Also known as Non-resident Indian
NRIs often buy through power of attorney and communicate over WhatsApp across time zones. Their phone numbers carry foreign country codes.
Example
An NRI buying in Kochi
An NRI in Dubai buys a ₹75 lakh flat in Kochi. A sibling in Kerala holds a registered power of attorney to sign the agreement and sale deed. The buyer pays from an NRE account, and the broker schedules WhatsApp video walkthroughs in the evening Gulf time. The +971 number is stored with its country code so calls and messages reach the right person.
Figures are illustrative, not market rates.
Questions about NRI buyer
Can NRIs buy property in India?
NRIs and Overseas Citizens of India can generally buy residential and commercial property in India under the foreign exchange rules. Agricultural land, plantation property and farmhouses are generally restricted. Payments must come through normal banking channels or NRE/NRO/FCNR accounts.
Do NRIs need to be present to register a property?
No. Many NRIs give a registered power of attorney to a relative or lawyer in India to sign and register documents. The POA should be specific to the property and executed as the state requires, usually attested at an Indian mission abroad and then stamped in India.
What tax applies when an NRI sells property?
The buyer must deduct TDS on the sale price at the capital-gains rates that apply to non-residents, which are much higher than for resident sellers. The NRI can apply for a lower-deduction certificate. A chartered accountant should advise before the deal.
Sources
- Income Tax Department · accessed
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