Property NRI can Own
The RBI and FEMA regulations have categorically specified the kinds of investment that is permitted for NRIs in the real estate segment. A NRI has the permission to carry out the following with regard to real estate in India:
- Acquire any immovable property other than agricultural land, plantation property and farm house in India.
- Acquire any immovable property as described above by way of gift from a resident Indian, citizen of India residing outside or Person of Indian Origin.
- Acquire property by means of inheritance.
- Transfer by means of sale of immovable property described above by means of a sale to a person residing in India.
- Transfer agricultural property, plantation land or farm house by way of gift to Indian citizen who is residing in India.
- Transfer by way of gift residential or commercial property by means of gift to any person who is a citizen of India whether residing within or abroad or a Person of Indian Origin.
Documents Required for Buying Property
Here are the documents an overseas Indian would need when they’re trying to purchase commercial or residential property in India.
- Address Proof
- OCI/PIO card (In case of OCI/PIO)
- PAN card (Permanent account number)
- Passport (In case of NRI)
- Passport size photographs