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CLARIFICATION ON NRI/ OCI PROPERTY INVESTMENT IN INDIA
14-Apr-2023 (In Property Law)
DEAR SIR, I HAVE SOME QUERIES REGARDING NRI/ OCI PROPERTY INVESTMENT IN INDIA. HOW CAN AN OVERSEAS CITIZENS OF INDIA BUY PROPERTIES IN INDIA..?? CAN THEY OPEN A FRESH BANKING ACCOUNT IN INDIA ?? WHAT ARE THE GOVERNMENTS RULES AND REGULATIONS FOR THEM BUYING PROPERTY IN INDIA??? HOW MUCH MONEY CAN THEY INVEST IN INDIAN REAL ESTATE??? WHAT DOCUMENTS REQUIRED FOR THEM ??? PLZ ADVICE ME, I NEED YOUR ASSISTANCE..!!
Hello,
An NRI buying an immovable property in India does not require any special permission. However, the payment can’t be made in foreign currency. NRIs can make the purchase using Indian currency, the Rupee, through funds received in the country by means of normal banking channels. These funds have to be maintained in a non-resident account under the foreign Exchange management Act (FEMA) and the Reserve Bank of India (RBI) regulations. There are also no restrictions on the number of immovable properties that an NRI may purchase, either residential or commercial.
NRI investments into the property market are treated on par with investment made by resident Indians therefore there is no limit as to how much property you can purchase in India.
Regards
An NRI buying an immovable property in India does not require any special permission. However, the payment can’t be made in foreign currency. NRIs can make the purchase using Indian currency, the Rupee, through funds received in the country by means of normal banking channels. These funds have to be maintained in a non-resident account under the foreign Exchange management Act (FEMA) and the Reserve Bank of India (RBI) regulations. There are also no restrictions on the number of immovable properties that an NRI may purchase, either residential or commercial.
NRI investments into the property market are treated on par with investment made by resident Indians therefore there is no limit as to how much property you can purchase in India.
Regards
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Adv. Anilesh Tewari
Lucknow | 200+ Answers
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