Rules & Regulations

Barring agricultural and plantation property, NRIs and PIOs are allowed to invest in property in India, and enjoy the same platform as resident Indians with respect to loans and insurance. They also enjoy parity with resident Indians on the quantum of investment in real estate, which is unlimited for all.

NRIs can purchase property from their remittances from abroad, and enjoy full repatriation benefits for up to two residential properties.

As per FEMA laws, PIOs are required to inform the RBI of their purchase of property in Form IPI 7 within 90 days of the transaction along with a bank certificate declaring the consideration made for the purchase.

The table below explains the policies and restrictions on NRIs and PIOs defined by the Foreign Exchange Management Act, 2000 on the acquisition and sale of property.

 

Non Indian Resident (NRI) residing outside India may:

  NRI PIO Resident
Purchase Property From Yes Yes Yes
Sell Property To Yes Yes Yes
Received as Gift From Yes Yes Yes
Giving as Gift To Yes Yes Yes
Agricultural / Farming Property      
Purchase From No No No
Selling To No No Yes
Received as Gift From No No No
Giving as Gift To No No Yes

Person of Indian Origin(PIO) residing outside India may:

Purchase Property From Yes Yes Yes
Sell Property To No No Yes
Receive Gift From Yes Yes Yes
Give Gift To Yes Yes Yes
Agricultural Property      
Purchase Property From
No No No
Sell Property To No No Yes
Receive Gift From No No No
Give Gift To No No Yes

 

 

Source: NRI Realty News.com

Tell us about your situation

Are you an owner of property?

We can compile a report containing all your official up to date documentation, including maps and pictures so you know exactly what it is, where it is, how much its worth, and which offices are responsible for its records.

View offer