Who is NRI ?
A NRI is a person resident outside India who is either a citizen of India or a person of Indian origin. For all official purpose the Government of India recognizes an NRI who is away from India for more than 182 days, in a year.
Who is PIO ?
i. Held an Indian Passport at any time, or
ii. Who or whose father or paternal grand father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955.
Can NRI/PIO sell their purchased property without the permission of Reserve Bank?
Yes.
Reserve Bank of India has granted general permission for sale of such property to the following categories:-
To a NRI
To a PIO (If the seller is a PIO, then a prior approval is required from RBI)
To Indian Resident.
Can the properties (residential/commercial) be given on rent if not required for immediate use?
Yes. The Reserve Bank has granted general permission for letting out any immovable property in India.
Does any document require to be examined before buying a property?
Before you buy a property, you must get a title and document search report properly conducted by hiring a competent advocate.
What documents need to be verified before making any purchase of a property?
- Approved Layout Plan
- Approved Building Plan
- Title Ownership Documents
- Title Search Report
We always welcome an enquiry from a NRI/PIO in respect of any property to be purchased/sold.
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