There are several ways to go about acquiring a property from us, but the most appropriate method will depend on several personal factors of the buyer.
Is the asset a personal one or should I own it through my business entity? Should I hold it singly or have co-owners? Should I pay the whole amount up-front or do I pay in installments? Should I put down my own funds or take a loan? Which is the best way to invest for tax benefits? These and many such questions should be clarified before one starts the paperwork. It is best to get legal advice in your own country before deciding on any particular approach.
Indian Tax laws take cognizance of periods of residence in India, and the present qualifying period of 182 days during the relevant tax year, has bearing on whether the property can initially be acquired under a Sale or Lease arrangement.
There are several legislations governing the purchase of property in India by foreign nationals, but with a forward looking government, it is not so difficult to buy property in India today. The Reserve Bank of India is the governing body as far as foreign investment is concerned and it would be best to check with your local Indian Embassy or Consulate ( http://goidirectory.nic.in/missions.htm ) and also go through the FEMA section on Reserve Bank of India’s site on the subject ( http://rbi.org.in/index.dll/25?sectionhomepage ).
However, once you have made up your mind to buy, choose the unit you would like and secure allocation of the chosen unit with a small down payment as agreed between buyer and seller. This would then generate a legal buying-selling agreement, and create a ‘temporary’ owner till final ownership details are decided on by you.
Most overseas clients do not use a legal intermediary and deal with us directly saving a lot of time and money since the initial contract stage generally involves no legal fees or expenses charged by us. Our contract agreement is in plain English and is an equitable and unambiguous document. It is accompanied by supporting documents relating to the property titles, plans and approvals by authorities.
This is all part of our service, and we will shepherd you through the whole process. We will make sure of the right documents at the right time and most importantly make you know you have made a good decision to go with us.