Purchase of Immovable properties by Non Residents: A Short Overview

Loading

Purchase of Immovable properties by Non Residents: A Short Overview

1. NRIs/OCIs are governed by provisions of FEMA 1999 and do not require prior approval of RBI for acquisition and transfer of immovable property in India, other than agricultural land/ farm house/ plantation property as per the terms and conditions laid down in Chapter IX of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, dated October 17, 2019 (as amended from time to time), issued under Section 46 of FEMA 1999.
2. NRI / PIO is permitted to purchase ‘unlimited’ in numbers a residential or commercial property ‘for investments’ purpose.
 However they are not permitted’ to purchase the properties ‘for trading’ purpose
3. Foreign Citizens of Non-Indian Origin as ‘Not permanent resident of India’ are permitted to purchase immovable property under ‘general permission route’  under FEMA, 1999.
However the above mentioned Foreign Citizens of ‘Non-Indian’ Origin are required to obtain permission from the state govt., if any permission is prescribed for the Foreign Citizens of Non-Indian Origin as ‘Not permanent resident of India’.
Menu