Myself and my wife (both residence status NRI) jointly booked a flat in Bangalore in one of the Prestige projects. We got the possession of the flat in Nov-2018. We could not register it because of we could not travel to India.
Now we want to sell this flat. Because this flat is not yet registered in our name, transfer of flat will happen from us to buyer within Prestige only, then buyer can go for registry directly with Prestige.
To start the process agent said we need "assignment agreement" to be signed between us and buyer.
Since we are not in India, buyer is asking for Power of Attorney who can sign "assignment agreement" document.
My questions are:
1. Can I give Power of Attorney to my friend living in Bangalore to sign "assignment agreement" because my parents are not in Bangalore? Will this be accepted?
2. If friend is not possible and only blood relatives can be given PoA then for me it's fine, I can give PoA to my father but can my wife also give PoA to my father (her father-in-law)? Does father-in-law is considered blood relative for PoA in property matters?
3. Since this is not the registration of the property and it's internal transfer within Prestige, do we really need to give PoA to blood relative? During this Covid time, I don't feel safe for my parent to travel from UP to Bangalore.
4. Can I use any registered property management company (who is currently managing my same flat) to sign "assignment agreement" on behalf of me?
5. Finally if I have to give PoA then for "assignment agreement" do we need to register the PoA in the local sub-registrar office in Bangalore?
1 Answer from Attorneys
Questions: The PoA is governed by the Power of Attorney Act. One may delegate his powers, as per one's choice, to anyone, relative or friend. In fact, since you are joint owners, you both may execute jointly one power of attorney, be it may, in favour of your father or your friend. Since it is sale of property, it is advisable that attorney must be the one who is your trustworthy. In the PoA, you may authorise for executing Assignment Agreement and/or any other authority. You may restrict the buyer to give consideration amount by Banker's Cheque in your name(s). PoA need not be registered. If convenient, you may get it attested from the Indian embassy or get it simply notarised. Your attorney will need to take that PoA to the office of collector of stamps for payment of stamp duty, which is very nominal Rs. 50/Rs. 100
Vishwa Bhushan Arya
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