LANDMARK PROPERTY
Who can buy property in India?
According to the general permission granted by the Reserve Bank of India, NRI (Non-Residential Indian), PIO (Person of Indian Origin) & OCI (Overseas Citizenship of India) can purchase immovable property in India. But this general permission only covers the purchase of residential and commercial property.
How can NRI’s invest in Real Estate?
According to the regulations of FEMA and RBI, an NRI is permitted to make specific investment in Phalodi real estate. A NRI is allowed to do the following investments in property:
. Any immovable property can be purchased by an NRI in India.
. He can get any immovable property as mentioned above by gift from Indian resident, Indian citizen residing outside India or person of Indian origin.
. Obtain any property by inheritance.
. He can transfer immovable property to any resident of India by sale.
. He can transfer any agricultural land, farm house or plantation land to any resident of India by gift
. He can also transfer his residential or commercial property by means of gift to any person either residing in India or abroad or person of Indian origin.
Here are the documents an overseas Indian would need when they ’ re trying to purchase commercial or residential property in India.
. Address proof
. OCI/PIO card (In case of OCI/PIO)
. PAN card (Permanent account number)
. Passport (In case of NRI)
. Passport size photographs