Indians residing in foreign countries might wonder, ‘Can OCI buy property in India?’Well, yes of course. An OCI (Overseas Citizen of India) card holder can buy property in India, however, they can’t purchase agricultural land, plantation property or farmhouse. The rules as stated by The Ministry of External Affairs, India has certain guidelines which must be followed during the transaction of funds.
The transfer of funds to India must be through banking channels as a way of inward remittance into India.
The funds can be transferred from any non-resident account provided it is maintained as per FEMA (Foreign Exchange Management Act), 1999.
The buyer/seller shall not use any other mode of transaction such as traveler’s cheque, or foreign currency.
Bottom line: For those asking ‘can OCI buy property in India?’ or ‘can OCI buy land in India?’ The answer is yes, but there are some rules and conditions which you must abide by.
As you are aware, OCI, or "Overseas Citizenship of India," is a type of immigration status that allows foreign citizens of Indian origin to work and reside in India as long as they want. My cousin possesses an OCI card. Recently he asked my father who is a lawyer, if I could purchase a property in India. He said that yes, OCI can buy property in India. He shared more details that I have mentioned below for your reference.
Can I Buy Property in India with OCI?
Yes, OCI cardholders are allowed to purchase real estate in India. My father also informed my cousin that he could make investments in any type of residential or commercial property. He can also purchase any number of residential or commercial properties. However, OCI cardholders are not allowed to invest in agricultural, plantation, or farmland. An OCI needs permission from the Government and RBI before purchasing a plantation or farmhouse.Check out the list of documents required for investing in property in India below:
If you are wondering can OCI card holder buy property in India, I would say that an OCI cardholder may invest in any type of residential or commercial property in accordance with the Reserve Bank of India's criteria. They are not, however, allowed to invest in agricultural, plantation, or farmland. However, they are eligible to inherit farms, plantation property, and agricultural land.
Can OCI Holder Buy Property in India?
Yes, they can.
OCIs and NRIs have equal rights when it comes to owning property.
They are not permitted to purchase farmhouses, plantation property, or agricultural land, though.
The objective of this restriction is to safeguard India's agricultural resources and guarantee that they stay under the ownership of Indian residents who are actively involved in farming.
Now that you know can an OCI buy property in India, I will tell you what paperwork or approvals are required for an OCI cardholder to invest in real estate.
You can proceed without RBI's approval. However, you do require a few documents. The following paperwork is needed in order to purchase real estate:
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Can OCI buy property in India?
Mikhail Vohra
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March 23, 2021
2021-03-23T11:30:36+00:00 2023-12-15T09:48:46+00:00Comment
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