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The real estate purchases in India have always been an attractive proposition for NRI investors. When to find a suitable property and want to seal the deal, but is difficult for you to travel to India to complete the transaction power of attorney (PoA) is the best option.
Usage of Power of Attorney
Even before COVID-19, many NRIs found it difficult to travel to India due to work commitments, time constraints, and costs, leading them to rely on Power of Attorney (PoA) for managing their affairs. PoA allows a trusted representative to handle real estate transactions such as buying, selling, leasing, and asset management on their behalf, making it especially useful for jointly owned properties where the presence of all owners may not be feasible.
Clarity and Confidence, Your Questions Answered
What is the average timeline for a typical NRI property transaction or process?
-The timeline depends on documentation and statutory approvals, but with a properly executed Power of Attorney (PoA), most NRI property transactions can be completed smoothly without the need for the NRI’s physical presence in India.
How are transactions handled when the NRI is residing abroad?
+NRIs can appoint a trusted representative in India through a Power of Attorney to manage property-related matters such as purchase, sale, leasing, registration, and asset management on their behalf.
Will assistance be provided for legal formalities and statutory approvals for NRIs?
+Yes, legal formalities and statutory approvals are handled through authorised representatives. PoA documents are authenticated via the Indian Embassy or apostillisation, ensuring compliance with Indian laws and regulations.
Is it mandatory for an NRI to visit India to execute property-related documents?
+No, an NRI is not required to be physically present in India. Property transactions can be executed through a legally authenticated Power of Attorney, allowing a trusted representative to act on the NRI’s behalf.
How is the Power of Attorney authenticated for NRIs living abroad?
+The Power of Attorney can be authenticated either through apostillisation under the Hague Convention or by notarisation followed by attestation from the Indian Embassy in the country of residence, making it legally valid in India.
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