India touted to be the next super economy, NRI investments are set to flourish, as they can make the most of this opportunity and expect exceptional returns over the years.
Purchase of Immovable Property in India by Non-Resident Individuals
First things first, it is important to understand two important terms that frequently pop up on the data below.
NRI: This refers to any person who is a citizen of India but resides outside the country
PIO (Person of Indian Origins): This term refers to any resident outside of India who is not a citizen of Pakistan/Bangladesh/Iran/Nepal/Bhutan/China/Afghanistan/Sri Lanka but fulfil the following conditions
- They have at any time held an Indian Passport
- Whose Father/Mother/Grandmother/Grandfather was a citizen of India either by the Citizenship Act or through the Constitution
Disclaimer: Below FAQs are our attempt at answering common queries arising during due process in a way that is understandable to our clients. However, for conducting a transaction, The Foreign Exchange Management Act, 1999 (FEMA), and the regulations made or directions issued thereunder may be referred to. The relevant principal regulations are the Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulations, 2000 issued vide Notification No. FEMA 21/2000-RB dated May 3, 2000. The directions issued are consolidated in Part II of the Master Direction No 12 on Acquisition and Transfer of Immovable Property under the Foreign Exchange Management Act, 1999. Amendments, if any, to the principal regulations are appended.
