The Goa government simplifies property registration for Non-Resident Indians (NRIs), affecting around 100,000 Goan NRIs. Previously, sub-registrars handling 30,000 registrations annually hesitated due to FEMA complexities. The new regulation clarifies procedures, with sub-registrars focusing solely on verifying compliance with the Indian Registration Act, 1908. Responsibility for adhering to FEMA regulations now rests with the buyer and seller, estimated at over 60,000 annually. NRIs must declare non-agricultural property status and compliance with FEMA and RBI guidelines. This streamlined process aims to expedite property registration, making it easier for Goan NRIs to own and manage property in Goa.
The Goa government has introduced a new regulation impacting an estimated 100,000 Goan Non-Resident Indians (NRIs). This move simplifies the process of registering sale deeds and other property documents for these individuals who hold foreign citizenship and want to buy or sell property in their home state.
Previously, sub-registrars, the officials responsible for property registration (handling roughly 30,000 registrations annually), were hesitant to process documents for Goan NRIs due to complexities surrounding the Foreign Exchange Management Act (FEMA). The new regulation clarifies the procedure and removes this hurdle.
The Goa government has introduced a new regulation that simplifies property registration for Goan Non-Resident Indians (NRIs) holding foreign citizenship. Previously, sub-registrars, who handle roughly 30,000 registrations annually, were hesitant to process documents for NRIs due to complexities surrounding the Foreign Exchange Management Act (FEMA). This new regulation streamlines the process.
Sub-registrars will now focus solely on verifying documents for compliance with the Indian Registration Act, 1908. The responsibility of ensuring adherence to FEMA regulations falls entirely on the parties involved in the transaction - the buyer and seller (estimated at over 60,000 annually). While registering, NRIs will need to declare that the property being sold is non-agricultural (a significant portion of Goan property) and the transaction complies with FEMA and RBI guidelines.
This streamlined process is expected to significantly speed up property registration for NRIs, eliminate delays and uncertainties, and make it easier for them to own and manage property in Goa. However, it's important for Goan NRIs to consult with legal and financial advisors specializing in FEMA regulations to ensure their transactions are fully compliant.
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