Do NRIs require permission of Reserve Bank to acquire immovable property in India?
No. NRI’s do not require any permission to transfer any immovable property in India. Permission is required only in the case of transfering of agricultural or plantation property or farm house to another citizen of India NRI or PIO. • In what manner the purchase consideration for the immovable property should be paid by PIO’s under the general permission? Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property other than agricultural land/farm house/plantation property, in India. They are, therefore, not required to obtain separate permission of Reserve Bank or file any declaration. • Do PIO’s require permission of Reserve Bank to purchase immovable property in India for their residential use? The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from any non resident accounts maintained with banks in India
No. NRI’s do not require any permission to acquire any immovable property in India other than agricultural / plantation property or a farm house. Q: Do NRI’s require permission of Reserve Bank to transfer immovable property in India? A: No. NRI’s do not require any permission to transfer any immovable property in India. Permission is required only in the case of transfering of agricultural or plantation property or farm house to another citizen of India NRI or PIO. Q: Do PIO’s require permission of Reserve Bank to purchase immovable property in India for their residential use? A: Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property other than agricultural land/farm house/plantation property, in India. They are, therefore, not required to obtain separate permission of Reserve Bank or file any declaration. Q: In what manner the purchase consideration for the immovable property should be paid
No. NRI’s do not require any permission to acquire any immovable property in India other than agricultural / plantation property or a farm house. As buyer or investors of a property (commercial or residential), one should first consider the title related issues of the property concerned. One should avoid taking possession of a property where title has not been secured, either individually or in the name of a society. The person buying or investing in a property must ensure that the property complies with applicable laws by asking for certificates such as completion, occupancy and no objection certificate (NOC) from appropriate authorities. He should also check whether the property is embroiled in any litigation. , One should normally avoid acquiring a property via Power of Attorney route since it is legally questionable. If the investment is in a unit (not the entire commercial or residential complex), unit holder must ensure that he has an equal right vis-a-vis other unit holders in t
