Purchase of Property in India by a Foreigner

T Nageswar Rao (Querist) 19 July 2008 This query is : Resolved
Dear all, Please let me know the procedure of purchasing a property in India by a Nepali citizen and/or other nation.As per FEMA, RBI's prior permission is necessary,and let me know if any other law / book is need to be referred.
Place: Want to purchase property in Bangalore/Karnataka

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Guest (Expert) 19 July 2008
In which state.

Srinivas.B.S.S.T (Expert) 19 July 2008
To acquire property by a non Indin in India as you have said the permission of RBI is compulsory. To see other relevant aspects the place where the purchaser intends to purchase the land is important as certian laws change from state to state.

arunprakaash.m. (Expert) 21 July 2008
You habe to follow the procedures and circulars issued by the RBI for purchasing immovable property. You are not eligible for purchasing agricultural lands.

Manish Singh (Expert) 22 July 2008
not resolved

Guest (Expert) 22 July 2008
You have to approach RBI under the bilateral policy between India and Nepal. this is a special provision withinn SAARC countres, where the procedures are prescribed and much simple.

If in Karnataka, you can call me on 9241780775.

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