buying a land in India.........for redevelopment.

mansi (Querist) 22 October 2008 This query is : Resolved
Can a person having a dual citizenship in India and UK buy a property in his own name for redevelopment or development purpose? If yes is there any restriction like an NRI that he can buy only if it is above 5 lakhs Sq. Ft.?

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mansi (Querist) 22 October 2008
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Manish Singh (Expert) 23 October 2008
firstly there is nothin like dual citizenship in India. either he could be an NRI, PIO or an indian citizen.

no there is no such restriction that the property must be rated as a particular rate but there are some other restrictions over the same under regulations / notifications by the RBI in this regard.

K.C.Suresh (Expert) 24 October 2008
Manish bai has answered rightly. No further clarification required i suppose. Mansi can ask if any further calrification required.

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