Saturday, June 5, 2010

Buying and selling of immoveable properties in India by NRIs

Recently, the real estate sector in India is becoming an attractive investment ground for the diasporas who have evinced a keen interest in owning residential and commercial properties in India.

Ganesh is a non resident Indian residing in London, UK. He wants to buy property in India and seeks advice on the regulatory framework for investing in real estate in India.

Non Resident Indians and foreign citizens who are Persons of Indian Origin (PIO) are allowed to purchase immoveable property in India. PIO means an individual who at any time held an Indian passport or who or whose parents or grand-parents were citizens of India at any point in time.

However citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan are not eligible to be called PIOs even if they satisfy the above conditions.

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