What are the rules of Investment in property by NRI?

Jan 02 2019

NRIs of Indian origin can acquire immovable property other than agricultural land/ plantation property/ farm house in India.

NRIs may transfer immovable property to a Person of Indian origin (PIO) or Indian citizen.
Payment of acquisition of immovable property can be done through normal banking channels [Dr to NRE/NRO/FCNR Account]. Such payments cannot be made either by Traveller’s cheque and foreign currency notes.

PIO can purchase immovable property, acquire property by the way of gift or inheritance.
Immovable property in India by Foreign Embassies / Diplomats / Consulate Generals can be acquired provided clearance from Government of India, Ministry of External Affairs is obtained and the consideration in India is paid out of funds remitted from abroad through normal Banking Channels.

Request a Call Back