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Property Development

Property DevelopmentIt is where your life time dream of finding a comfortable living space on earth transformed in to reality. more

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Purchase of Property by NRI

Government of India has accepted the demands of Non Resident Indians to buy and sell property in India, also the rules have been much simplified and it is now easy for Non Resident Indians to buy a property in Kerala.

Foreign Exchange Management Act (FEMA)

The acquisition of property can be in accordance with FEMA and it has made an impressive difference in purchase and sale of property.

Acquisition of property

As per Government norms, acquisition of immovable property in India by a Non Resident Indian can be done through 3 ways.

  1. Purchase

    Under the general permission available, both Non Resident Indians and Person of Indian Origin (PIO) who at any time held Indian passport or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India can freely purchase immovable properties in India. The general permission however, only covers the residential and commercial property and not for purchase of agricultural land/ plantation property/ farm house in India. The property can be purchased through a registered conveyance deed and it can also be purchased on a power of attorney. In that case, an agreement to sell and a power of attorney are executed by the seller in favour of the buyer. There are no restrictions on the number of residential or commercial properties that can be purchased.

  2. Gift

    Non resident Indians and PIOs can freely acquire immovable property by way of gift either from a person resident in India or a Non Resident Indian or a PIO. The property can only be commercial or residential.

  3. Inheritance

    A Non resident Indian can inherit immovable property from a person resident in India and a person resident outside India. However, the person from whom the property is inherited should have acquired the same in accordance with the foreign exchange regulations applicable at that point of time.

Permission of Reserve Bank of India(RBI)

Non Resident Indians do not require permission of RBI to acquire residential and commercial property in India. The RBI has granted permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase property in India.

Payment

The payment can be made either out of inward remittances in foreign exchange through normal banking channels or out of funds in a Non Resident External (NRE) or a Foreign Currency Non Resident (FCNR) account with any bank in India.

Declaration

When purchasing a residential property in India under the general permission, foreign citizens of Indian origin are required to file a declaration with the central office of the RBI at Mumbai within 90 days from the date of purchase of the property or final payment of amount. A certified copy of the document evidencing the transaction and a bank certificate regarding the amount paid can also be included.

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