Do NRIs require permission of Reserve Bank to develop immovable property in India?
The legal guidelines vary in accordance with the role one chooses to play – as a India developer, these rules and regulations get more stringent. Take note of a few of these conditions before developing andy India Property interests. If you have opted to become a developer: The person interested to become a developer by buying some land must investigate seller’s title to the land. Also check if there are any restrictions associated with the land imposed by which could affect commercial use of the land. The party interested in becoming a developer must enter into agreement(s) with land owners, construction companies, investors etc. This will minimize the stamp duty/tax implications for the project in the long run. The best approach to become a developer is to set up a separate company for managing the real estate venture.
