Can a foreign national of non-Indian origin resident outside India acquire any immovable property in India by way of purchase or lease?
Ans No. Under section 2(z)(e) of the Foreign exchange Management Act, 1999 transfer includes among others, purchase. Therefore, a foreign national of non-Indian origin resident outside India cannot acquire any immovable property in India by way of purchase. Neither can a name of a foreign national of non-Indian origin be added as a joint holder to a residential/commercial property purchased by NRI/PIO. However, a foreign national of non-Indian origin including a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan may acquire only residential accommodation on lease, not exceeding five years for which he/she does not require prior permission of Reserve Bank of India.
Related Questions
- Can a foreign national of non-Indian origin resident outside India acquire any immovable property in India by way of purchase? Can they have the property on lease?
- Can a foreign national of non-Indian origin resident outside India acquire any immovable property in India by way of purchase or lease?
- Can a foreign national of non-Indian origin resident outside India acquire any immovable property in India by way of purchase?
