtain legal documents and tax implications. Always keep in mind that brokerage in India has no legal license and it could be troublesome if you end up dealing with dishonest people or paying them a higher price for their services.

So, be careful about this. Alternatively, you can consult real estate lawyers India that can help you to deal with all these issues easily and quickly and expedite the property selling process smoothly.

4. Sales Registration
To sell your property in India, you need to give power of attorney for the transaction to a PoA holder. There is no requirement of providing the complete power of attorney. In place of this, you can give POA right to a person to represent you as the owner in the registrar office. Keep all documents in the ready mode. The PoA process changes from time-to-time and each firm has its own process. Once the registration process is completed, you must focus on the tax implications without any fail.

5. Take Care Of Tax And Repatriation Issues
When you are involved in land dealings, you have to be serious about the tax liabilities. Generally, the basic exemption of Rs. 2 lakh (on land selling) is not applicable for NRIs, they can get other benefits. Always keep in mind that the sale money can be repatriated through official dealers but it must not be more than US $1 million per year. If the property is inherited from one NRI to another NRI, then a specific permission of from the Reserve Bank of India. A real estate lawyer can help you complete all these formalities easily and quickly.

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