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1. Basic Information
Real Estate market in India especially in Delhi & NCR has been growing at the rate of 20 % annually and that too primarily on Noida & Greater Noida belt. Buying property for Indian residents abroad (NRI) requires bit different procedure compared to permanent residents of the country. We have tried to cover all important aspects which needs to be answered to NRIs, to help make the whole experience of buying property in India a long lasting memory.
2. Who is a NRI?
A NRI is a person resident outside India who is either a citizen of India or a person of Indian origin. A NRI is an Indian Citizen who has migrated to another Country. For all official purpose the Government of India considers Indian National away from India for more than 182 days, in a year.
3. Who is a PIO?
A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who: - held an Indian Passport at any time, or - Who or whose father or paternal grand father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955.
4. What are the types of Property can a NRI/PIO purchase in India?
There are no restrictions on the numbers of Residential/Commercial Properties (other than agricultural land/farm house/plantation) that can be purchased.
5. Do NRI/PIO require permission of The Reserve Bank to acquire residential/ commercial property in India?
No. All Indian citizens are entitled to buy property in India, irrespective of their residential status.
6. How should the purchase of residential immovable property be paid for by NRI/ PIO under the general permission?
The purchase consideration should be met either out of inward remittance in foreign exchange through normal banking channels, or out of funds from NRE/FCNR(B)/NRO accounts maintained with banks in India.
7. Can NRI/ PIOs acquire or dispose residential property by way of gift?
Yes, NRIs and PIOs can freely acquire immovable property in India by way of gift either from - person resident in India - NRI - PIO
8. However the property can only be commercial or residential.
Again NRIs and PIOs may gift residential/ commercial property to - person resident in India - NRI - PIO - Foreign national of non Indian origin - with approval of RBI
9. Is there are any Lock in period for such investment?
Currently there is no lock in period.
10. Can NRI/PIO sell their purchased property without the permission of Reserve Bank?
Yes. Reserve Bank of India has granted general permission for sale of such property to the following categories:- - To a NRI - To a PIO (If the seller is a PIO, then a prior approval is required from RBI) - To a person Resident of India.