Can corporate bodies use residential properties as office space?
1. Do NRI’s require permission of Reserve Bank to transfer immovable property 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. 2. Do NRI’s 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. 3. 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 declara
It is illegal to put residential properties to commercial use. However service-based industries are allowed to operate from residential areas, on the condition that they will vacate the property if any complaint is received from other residential owners. 13.what aspects should be considered? Before purchasing property from a company, it is necessary to verify with the Registrar of Companies that the property is not mortgaged or is not being used as a security against a loan, otherwise it is not considered a freehold property. NRIs: 14.Does an NRI need RBI permission to acquire residential or commercial property in India? No permission is required if an NRI wants to acquire any immovable property in India, except if it is agricultural / plantation property or a farmhouse. 15.Can a person of Indian origin residing outside the country acquire commercial property in India? Properties apart from agricultural land can be acquired by people of Indian origin residing outside India. However, th
