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Investment in Housing and Real Estate by NRIs / OCBs
No permission is required by non-resident Indian national to acquire immovable property in India. Q. Are foreign nationals of Indian origin allowed to purchase immovable property in India? Yes, foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to  purchase immovable property in India.Q. What should be the method of payment for purchasing residential immovable property in India by foreign nationals of Indian origin under the general permission? The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/ FCNR accounts maintained with banks in India. Q. Are there any formalities to be completed by foreign nationals of Indian origin for purchasing residential immovable property in India? They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay within period of 90 days from the date of purchase of immovable property. Q. Can such residential property be given on rent if not required for immediate residential use? The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/ FCNR accounts maintained with banks in India. Q. Can the rental income from such property be remitted outside India? The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/ FCNR accounts maintained with banks in India. Q. Can such property be sold without the permission of Reserve Bank? They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay within period of 90 days from the date of purchase of immovable property. Q. Can sale proceeds of such property if and when sold be remitted out of India? Yes. However, such property can be sold to another foreign national of Indian origin provided funds towards the purchase consideration are either remitted to India or paid out of balances in NRE/ FCNR accounts. | |
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Copyright © 2008, paarTax & Investments Consultant (P) Limited - Mutual fund advisor provides information on Nri investment in immovable property in India. Mutual Fund Advisor India, Mutual Fund Investment India, Wealth Management Planning Services, Mutual Fund Schemes India |
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