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

A: Yes, he can continue to hold the residential/commercial property / agricultural land/ plantation property/farm house in India without the approval of the Reserve Bank.

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

A: Yes, NRI / PIO can rent out the property without the approval of the Reserve Bank. Rent received can be credited to NRO / NRE account or remitted abroad. Powers have been delegated to the...

Q: Can NRIs acquire commercial properties in India?

A: Yes, under the general permission granted by the Reserve Bank, property other than agricultural land/farm house/plantation property can be acquired by NRIs provided the purchase consideration is...

Q: Who can purchase immovable property in India?

A: A.1 Under the general permission available, the following categories can freely purchase immovable property in India: i) Non-Resident Indian (NRI) – that is a citizen of India resident outside...

Q: Is there a limit to the number of investments an NRI can make in acquiring residential/commercial properties in India?

A: The Reserve Bank of India has not fixed any restrictions on the purchase of Residential/Commercial properties for both Non-Resident Indians (NRIs), as well as Foreign Citizens of Indian Origin...

Q: Are any conditions required to be fulfilled if repatriation of sale proceeds is desired?

A: Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final installment...

Q: Can sale proceeds of residential property be remitted out of India?

A: Yes. Repatriation of original investment in respect of properties purchased by foreign citizens of Indian origin on or after 26th May 1993 will be allowed to be remitted up to the consideration...

Q: While purchasing real estate most developers demand of Power of Attorney (POA) in their favor, is there a way to avoid it?

A: One can choose not to grant the Power of Attorney (POA) to the developers. However, this will mandate the mailing of all documents to your foreign residence and associated time delays. A good...

Q: Can foreign citizens of Indian origin acquire or dispose of residential property by way of gift?

A: Yes, the RBI has granted the foreign citizens of Indian origin the permission to acquire or dispose of the properties, but only up to two houses. He/she can gift a person who may be an Indian...

Q: Can an NRI acquire residential or commercial property by way of gift under the general permission available?

A: Yes. Under the general permission available NRI or PIO may acquire residential or commercial property by way of gift from a person resident in India or an NRI or a PIO.