Has any NRI, Canadian Citizen sold a property in India without being asked for an Aadhar card to complete the transcation and move the money to Canada

-----------------------------------------------------------------
We will find a way or we will make one

The last time a property was sold there by an NRI, and also a Citizen of another Country, the Registrar of Immovable Property there insisted that they get a set of finger prints and a set of Passport Pictures for attestation and insisted on submission of an Iris Scan from an independent source, (They have been there but branches have cropped up now) for the transfer of title. I do not know if there is one made available at the Registrars, (In HongKong they have added these features at Land Registry. May be they copied it from India)

They are getting very methodical in their procedures and there is NO AADHAAR Card, then the new procedure applies.

Hope this helps.

FH.

https://www.quora.com/What-is-the-process-for-land-registration-in-india

http://www.fingerprintexpert.in/fingerprints-for-pcc-thiruvananthapuram.html

https://eeas.europa.eu/sites/eeas/files/changes-in-schengen-visa-application-process-india_en.pdf
----

Quote:

---

Originally posted by Smiley

Has any NRI, Canadian Citizen sold a property in India without being asked for an Aadhar card to complete the transcation and move the money to Canada

---

Property transactions comes under state government and not under central government. So every state can have their own rules.

Aadhar card is not required for OCI card holders.

-----------------------------------------------------------------
Give free food http://www.thehungersite.com ||

Thanks

I did not apply for Aadhar card as I am an OCI holder but was concerned that when selling my condo in India should not face any issues. I hope their forms etc are user friendly with OCI holders etc

-----------------------------------------------------------------
We will find a way or we will make one

There are more issues cropping up with the sale of a property and if you can verify, please do so. There is a 10% Tax on LTCG kicking in I believe after the 1st of April and you will lose that much for starters. They use to have a 3% Educational Cess and it is heading upwards too to a 4% level. All of this is new to me. But I am unable to give you all of the details as this hits the web. Apparently 1st of April of 2018 seems to be a starting date.

So, watch out. Sell it if you can prior to the dead line.

Good Luck.

FH.

---

Quote:

---

Originally posted by Smiley

Thanks

I did not apply for Aadhar card as I am an OCI holder but was concerned that when selling my condo in India should not face any issues. I hope their forms etc are user friendly with OCI holders etc

---

Thanks

I will keep my eyes and ears open ...

-----------------------------------------------------------------
We will find a way or we will make one

Here is what I heard today. So, please verify the same as soon as you can.


Reason is.: That the Real estate Transaction is an illquid asset with low yields and high cost of sales transaction.
It is not so easy to find a buyer. Any real estate transaction can take minimum 3-6 months to complete
Rental yields are still very low. Which could be 2% - 2.5% at the most. Bank FDs give much higher yields than that
Last but not the least, the Cost of Stamp duty is at 5% plus, adds to the cost of transaction. If you are looking at
Real estate as an investment asset, the day you buy it, you are down by 6%. You need that much appreciation in
price to break even and that takes a long time in some cases.

Hope this clears the cobwebs and doubts.

FH.

----

Quote:

---

Originally posted by Smiley

Thanks

I will keep my eyes and ears open ...

---