Buying a property in India has always been a lucrative option for Indians residing in the U.S. Be it for sentimental reasons, for security purpose or just as a monetary investment NRIs have always preferred to purchase a house back home. Even though property prices have appreciated significantly over the past five years, it has not had an adverse effect on the buying patterns of NRIs. For the overseas Indian, it has only been a marginal increase owing to the depreciation of the Indian rupee against the US dollar. This has made investments in India's real estate sector more affordable and extremely lucrative for overseas investors.

Non-resident Indians have invested over $2 billion in Indian real estate in 2013. The group has spent at least 35 per cent more on buying homes across the country in 2013 as compared to 2012 and made for almost 12 percent of total apartment sales in the top seven cities. The Indian diaspora living abroad has shown a growing interest in several cities across the nation. Bangalore has topped the charts as the go to destination for purchasing properties followed by Coimbatore, Chennai and Kochi.

Steps to Make the Process Easier

The idea of buying a property in India has always attracted Indians living abroad; however, it is not easy for families to find the perfect property as they are not physically present in the country. NRI buyers must be extremely careful while taking the decision and initiating the procedure to buy a house. The first thing buyers must do is make the ground checks. "One must examine all the legal documents before finalizing on the property. Ensure that you have seen the title deed, in original, and that it is solely in the name of the seller. One must also check that the property has secured all clearances required by law," adds Mr. Satya Prasad, a recent home buyer.

Once the family has done the background checks and finalized on a project, the purchase is to be taken care of. The primary step is to create a sales agreement which starts the final amount, advance payment, time limit to pay the due amount and details of installments. The deed must then be registered at the sub-registrar or Sub-District Magistrate. Buyers can appoint a representative in India (with a power of attorney) to act on their behalf. The power of attorney must be notarised with the Indian consulate in the buyer's country of residence.