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NRI's - BUYING PROPERTY IN INDIA

Buying a property undeniably ranks as one of the greatest Indian dreams. So it does not matter which part of the world you live in; a home in India is simply a must. And the Indian laws, over the years, have made this a fairly easy job. The Reserve Bank of India governs such transactions and they fall under the purview of the Foreign Exchange Management Act (FEMA).

In this column, we give you a lowdown on all that you need to know if you are an NRI wanting to buy a property in India. To begin with, we need to understand the definition of non-resident Indian. Since property purchases are governed by FEMA, we need to go by the definition of NRI as stated in FEMA. According to FEMA, an NRI is a citizen of India who is resident outside India.

Can an NRI buy property in India?
A non-resident Indian can buy either a residential property or a commercial property in India. Further, there is no limit on the number of residential or commercial properties that an NRI can purchase in India.
{Soure:Times of India}

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