immovable property
vineet advocate
(Querist) 30 December 2010
This query is : Resolved
can a foreign national acquire immovable property in India through sale/purchase ? note that such person has no orientation in India ?
R.Ramachandran
(Expert) 30 December 2010
A foreign national is not entitled to purchase any immovable property in India without the specific permission of the Reserve Bank of India.
yogesh
(Expert) 30 December 2010
Correct, without RBI its not possible as per specified there in IT Act-1961 too
Devajyoti Barman
(Expert) 30 December 2010
If he is a person of Indian Origin then no such permission is required.
bhagwat patil
(Expert) 30 December 2010
NO LAW WILL ALLOW PAKISTANI OR CHINESE CITIZEN TO HOLD THE PROPERTY IN INDIA, AS IT WILL ATTRACT THE ENEMIES PROPERTY ACT
R.Ramachandran
(Expert) 30 December 2010
I think Mr. Bhagwat Patil is getting things mixed up. The enemies property Act would not get attracted for any Pakistani or Chinese purchasing immovable property in India. But, such foreign nationals cannot acquire any immovable property in India without the prior RBI permission / approval.
Kirti Kar Tripathi
(Expert) 30 December 2010
Unless he not Citizen of India under the Constitution, he has no right to hold property in India.
SAANJAAY GUPTAA
(Expert) 30 December 2010
see the latesr case of Adnan Sami, all his property attached by the court.
Advocate. Arunagiri
(Expert) 31 December 2010
You can see the following:-
Purchase of Immovable Property in India by Foreign Citizens of Non-Indian origin/Foreign Companies
Foreign citizens of Non-Indian origin (whether resident in India or not) and foreign companies including trusts, societies and associations incorporated/ registered abroad will be permitted by Reserve Bank, on application, to acquire immovable property in India, provided the following conditions are satisfied.
The property to be purchased is for residential use only.
The consideration for purchase of the property is met out of foreign exchange remitted from abroad in any convertible currency through normal banking channels
Income accruing by way of rent from the property purchased, or the sale proceeds of such property/income arising out of investment of such sale proceeds at any future date shall be credited only to the Ordinary Non-resident Rupee (NRO) account of the non-resident purchaser.
Applications for necessary permission for purchase of immovable property in India should be made in form IPI 1 together with the documents indicated therein to the Chief General Manager, Exchange Control Department, (Foreign Investment Division-III), Reserve Bank of India, Central Office, Mumbai 400 001.
