Can anyone clarify the following: 1. Whether farm land or Agriculture land can be bought by NRIs (Indian Citizens who are resident out side India at the time of purchasing) without RBI's approval? Can they resell it to anyone when need arises? 2.Whether farm land or Agriculture land can be bought by PIOs (Foreign Citizens but of Indian origin who are resident out side India at the time of purchasing) without RBI's approval? Can they resell it to anyone when need arises? (3) Is there any difference between NRIs and PIOs with regard to buying and holding of (a) Farm or agriculture land and (b) Residential/Commercial property?
RE:Buying Agriculture land by NRIs and by PIOs (POIs are those who has foreign citizenship but of Indian Origin)
by Aparna Das on Dec 10, 2007 05:32 PM Permalink
the RBI has granted general permission to NRIs and PIOs to acquire residential and commercial property only and not for agricultural lands.since no general permission is granted the NRI/PIO will have to get prior approval of the RBI. also NRI can sell his property to another NRI,PIO or a resident indian however,PIO can sell his property to a resident indian,NRI but will require RBI permission incase of another PIO.
My sister in US had invested 6 months back with a developer for a property in Bangalore, through her NRE account. But, since the property has not yet been launched even after 6 months, she wants her money back. No Agreement or Sale Deed has been made. What is the procedure to credit the refund amount into her NRE account?
NRI can open an NRO account through which one can repatriate the money to foreign country. Its important that the account should be an NRO account as only NRO account allows Rupee deposits. And to such repatriation my personal choice would be Citibank NRO account. Its faster to open an account and easier to operate. Their remittance is also very fast when compared to other banks.
Very nice article. It would also help if we can clearly define what a "Farm House" is. Today, many holiday properties bought by NRI Indians near beaches and hill stations are classified as "Farm Houses". So, are we saying that all these purchases are illegal? I thought, only "FarmLand" was restricted and *not* "FarmHouse".
RE:What is the definition of ''Farm House''???
by Edp Services on Mar 05, 2008 07:21 PM Permalink
The defination of farm house is ok, but for NRI that farm house should have NA certificate ie Non agricultural, then he can buy it very easily.
RE:FDI in Real Estate
by Aparna Das on Dec 10, 2007 05:40 PM Permalink
In addition to centeral laws of India, there are many state laws governing real estate transactions and investment. The central laws governing real estate include: Property Tax,Rent Control Acts,Stamp Duty,Indian Urban Land (Ceiling And Regulation) Act, 1976,Indian Registration Act, 1908, Indian Transfer of Property Act
