Non-Resident Indians do not require any permission to acquire immovable properties in India. Foreign Nationals of Indian origin are required to file a declaration in form IP1-7 with the Reserve Bank at Mumbai within 90 days from the date of purchase. Permission is normally granted without any difficulty. All purchases should be met either out of inward remittance in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.
Such properties can be given on rent for immediate residential use. However, such income cannot be remitted abroad. Non- Resident Indians can effect the purchase through a representative staying in India provided he holds a power of attorney executed on a stamp paper before authorities in foreign countries. Power of attorney cannot be drafted on the stamp paper bought in India.
- Employment contract in English or English translation attested by Indian Embassy
- Latest salary slip
- Latest work permit
- Identity card issued by current employers
- Visa stamped on the passport
- Continuous Discharge Certificate (CDC) if applicable
- Overseas bank account statement for the last four months
- Property related documents
- Receipt of payments made for the purchase of dwelling units
- Copy of the approved drawings
- Copy of the agreement for sale/sale deed
- Allotment letter from the promoters
- Power of attorney
Yes, Foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India.
No permission is required by non-resident Indian nationals to acquire immovable property in India.
(a) A person who has acquired the property U/s 6(5) of FEMA or his successor cannot repatriate the sale proceeds of such property without RBI approval.
(b) Repatriation up to USD 1 million per financial year is allowed, along with other assets under (Foreign Exchange Management (Remittance of Assets) Regulations, 2016) for NRIs/ PIOs and a foreign citizen (except Nepal/ Bhutan/ PIO) who has (i) inherited from a person referred to in section 6(5) of FEMA, or (ii) retired from employment in India or(c) is a non-resident widow/ widower and has inherited assets from her/ his deceased spouse who was an Indian national resident in India.