| No permission is required by non-resident Indian
nationals to acquire immovable Property in India. |
 |
| Foreign nationals of Indian origin, whether resident
in India or abroad, have been granted general permission
to purchase immovable property in India. |
|
| The purchase consideration should be met either
out of inward remittances in foreign exchange through
normal banking channels or out of funds from NRE/FCNR
accounts maintained with banks in India. |
|
| The non-resident Indians who are staying abroad
may enter into an agreement through their relatives
and/or by executing the Power of Attorney in their
favour as it is not possible for them to be present
for completing the formalities of purchase (negotiating
with the builder or Developer, drafting and signing
of agreements, taking possession, etc.) These formalities
can be completed through some known person who can
be given the Power of Attorney for this purpose.
Power of Attorney should be executed on the stamp
paper before the proper authorities in foreign countries.
Power of Attorney cannot be drafted on the stamp
paper bought in India. |
|
| The foreign nationals of Indian origin are required
to file a declaration in form IPI 7 with the Central
Office of Reserve Bank at Bombay within a period
of 90 days from the date of purchase of immovable
property. |
|
| Such property can be sold to another foreign national
of Indian origin provided funds towards the purchase
consideration are either remitted to. |
|
| Such residential properties can be given on rent.
but such income cannot be remitted abroad and will
have to be credited to the ordinary non-resident
rupee account of the owner of the property. |
|
| |
| For more details Contact
Us |
