Key points for NRIs before buying property in India
Indian real estate sector is fast emerging as a lucrative investment destination, for NRIs. For that reason, it is essential to have knowledge of Indian law and subjected questions that NRIs tend to raise before they make real estate investments in India.
Given below are the main points to be well thought-out before investing in Indian real Estate sector.
- NRI (Non-Resident Indian) - can freely purchase fixed property in India
- With general permission NRI’s can only purchase residential and commercial properties, excluding farm house, agricultural land and plantation property. For these kinds of properties they require special approval of Reserve Bank and the applications are considered in session with the Government of India.
- Any NRI’s can purchase unlimited residential and commercial properties
- Any (NIO) Non Indian Origin cannot be a second holder to the property acquired by an NRI.
- NRI’s can freely get hold of immovable property by means of gift either from However; the property can only be commercial or residential. Farming land / plantation property and farm house cannot be possessed by gift.