Buying property often involves a large amount of capital investment. This is why it is paramount to know the process inside out. This can ensure that they receive proper entitlement to the land and also safeguard their rights. Here Partha Saarathi who is one of the best advocate in Navi Mumbai, India explains the basics property laws in India.
Documents Required For Buying A Property
While buying property, ensure you have all the right documents with you. A property checklist must include the following documents:
- Title Documents
These provide evidence that the property is now handed over to you. It can include succession certificates, a will, grants, or other similar documents. It is ideal to have the original documents from the seller.
- Nature of the Title
This document proves the type of claim you have over the property. It can be a lease, ownership title or development right.
All these documents must be stamped by the proper jurisdictional offices. Apart from these documents, there are some laws that may or may not prevent you from owning property in India.
Laws Regarding Owning of Property
Here are some laws that one should be aware of before buying a property in India.
- A person with foreign nationality cannot buy property in India. This also applies to foreigners who are remaining in India on a tourist visa. NRIs or persons who do not spend 183 days a year in India are also not eligible for this.
- Such persons also cannot buy property jointly with another person. That is, one eligible and one non-eligible candidate cannot jointly own immovable property.
- A foreigner who is now a national resident of India can own property. By virtue of their nationality, they now have the same rights as any other citizen. They also do not require any approval from the RBI for their property.
- However, if the foreigner is from the Indian subcontinent or from Afghanistan, China, Iran, Nepal and Bhutan – then this is not applicable.
- However, all foreign nationals can obtain leases without RBI approval. This also extends to people from the above-mentioned countries. However, such a lease cannot extend to more than 5 years. They will also not receive any title grant until they receive Indian citizenship.
- In contrast to this, if a foreign company has branch offices in India, they can obtain property rights. However, they can only obtain property that directly aids in their business transaction.
- You might also need to check the type of land it is. Several states have passed laws that prevent non-agricultural crowds from buying agricultural lands. Lands have been assigned usages as per the Master zoning plans. Hence, if you plan to use the property for any purpose other than its assigned purpose, you will have to consult the Town Planning Authority.
- As of now, you can buy as many properties as you want. There is no existing limit on it.
It is essential that you get an advocate who is well-versed in these laws. Buying a property also incurs various other fees. This includes stamp duties, registration fees and so on. Getting an advocate in Navi Mumbai can also help you find credible sellers.