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arrow Property Purchase Guide for NRI
Acquisition of Immovable Property in India

Q1. Who can purchase immovable property in India?


Q2. Whether NRI/PIO can acquire agricultural land/ plantation property / farm house in India?


Q3. Do any documents need to be filed with Reserve Bank of India after purchase?


Q4. How many residential / commercial properties can NRI / PIO purchase under the general permission?


Q5. A foreign national of non-Indian origin be a second holder to immovable property purchased by NRI / PIO?


Q6. Can a foreign national of non-Indian origin resident outside India purchase immovable property in India?


Q7. Can a foreign national who is a person resident in India purchase immovable property in India?


Q8. Can an office of a foreign company purchase immovable property in India?


Q9. Whether immovable property in India can be acquired by way of gift ?


Q10. Whether a non-resident can inherit immovable property in India?


Q11. From whom can the non-resident inherit immovable property?


Transfer of immovable property in India

Q12. Can an NRI/ PIO/foreign national sell his residential / commercial property?


Q13. Can an agricultural land / plantation property / farm house in India owned / held by a non-resident be sold?


Q14. Can a non-resident gift his residential / commercial property?


Q15. Can an NRI / PIO / Foreign national holding an agricultural land / plantation property / farm house in India gift the same?


Q16. Can residential / commercial property be mortgaged?

Mode of payment for purchase

Q17. How can an NRI / PIO make payment for purchase of residential / commercial property in India ?


Q18. What shall be the option if there is refund of application money / payment made by the building agencies / seller because of non-allotment of flat / plot / cancellation of bookings / contracts ?


Q19. Can NRI / PIO avail of loan from an authorised dealer for acquiring flat / house in India for his own residential use against the security of funds held in his NRE Fixed Deposit account / FCNR (B) account?


Q20. Can NRI / PIO, avail of housing loan in rupees from an authorised dealer or housing finance institution in India approved by the National Housing Bank for purchase of residential accommodation or for the purpose of repairs / renovation / improvement of residential accommodation ? How can such loan be repaid?


Q21. Can NRI/PIO avail of housing loan in rupees from his employer in India?


Repatriation of sale proceeds of residential / commercial property purchased by NRI / PIO

Q22. Can NRI / PIO repatriate the sale proceeds of immovable property? If so, what are the terms?


Q23. Can an NRI/PIO repatriate the proceeds in case the sale proceed was deposited in NRO account?


Q24. If a Rupee loan was taken by NRI/PIO from Authorised Dealer or housing finance institution for purchase of residential property can an NRI / PIO repatriate the sale proceeds of such property?


Q25. If the property was purchased from foreign inward remittance or from NRE / FCNR (B) account, can the sale proceeds of property be repatriated immediately?


Q26. Is there any restriction on number of residential properties in respect of which sale proceeds can be repatriated by NRI / PIO?


Q27. If the immovable property was acquired by way of gift by the NRI/PIO, can he repatriate abroad the funds from sale?


Q28. If the immovable property was received as inheritance by the NRI/PIO can he repatriate the sale proceeds?

Provisions for Foreign Embassies / Diplomats / Consulate Generals

Q29.Can Foreign Embassies / Diplomats / Consulate General purchase / sell immovable property in India?


Other Issues

Q30. Can NRI / PIO rent out the residential / commercial property purchased out of foreign exchange / rupee funds?


Q31. Can a person who had bought immovable property when he was a resident, continue to hold such property even after becoming an NRI/PIO?


Q32. In which account can the sale proceeds of such immovable property be credited ?


Q33. Can the sale proceeds of the immovable property referred to in Q.No. 31 be remitted abroad ?


Q34. Can foreign nationals of non-Indian origin resident in India or outside India who had earlier acquired immovable property under FERA with specific approval of Reserve Bank continue to hold the same? Can they transfer such property?


Q35. Is a resident in India governed by the provisions of Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulations, 2000?


Definitions

Q36. Where are the terms a `person resident in India' and a `person resident outside India' defined ?


Q37. What is meant by a person resident in India ?


Q38. What is meant by a person resident outside India ?


Q39. Who can determine whether a person is resident in India or not?


Q40. If a foreign national is a person resident in India as per the provisions of Section 2(v) (i)B of the FEMA, 1999, does he require approval of Reserve Bank to purchase any immovable property in India ?

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