aquisition of residencial property by NRI

Adv. Jagdish Walmik Chavan (Querist) 11 September 2009 This query is : Resolved
can non residence citizen aquire recidencial property in india, whether he has to take prior permision of RBI? Pls give me detail procedure.riven

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A. A. JOSE (Expert) 13 September 2009
I think that there is no legal impediment againist such acquisition of property by NRI, and no permission from R B I is also necessary for the same. However, please await for further views of other experts.riven

Raj Kumar Makkad (Expert) 13 September 2009
There is no need to seek permission of RBI for acquiring immovable property especially for the purpose of residence by NRI.riven

KUMAR JAGADEESAN (Expert) 15 September 2009
A NRI or a PIO non resident in India can buy any property other than agricultural land, plantation or Farm land. General permission has been given by the RBI under FEMA and hence no prior permission is required.Payment has to be remitted through the normal banking channel or from NRE (External), NRE, FCNR accounts.

J.KUMAR
Hyderabadriven