A very valued section of our customers are part of the Indian Diaspora. They need to be aware of the rules for buying or investing in Flats in Apartments in India. We have attempted to detail most common FAQs here and have provided links to certain important sites.
NRI/PIO Definition and General Guidelines
1. Who is a Non Resident Indian (NRI)?
An Indian Citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Persons posted in U.N. organizations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents.
2. Who is a person of Indian Origin (PIO)?
A foreign citizen (other than a citizen of Pakistan or Bangladesh) is deemed to be of Indian origin, if, - He, at any time, held an Indian passport, or - He or either of his parents or any of his grandparents were citizen of India by virtue of the Constitution of India or Citizenship Act, 1955 (57 of 1955).
3. Who can purchase immovable property in India?
Under the general permission available, the following categories can freely purchase immovable property in India:
4. Whether NRI/PIO can acquire agricultural land/ plantation property/ farm house in India?
->Non-Resident Indian (NRI)
->Person of Indian Origin (PIO)
No. Since general permission is not available to NRI/PIO to acquire agricultural land/ plantation property / farm house in India, such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India.