What are the Benefits Offered to NRIs/PIOs/OCBs under the liberalized Exchange Policy in respect of immovable property?
Non-resident Indians are permitted to transfer any immovable property in India to a resident person, and any immovable property other than agricultural or plantation property or farmhouse, to a non-resident Indian or person of Indian origin. • Persons of Indian origin are permitted to transfer any immovable property in India other than agricultural land / farm house / plantation property, by way of sale to a resident person; any agricultural land / farm house / plantation property in India, by way of gift or sale to resident person who is a citizen of India; and any residential or commercial property in India; by way of gift to a resident person or NRI / PIO. • Any Non-Resident person who has acquired any immovable property in India, for establishing or for the purpose of a branch, office or other place of business (excluding a liaison office) , is permitted to transfer such property by way of mortgage to a authorised dealer as a security for any borrowing.
