Do non-resident Indian citizens require permission of Reserve Bank to acquire residential/commercial property in India?
Do foreign citizens of Indian origin require permission of Reserve Bank to purchase immovable property in India for their residential use?
Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are, therefore, not required to obtain prior permission of Reserve Bank.
What are the formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission?
They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.
How many residential / commercial properties can NRI / PIO can purchase under the general permission?
There are no restrictions on the purchase of properties.
From whom can the non-resident inherit immovable property?
A person resident outside India (i.e. NRI or PIO or foreign national of non-Indian origin) can inherit immovable property from
A resident of India.
A person residing outside India.
However, the person from whom the property is inherited should have acquired the same in agreement with the foreign exchange regulations valid at that point of time.
Can an agricultural land / plantation property / farm house in India owned / held by a non-resident be sold?
NRI / PIO may sell agricultural land / plantation property / farm house to a person resident in India who is an Indian citizen.
Foreign national of non-Indian origin resident outside India would need prior approval of Reserve Bank to sell agricultural land/plantation property / farm house in India
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