Acquisition and Transfer of Immovable Property in India

  • Non- Resident Indian (NRI)

    1. Purchase of immovable property

      2. A NRI can acquire by way of purchase any immovable property (other than agricultural land/ plantation property / farm house) in India.

      Purchase of immovable property

      "Other than agricultural land/ plantation property / farm house"

    2. Transfer of immovable property

      • A NRI may transfer any immovable property in India to a person resident in India
      • He may transfer any immovable property (other than agricultural land or plantation property or farm house) to an Indian Citizen resident outside India or a PIO resident outside India

      Transfer of immovable property

      "Other than agricultural land/ plantation property / farm house"

    3. Payment for Acquisition of Immovable Property

      4. NRIs can make payment for acquisition of immovable property (other than agricultural land/ plantation property / farm house) out of:

      1. Funds received in India through normal banking channels by way of inward remittance from any place outside India or by debit to his NRE / FCNR(B) / NRO account
      2. Such payments cannot be made either by traveller's cheque or by foreign currency notes or by other mode except those specifically mentioned above

      Purchase of immovable property

      "Other than agricultural land/ plantation property / farm house"

    4. A NRI who has purchased residential / commercial property under general permission is not required to file any documents with the Reserve Bank.