In today′s world, distance should never come between your dreams. We help you live with the times. Read through the document to get a good idea about regulations for NRIs buying property in India.
Consequent to the introduction of Foreign Exchange Management Act (FEMA), 1999,the Reserve Bank of India has made the following regulation called the Foreign Exchange Management(Acquisition and Transfer of Immovable Property in India)Regulation with effect from 1st June, 2000. The current position is therefore as under:-
A person of Indian Origin (PIO) 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- At any time, held an Indian passport; or Who, or whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955)
1.A person residing in India for more than 182 days during the preceding financial year but does not
i. A person who has gone out of India or who stays outside
a)For taking up employment outside India or
b)For carrying on outside India business or vocation or for any other purpose as would indicate his intention to stay outside India for an uncertain period.
ii. A person who comes to or stays in India otherwise than
a) For taking up employment in India
b)For carrying on business or vocation in India, or
c)For any other purpose as would indicate his intention to stay in India for an uncertain period.
2.Any person or body corporate registered or incorporated in India.
3.An office, branch or agency in India owned or controlled by a person resident outside India
4.An office, branch or agency outside India owned or controlled by a person resident inside India
5.A person resident outside India means a person who is not residing in India.
Acquire any immovable property other than agricultural land, farmhouse and plantation by purchase, gift, inheritance, subject to the following conditions:
In case of purchase, the funds should be received in India by way of inward remittance from any place outside India or from funds held in any Non-Resident Account maintained under FEMA/ RBI regulations.
Gift can be from a person resident in India or from a person resident outside India who is either a citizen of India or a Person of Indian Origin.
Inheritance can be from a person resident outside India provided that the person had acquired the property in accordance with the provisions of the Foreign Exchange Law in force at the time of acquisition or from a person resident in India.
Transfer any immovable property in India other than agricultural land, farmhouse, plantation by way of sale to a person resident in India or by way of gift to a person resident in India or to a person resident outside India who is either a citizen of India or a Person of Indian Origin.
Transfer agricultural land, farmhouse or plantation property by way of gift or sale to a person resident in India who is a citizen of India.
Whenever immovable property is acquired in India by a person resident outside India, the acquisition must be declared to RBI within 90 days from the date of acquisition in Form IPI.
In the event of sale of immovable property other than agricultural land / farmhouse / plantation property in India by the above 2 categories of persons repatriation of sale proceeds is possible subject to the following conditions:-
Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan can take immovable property in India by way of lease for a period not exceeding 5 years without permission from Reserve Bank Of India (RBI). For all other types of acquisition or transfer of immovable property in India they need to take prior permission of RBI.
Persons of Indian Origin do not include citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan.
No restrictions, except in case of Nationals of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan who will require prior permission from RBI in all cases except where the immovable property is acquired by way of lease for less than 5 years.
Can acquire only after prior permission from RBI.
Can acquire immovable property which is required for carrying on its activities, a declaration in From IPI will have to be filed with RBI within 90 days of such acquisition (the above procedure is not applicable to a liaison office)
We were searching for a house to buy for almost four months. We saw many but they did not meet our expectations. Finally, when we saw La Foyer, we instantly knew that this is the place for us. Excellent and spacious layout with good use of natural light leading to openness is wonderful. Our transaction went very smoothly and we received a lot of support from the Developer.Mrs Deepti Netram
Thanks for making our dream of a house come true."
La Foyer I love living here for its serenity the peace and the view is spectacular. The people that live here are non interfering but helpful and everyone is always there for each other I'm glad it's home for me."Reshma
Casa Mia is a very impressive project and I am sure my family and I will enjoy our home in Casa Mia."Neelam Mehta
Buying an apartment in Blossom has been one of the best decisions I have taken. The quality of construction and the entire experience with M Y Construction Co has been par excellence."Mr. Bawaji