As per the latest change in law the power of attorney, done outside India will be accepted in Gujarat property registration offices.
Previously the NRI’s had to visit India to either buy or sell any property but now this is no more required. This news has been welcomed by Gujarati’s all around the world.
In Surat specially near the Bardoli region there has been huge number of properties own by the Gujarat NRI’s. With the bad economy in the US and UK, many Gujarati’s has been looking to Indian real estate market for thier investments but as it required a personal visit the the registration office the number of transactions where limited.
NRI’s transactions of properties are estimated to be around 10,000 per year in Surat itself.
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