Whether company can buy residential property

Vivek (Querist) 28 September 2010 This query is : Resolved
Hi,

I want to check whether an LLP / Pvt limited company can do the business of buying & selling residential property in India.

Whether it makes the difference if the company has NRI / foreign directors or partners.

Thanks
Vivek

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adv. rajeev ( rajoo ) (Expert) 28 September 2010
yes.

VIJAY K. TEOTIA (Expert) 28 September 2010
it depends upon the by laws of the firm/company

Chanchal Nag Chowdhury (Expert) 28 September 2010
Yes. A LLP / Pvt limited company can do the business of buying & selling residential property in India.
The company should be incorporated in India.
As for foreign directors or partners, it depends on the Share-holdings which should be within permissible limits.