Jairaj Buildres

Have you decided on a bungalow, an apartment or a penthouse? The overall size and area of the building you wish to purchase depends largely on the size of your family, your personal requirements and the budget framework if any. Buying a home is a one-time investment you make, and so think from the long-term perspective. Like, a newly married couple could rather settle for a one bedroom apartment; but any new addition to the family in the future should force you to consider an even bigger home. Location is one of the main issues to catch your concern, when buying a new home. While deciding to buy a new home, make sure the location permits easy accessibility or proximity to such everyday conveniences like office, shopping etc. Also, it is a necessity that your location houses schools and hospitals at a nearby distance. Public transport accessibility too is a crucial factor

Foreign nationals of Indian origin, whether resident in India or abroad, have been legally backed to purchase and keep immovable property in India. They are allowed to make payment either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks within India. Also on purchasing the property, they are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank, Bombay within not more than 90 days from the date of purchase of Immovable property. It is legally permitted for NRIs residing abroad to purchase the property through their relatives and/or by executing the Power of Attorney in their favour, if it is not possible for the buyer to be present for completing the paper formalities. Power of Attorney should be executed on the stamp paper, in the witness of the proper authorities in foreign countries. It has to be noted that Power of Attorney cannot be drafted on the stamp paper bought in India.