Property Knowledge: If you are going to buy any property, whether you buy it in your name or in the name of a company or firm, some documents should always be kept ready. NRIs can also buy residential and commercial property in the country, but they also require some documents.
New Delhi. Whether you are buying property in your own name or in the name of a company or firm, there are some documents, if you keep them ready, you will not face any kind of difficulty. The deal will also be done quickly and there will be no scope for loss. While purchasing a property, what documents should the buyer keep ready so that he does not face any difficulty at the last moment? Whether you are buying property with your partner or an NRI wants to buy property, they all always need some documents. Pradeep Mishra, an expert in property matters and founder of property advisory firm Homements, has prepared a list of some important documents.
Individual ownership is most important
Individual ownership means that when a single person buys a newly constructed or a property from a previous owner, he has to provide a PAN card i.e. permanent account number as well as a personal identity card issued by the Government of India. Aadhaar card, voter card, passport, driving license or any other valid identity card issued by the Government of India can be presented as this identity card. Part of the amount to be paid for the purchase of property can be made through means like banking draft, banker’s cheque, transfer from bank account.
When to buy property in company name
Apart from individuals, property is also registered in the name of companies and in such a situation, the title of that property is in the name of that company. When any property is purchased in the name of a company, then in that case the owner of the company needs the company’s PAN card, company’s memorandum and articles, company’s SIN i.e. corporate identity number, board resolution, officer appointed by the company, signing authority i.e. the company’s For purchasing it on behalf of the authorized person, the personal identity document of the authorized person as well as the GST number of the company has to be presented. Third party payment is not allowed in this.
Separate rules for NRIs
NRI i.e. foreign citizens of Indian origin have full right to buy property in their country. Also, they do not need to take any special permission from any department of India. Not only this, foreigners of Indian origin are entitled to buy not only residential but also commercial property in India, but they cannot buy agricultural land, any garden or farm house. If NRIs want to buy any residential or commercial property, it is mandatory for them to submit documents like passport along with the documents prescribed for a normal person like personal identity card and PAN card. An NRI can also buy property jointly with an Indian resident living in India.
