Your Quick Buying/Selling Guide
Can I sell a property being an NRI? Do I need any special permissions to do so?
Yes, you can sell a property in India. According to Reserve Bank of India, you can sell a property in India to any Indian citizen without any additional legal actions. Although, if you are considering to sell the property to another NRI of Indian origin, the funds should be paid through NRE/FCNR accounts.
Can I sell/buy a property through the way of gift if I am an NRI with an Indian origin?
Yes, you have the right to sell/buy up to two properties in India by the way of gift, provided you agree to pay the due gift tax on time.
Can I buy a commercial land in India being a foreign citizen of Indian origin?
Yes, according to Reserve Bank of India, a foreign citizen with Indian origin can buy a commercial land/property. The omitted properties include- agricultural lands/farm houses/plantation properties. Besides these, you can purchase a property through normal banking channels or NRE/FCNR accounts that are maintained by Indian banks. You would also have to submit a declaration to the Central
Office of Reserve Bank within 90 days from the date of purchase of the property.
Can I rent my commercial/residential Indian property?
Yes, if you are a foreign resident with Indian origin, you can rent your property in India. However such rental income needs to be credited to the respective NRO account in the name of the owner.
Where can I find all the legal regulations regarding acquisition/transfer of immovable property by a foreign citizen?
RBI has regulated a set of real estate legal policies and directions for foreign citizens with Indian origin, which can be found on the RBI website.
Can I invest in more than one properties being an NRI with Indian origin?
Yes, you can buy/sell multiple residential/commercial properties under the general permissions granted by the RBI.
Can I buy a residential property in India on lease, if I am of non-Indian origin living abroad?
Yes, investing in a residential property on lease is allowed to a foreign national of non-Indian origin (Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, and Bhutan). However, if the lease period exceeds five years, you might have to seek prior permission from the Reserve Bank of India.
Can I acquire a residential/commercial property in India by the way of gift, being an NRI with non-Indian origin?
No, according to RBI guidelines, a foreign national of non-Indian origin (resident outside India) cannot acquire residential/commercial property in India by the way of gift.
Can I sell a residential/commercial property to an NRI/PIO if I am a PIO myself?
You would need to seek permission from the RBI for transfer of a Residential/commercial property in India by the way of sale, to an NRI/PIO.
Can I purchase a property in India through an agent using Power of Attorney if I am an NRI?
Yes, you can indulge in property purchasing using ‘Power of Attorney’ that states that it is not possible for you to be present for the process, and thus giving the authority to the agent to do so on your behalf. However, the Power of Attorney needs to be executed on the stamp paper before the proper authorities in the country you are residing. The Power of Attorney cannot be prepared on an Indian stamp paper.
Why should you choose VIRMANI ESTATE as your real estate consultant?
We are the number one realtors in the area known to deliver as promised and on time.
- The quality of our real estate projects is way high when compared to the neighbouring agencies.
- We follow all legal directions, rules, and regulations of the real estate sector.
- We serve to save your time and money.
- We ensure timely deliveries.
- We believe in transparent and ethical procedures.
