Purchasing a property in India is a fairly simple process, unless you are an NRI or foreign national. According to the rules and regulations in India, a foreign national cannot buy an immovable property in India. Any foreign national cannot own a property in India unless they satisfy few requirements. They need to have a residency requirement of 183 days in India in a financial year. Also, irrespective of their residential status, a non resident Indian or foreign national cannot, without prior permission of the Reserve Bank, acquire or transfer immovable property in India, other than on lease, not exceeding five years. The rules further vary for kew countries like for citizens of Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Macau or Hong Kong.
Thus foreign buyer of property can be classified into 3 categories –
- Non Resident Indian (NRI)
- Overseas Citizen of India (OCI)
- Foreign nationals with or without residency
For a foreigner to buy property in India, it must be very clear that he or she is settled in the country and intends to stay. Talk to the experts at Grovy to find the best property to invest.