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Q: Under the extant foreign exchange regulations to whom is general permission available for the purchase of immovable property in India?

A: General Permission is available to purchase only a residential/commercial property in India to a person resident outside India who is a citizen of India (NRI) and who is a Person of Indian Origin...

Q: Can foreigners invest in real estate in India?

A: Foreigners who are not of Indian descent cannot buy any property in India. Therefore, Non-Resident Indians and Persons of Indian Origin can invest in the Indian real estate market. You can purchase...

Q: I have PIO card issued in 2011like apassport type prints. is it valid to travel to India?

A: *The government of India has notified that all existing PIO card holders shall be deemed to overseas citizens of Indian cardholder (merger of PIO to OCI) *Until applicants are in receipt of an OCI...

Q: Under the extant foreign exchange regulations to whom is a general permission available for the purchase of immovable property in India

A: General Permission is available to purchase only a residential/commercial property in India to a person resident outside India who is a citizen of India (NRI) and who is a Person of Indian Origin...

Q: Can a foreign national of non-Indian origin resident outside India acquire any immovable property in India by way of purchase?

A: No. Under section 2 (ze) of the Foreign Exchange Management Act, 1999 ‘transfer’ includes among others, ‘purchase’. Therefore, a foreign national of non-Indian origin resident outside India cannot...

Q: How can an NRI/PIO make payment for the purchase of the residential/commercial property in India?

A: Payment can be made by NRI / PIO out of (a) funds remitted to India through normal banking channel or (b) funds held in NRE / FCNR(B) / NRO account maintained in India. No payment can be made...

Q: How many residential properties can an NRI purchase under the general permission?

A: An NRI has the right to purchase as many properties he wishes to buy. There are no such restrictions on the number of properties that can be purchased.

Q: 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?

A: Few formalities need to be carried out while purchasing a property. Firstly, an NRI is required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period...

Q: Can an NRI who is staying in abroad purchase property through the agent or power of attorney?

A: The non-resident Indians who are staying abroad may enter into an agreement through their relatives and/ or by executing the Power of Attorney in their favour as it is not possible for them to be...

Q: How can a Person of Indian origin who has migrated from India purchase a property?

A: Person of Indian origin who has migrated from India to any other foreign country can do the registration upon submitting the OCI (Overseas Citizenship Identity) Card Copy.