Like any other country in the world, India too has a set of defined rules when it comes to India Property transactions. The person involved may be a resident citizen or an NRI, but there are clear guidelines pointing to do’s and don’t of a property transaction.

If you are buying or investing in a property:

• As buyer or investors of a property (commercial or residential), one should first consider the title related issues of the property concerned. One should avoid taking possession of a property where title has not been secured, either individually or in the name of a society. The person buying or investing in a property must ensure that the property complies with applicable laws by asking for certificates such as completion, occupancy and no objection certificate (NOC) from appropriate authorities. He should also check whether the property is embroiled in any litigation.
• One should normally avoid acquiring a property via Power of Attorney route since it is legally questionable.
• If the investment is in a unit (not the entire commercial or residential complex), unit holder must ensure that he has an equal right vis-a-vis other unit holders in the same unit. He should have the right to unanimously decide without the involvement of other unit holders about the sell/mortgage of his unit.
• All buyers/investors are required to pay appropriate stamp duty the sale deed must be registered with local authorities within 4 months of execution of the deal.