Let us introduce ourselves
Property Transfer is the only way by which change of ownership from one person to another person can be done. Any person who wants to actively control, manage, build, mortgage or sell a real estate asset, needs to have ownership of such an asset. This becomes even more important in the case of NRIs because they are physically far away from the property and typically the property has been received by them by way of an inheritance. Thus, to able to safeguard and manage the real estate asset, it is imperative to have the property transferred and ownership records updated. Once the property transfer is completed the new owners name gets properly recorded in the relevant Government records.
Unlike Western countries, in India, transfer of a real estate asset is not an automatic process but often a time consuming and tedious process under law where one has to submit proper documentation, go through verification checks and complete all necessary legal formalities to finalize the process. These processes are made more cumbersome since they vary from one state to another.
There are multiple alternatives through which such a property transfer can take place, and these also vary somewhat, depending on which state of India the property is located.