Regulation by the Exchange Control regarding NRI investment in immovable property in India.
- No permission is required by non-resident Indian nationals to acquire immovable Property in India.
- Foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in 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.
- The non-resident Indians who are staying abroad may enter into an agreement through their relatives and/or by executing the Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or Developer, drafting and signing of agreements, taking possession, etc.) These formalities can be completed through some known person who can be given the Power of Attorney for this purpose. Power of Attorney should be executed on the stamp paper before the proper authorities in foreign countries. Power of Attorney cannot be drafted on the stamp paper bought in India.
- The foreign nationals of Indian origin are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay within a period of 90 days from the date of purchase of immovable property.
- Such property can be sold to another foreign national of Indian origin provided funds towards the purchase consideration are either remitted to.
- Such residential properties can be given on rent. but such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property.
NRI FAQ (Frequently Asked Question in case of investment in India) Click Here
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