Mode of Purchasing the property in india by Person of Indian Origin

Mukul Aggarwal (Querist) 23 September 2008 This query is : Resolved
i want to know that how a person of indian origin can purchase the property in india or book a flat in india and what will be the mode of payment i.e cheque or transfer or any other mode or there is any requirment of approval of any Govt. Aurhority /deptt.

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Guest (Expert) 23 September 2008
He can buy a flat or book it by opening a NRE account in India, if need arises and pay the builder in rupee or dollar. Once the PIO holder approaches a a Bank the Bank will guide to all the procedures in the respect of RBI permission, etc.

It is not a very tedious process, rather it is quite simple.

Mukul Aggarwal (Querist) 23 September 2008
Thank You

ARVIND JAIN (Expert) 24 September 2008
CHECK UP FROM RBI IF NOT INDIAN.

Adv.Shine Thomas (Expert) 25 September 2008
A person of Indian origin resident outside India may acquire any immovable property other than Agricultural Land in India in accordence with the provisitions of FEMA and the regulations made by the Reserve Bank under the Act.

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