How to Buy a Property in Kolkata Even If You are Living Abroad

“Shonar khoborta shunechhis to? (Have you heard the news about Shona?)” Kalyani shouted so loudly that Rajat moved his phone two inches away from his ear.

For a moment, Rajat thought he was in Kolkata. In their large, cacophonous ancestral house at Kalighat. Their family has an enviable member count of 36.

Rajat’s parents live there with his uncles, aunts, and cousins while he lives in Austin, Texas with his wife and son.

His job took him so far away from Kalighat yet his heart is still here. Almost every day, Rajat, his wife, and his son speak with his parents, uncles, aunts, and cousins.

Rajat comes to Kalighat once a year during Durga Puja or in the winter holidays. And of course, if there is any big event such as a marriage in the family, they must be there to celebrate.

His aunt Kalyani informed him today that another such function is coming soon.

His cousin Sonali, fondly called Shona, is going to get married.

The Unbreakable Bond

Even if Rajat and his family have been living in the USA for more than 5 years, the bond between the family and the motherland has never been broken. They are always homesick while joining Durga Puja celebration in the USA if they cannot come to Kolkata any year.

In fact, their conversations around every festival in Kolkata make the bond stronger.

Bengali New Year, Rathajatra, Doljatra, Durga Puja, Kali Puja, Bhai Phota…there are animated discussions on every one of them.

This is the reason why Rajat and his family make sure to come to Kolkata once every year to spend some time with all their relatives. Rajat and his wife also make sure to meet their friends during this time.

However, nowadays when they come to Kolkata and stay at their old house, there are some unavoidable problems.

Of course, no one talks about these problems but they are felt.

They are palpable issues that nobody can wish away.

This is the reason why Rajat started to look for a suitable property in Kolkata.

Buying a Property in Kolkata

Rajat wanted to buy an apartment in Kolkata not very far from their old home at Kalighat.

But years of staying in the USA has changed his outlook considerably and he wanted to buy a home in a gated community with some useful amenities.

A sincere believer in healthy living, a well-equipped gym, a quiet place to relax and unwind, and green surroundings were essential to him and his wife.

It is impossible for them to live in cramped conditions.

As Rajat had limited time on his hands, he wanted to get the apartment booking process fast.

At this juncture, his cousin Rana told him about NK Realtors.

So he made a phone call to NK Realtors.

Therefore, instead of searching for an apartment and dealing with various developers, he decided to take the help of NK Realtors as they have a large number of suitable properties in their kitty.

After going through the NK Realtos’ property offerings for a suitable property, Rajat chose 3 projects in South Kolkata.

All of them are under-construction properties and Rajat and his wife made visits to the project sites and engaged in detailed discussions with the marketing guys to understand the scope of the projects and handover time.

Finally, after a lot of deliberations, Rajat took the necessary steps to book an apartment.

Rajat and his wife were sure that the problems they faced in their old house would be over soon.

There is a paucity of space in their old house. The issue would melt away forever.

They would stay in their new home whenever they come to Kolkata in the future.

The Process of Booking

The process of booking a property in Kolkata is a very simple one.

The homebuyers usually book with a token amount (say Rs 1,00,000) and then the developer prepares the agreement.

Within 30 days the agreement is drafted and all the concerned parties sign off, and the homebuyer pays 10% of the total consideration amount.

And here Rajat met with his first roadblock.

The Problem of an NRI

The difficulty that Rajat faced is not faced by the local homebuyer. The local homebuyer is always available to sign off documents at short time’s notice.

This is not possible for Rajat as he lives in the USA.

It is not possible for him to come to Kolkata so easily.

It takes months of planning before he gets his few days of holiday to come to Kolkata. In any case, he must come home for Shona’s marriage but that is a few months away.

How can he come back within 30 days now that he booked the apartment?

NK Offered the Solution

Rajat discussed his problem with the suave, handsome guy from NK Realtors, and he was mighty assured that his problem would be solved. There was a cool air of efficiency around the NK guy called Sujit.

Quietly, Sujit listened to Rajat’s problem.

Interspersed with a few cups of coffee, they discussed how they can make the homebuying process as easy as taking a walk in the park.

After Rajat finished talking and looked at Sujit for a solution, he saw Sujit smiling.

“Don’t worry about it at all. You will have to sign a document while you are here and you will have zero worries,” Sujit assured him.

You can get all necessary paperwork done even you are not able to be present in Kolkata for signing off the documents if have one trusted person in Kolkata.

The answer to the problem?

It is a Power of Attorney (PoA).

If you are living abroad and managing your assets in India has become a headache for you, Power of Attorney (PoA) is the perfect instrument for you. Because of its various benefits, even resident Indians tend to execute POAs.

People having numerous assets find it tough to be present everywhere physically. Therefore, they execute POAs to delegate the responsibility.

What is a PoA?

In the simplest of terms, it is the power (right) that a person (principal) grants to an attorney (a legal representative). A principal-legal representative relationship is established between the two and the principal would be bound by the acts of the legal representative.

For instance, if a person has purchased a property in India and cannot be physically present to process the registration, he can delegate these rights/duties to any relative/friend by means of a registered power of attorney.

How Did It Solve Rajat’s Problem?

If an NRI is present in India, he could before going abroad execute the POA from India itself.

What Rajat had to do was the PoA drafted and typed on a non-judicial stamp paper of appropriate value. Now Rajat had to visit the sub-registrar’s office along with the legal representative and two witnesses. At the Sub-Registrar’s office signatures, photographs, and fingerprints of the party were collected.

The registered PoA was collected after about a week.

Rajat nominated his father as the legal representative who would sign off necessary documents on his behalf. The agreement, registration of the property, and bank documents can be signed off by the PoA.

NK Realtors have the knowledge to offer various innovative ideas because of its long experience in real estate. If you have any property-related issue, get in touch with us.

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