NRIs are also allowed to buy property domestically i.e. in India. While foreigners of Indian origin living in Canada prefer to invest in cities like Chandigarh and Mohali, Indians settled in Europe prefer cities like Bengaluru and Pune. Similarly, Indians living in Gulf countries give more importance to second and third tier cities apart from Delhi-NCR. Now a valid question here is whether any special rules have been set for citizens of Indian origin living or working abroad to buy property in the country? Also, if they buy any kind of property in India, will it be necessary for them to visit the country? Apart from this, will they also have to show some special certificates? Let us find answers to all these questions.
Restirctions on purchasing agricultural land
However, they are also not allowed to invest in agricultural, forest, plantation or any land on which plantations are proposed to be made in India. If an NRI wishes to invest in any such property, then before making this investment, he needs to take approval in this regard from the Central Reserve Bank of the country i.e. RBI. Yes, if the relatives of that NRI are in India and he is inheriting any such property, then there is no provision of any kind of prohibition in it. Let me clarify one more thing here that an NRI can invest in more than one property in India. There is no restriction of any kind on this.
Increasing interest of investors in Fractional Ownership
Which documents are required
For any kind of major financial transaction in India, PAN card i.e. Permanent Account Number issued by the Income Tax Office is necessary. In such a situation, if any NRI wants to buy property here, he will have to present his personal identity card along with PAN card. Now since he is living abroad, his passport will also be acceptable as a personal identity card. Apart from this, he will also have to produce those documents which can prove that he is a foreigner of Indian origin. For this, he will have to present the visa of the country where he is living. If an NRI wishing to buy property in India has documents like Aadhaar or Voter Card, then information about his permanent address can also be easily obtained from it.
how to buy property
In my articles, I often say that before buying any property, you should thoroughly inspect the area where you want to buy the property. Do take a look at the facilities, accessibility, crime rate and future possibilities there. All these things easily apply to a person who lives in the same country or state where he has decided to invest. But it is not possible for an NRI to find it so easy. In such a situation, an NRI can choose one of his representatives in the country and make a power of attorney in his name that a certain person will search for the property on his behalf. Once the property is liked, the earnest money will be paid through it. Besides, the remaining conditions of purchase of the property will also be decided through him. Once all this is decided, the NRI will come back home and get the property registered in his name and he will get absolute ownership of the investment made. Apart from this, there are many online platforms through which any NRI can get complete information about the property and even take an online tour of it. Also, everyone can send their KYC documents online only. He will need to be present only at the time of registration of the property.
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