NRIs and OCCs are permitted to buy immovable property in India other than agricultural land, farmhouses or plantations. Non-residents can purchase residential as well as commercial property.
Please note that the money used for buying property should be received by way of inward remittances or held in a non-resident account. Foreign nationals (married to NRIs or OCCs) can acquire one immovable property jointly with their spouse.
Citizens of 11 countries will need a permission from the RBI to acquire or transfer their property irrespective of their residential status. Countries being: Afghanistan, Bhutan, Bangladesh, China, Hong Kong, Iran, Korea, Macau, Nepal, Pakistan and Sri Lanka.
In this answer, I will explain what kind of property can NRI buy in India. RBI has allowed NRIs to buy any commercial or residential properties in India. Investors don’t have to seek permission from the Reserve Bank of India, nor are they required to send any intimation or communication in this regard to the RBI. NRIs can buy any number of commercial or residential properties under the current general permissions. Moreover, the income tax laws let NRIs own as many commercial or residential properties as they please. These are the properties NRI can buy in India.If an NRI can’t visit India, then any person, who is given a valid power of attorney, can execute the documents relevant to the purchase. As per the general permission of RBI, NRIs are not permitted to buy any plantation property or agricultural land in India. Similarly, NRIs are not permitted to buy farmhouses in India, under the existing regulations. In case an NRI wants to buy a plantation or farmhouse, then he will be required to approach the Reserve Bank of India for specific permission. The Reserve Bank of India will consider the request on a case-to-case basis.Now that you know which type of properties NRIs can buy India, I suggest you use NoBroker in case you are planning to buy any residential or commercial property. They will help you with renting/buying/selling your properties as well as online rental agreement, end-to-end property management, document assistance, etc.Buy a Residential or Commercial Property Easily using NoBroker’s NRI ServicesRead whether NRIs can buy agricultural land in India or notFind out how NRIs can buy properties in India?I hope it cleared all your doubts regarding which type of properties NRI can purchase in India.
You may have questions in mind like which type of properties NRI can buy India or which type of
properties NRI can purchase in India. An NRI or PIO can purchase as many residential or commercial
properties as they want under the current general permissions. The tax code also permits NRI/PIOs
to own an unlimited number of residential and commercial properties.
A legitimate power of attorney can be provided by any NRI who is unable to come to India to
complete the purchase documents if the NRI cannot come. An NRI is prohibited from purchasing
agricultural land or plantation property in India under the RBI's general authorisation. As a result,
NRIs cannot buy a farmhouse in India under current restrictions. The RBI will evaluate this on a
case-by-case basis, therefore if an NRI wants to buy a farmhouse or plantation, he/she must apply for
a specific authorization. I think, now your queries like what kind of property can NRI buy in India
and Properties NRI can buy in India, are resolved now.
Many NRIs have questions like which type of properties NRI can buy India and which type of
properties NRI can purchase in India. For an NRI to buy property in India, there is no eligibility
condition. However, if she intends to take out a home loan, she would be examined on all relevant
parts of the transaction. A NRE/NRO or FCNR bank account will be required by FEMA and RBI for the
transmission of money.
NRIs are allowed to buy as many commercial properties as she wants, but they are limited to two
residential ones. For agricultural land/plantation property/farm houses in India, NRIS must first
secure government and RBI approval. An NRI can only own such property if he or she inherits it or
receives it as a gift. I have tried my best to answer the questions like what kind of property can NRI
buy in India and properties NRI can buy in India, above.
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What kind of property can NRI buy in India?
Dolphia Nandi
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November 13, 2020
2020-11-13T13:08:18+00:00 2020-11-13T13:08:18+00:00Comment
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