NRI
 
What are the types of Property can a NRI/PIO purchase in India?
Ans :: There are no restrictions on the numbers of Residential/Commercial Properties (other than agricultural land/farm house/plantation) that can be purchased.

Do NRI/PIO require permission of The Reserve Bank to acquire residential/ commercial property in India?
Ans :: No. All Indian citizens are entitled to buy property in India, irrespective of their residential status.

How should the purchase of residential immovable property be paid for by NRI/ PIO under the general permission?
Ans :: The purchase consideration should be met either out of inward remittance in foreign exchange through normal banking channels, or out of funds from NRE/FCNR(B)/NRO accounts maintained with banks in India.
Does a NRI/PIO, requires to have a company in India or abroad or both for purchasing of property?
No.

Can NRI/ PIO's acquire or dispose residential property by way of gift?
Ans :: Yes, NRIs and PIOs can freely acquire immovable property in India by way of gift either from
(i) person resident in India
(ii) NRI
(iii) PIO
However the property can only be commercial or residential.
Again NRIs and PIOs may gift residential/ commercial property to
(i) person resident in India
(ii) NRI
(iii) PIO
(iv) Foreign national of non Indian origin - with approval of RBI

Is there are any Lock in period for such investment?
Ans :: Currently there is no lock in period.

Can NRI/PIO sell their purchased property without the permission of Reserve Bank?
Ans :: Yes. Reserve Bank of India has granted general permission for sale of such property to the following categories:-
" To a NRI
" To a PIO (If the seller is a PIO, then a prior approval is required from RBI)
" To a person Resident of India

 

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