Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta
Have any Questions? Tweet to @sach_gupta
Non Resident Indians (NRIs) and Person of Indian Origin (PIOs) can acquire Immovable Property (either Residential or Commercial) in India by way of purchase, gift, inheritance, or share of joint property received upon partition of family/property, etc. as per the guidelines laid by the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000.
There is no ceiling on the number of immovable properties acquired or sold in India by NRIs and PIOs. However, NRIs/PIOs belonging to Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan require a prior approval of the Reserve Bank of India for acquiring Immovable Property in India.
It is mandatory to file a declaration of the acquired property with the Reserve Bank of India within 90 days of acquisition of property, on the prescribed Form - IPI 7.
Below is a detailed list of guidelines that an NRI or PIO must adhere to for selling, purchasing, and financing a property in India:
Follow @sach_gupta
There is no ceiling on the number of immovable properties acquired or sold in India by NRIs and PIOs. However, NRIs/PIOs belonging to Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan require a prior approval of the Reserve Bank of India for acquiring Immovable Property in India.
It is mandatory to file a declaration of the acquired property with the Reserve Bank of India within 90 days of acquisition of property, on the prescribed Form - IPI 7.
Below is a detailed list of guidelines that an NRI or PIO must adhere to for selling, purchasing, and financing a property in India:
Non resident indian (nri) and person of indian origin (pio) looking to sale purchase property in india from Green Realtech Projects Pvt. Ltd
Source: National Housing Bank
Source: National Housing Bank
Have any Questions? Tweet to @sach_gupta
you have always come up with the magnificent and helpful topics for the Indians and shared a very good information. grateful.
ReplyDeleteBenjamin Cass' fifteen years in the property sector has spanned the private and public sector including as an advisor to the Victorian government's Department of Premier & Cabinet and as an Associate Director of one of Asia-Pacific's largest architectural and design practices.
ReplyDeleteBenjamin Cass' fifteen years in the property sector has spanned the private and public sector including as an advisor to the Victorian government's Department of Premier & Cabinet and as an Associate Director of one of Asia-Pacific's largest architectural and design practices.
If you are a buyer, we could help cost and put your DLF Garden City Plots Lucknow or residential property on the market for a fast sale. Learn more about Helios developers property by searching search engine.
ReplyDeleteVery nice post. Real estate is good option for investment. If you are thinking about investing in Gurgaon than go for Ansal Versalia.
ReplyDeleteVery nice post. Real estate is good option for investment. If you are thinking about investing Real Estate in Gurgaon than go for EMAAR MGF THE PALM DRIVE.
ReplyDeleteGood to know the details and definitions of NRIs and PIOs. this will definitely help them to go for right property and can make right decision.
ReplyDeleteJay Dee Infra Developers Pvt. Ltd. - Buy and Sell Affordable and Prime Locations Flat / Apartment / Duplex / Plot / Land in Ranchi
Booking @91-9650019588 Supertech Launch ''AZALIYA'' at Sector-68, Gurgaon, the 2nd phase of our project Supertech- HUES, it has 1, 2 and 3 BHK Semi-furnished apartments. Starting from 35 lacs onward.
ReplyDelete